(12 September 2012 – Hong Kong) The Hong Kong Monetary Authority (HKMA) has plans to build an electronic billing system and look into the creation of an interoperable NFC mobile payment infrastructure.The e-bill system will be rolled out in the second half of 2013, offering a single consolidated platform for the straight-through processing of presentments and payments.
Both business-to-customer and business-to-business e-billing and related payments as well as charity donations will be supported.
To ensure support of cross-border transactions, the e-bill system will cover electronic payments using renminbi and US dollars in addition to Hong Kong dollars.
HKMA has made a “concerted effort” to help the country’s banking industry identify retail payment infrastructure and instrument initiatives.
Peter Pang, deputy chief executive, HKMA, said: ‘With the support of the banking sector, we are confident that the retail payment infrastructure in Hong Kong will continue to make good progress and enter into a new era of diversified retail payments, thereby reinforcing the position of Hong Kong as an international finance centre.’
This has also led to the promise of a study of possible electronic payment instruments, which include developing an e-cheque system and formulating an interoperable NFC mobile payment infrastructure.