HK and Thailand Link Rapid Payments Systems
(1 December 2023 - Hong Kong) Consumers in Hong Kong (HK) and Thailand can now use their domestic real-time settlement payment systems to pay for purchases.
Authorities are seeking to speed up digital transformation and increase business opportunities for merchants. Hongkongers travelling to Thailand will be able to use their smartphones to make payments for shopping and food through the Faster Payment System - FPS - up to a daily limit of HK$10,000 - US$1,280. Hong Kong’s FPS, launched by the Hong Kong Monetary Authority - HKMA - in 2018, allows registered users to transfer money between different banks with the use of a simple identifier, such as a phone number.
In conjunction, Thais travelling to the city will be able to use PromptPay, at merchants that accept QR code payments, with a 500,000 baht - US$14,200 - daily limit under an agreement between the HKMA and the Bank of Thailand. PromptPay covers 8.5 million merchants in Thailand, with a daily average of 55 million transactions registered in 2022.
“Our well-established payment infrastructure will facilitate the end-to-end experience of this milestone expansion of FPS beyond Hong Kong. Since the launch of FPS five years ago, HSBC has been promoting the wider adoption of this payment infrastructure. In the first half of 2023, we have witnessed over 40 per cent growth year-on-year in merchant transaction volume through FPS" commented HSBC Hong Kong CEO, Luanne Lim.
“Connecting the two systems will not only provide more convenient cross-border payment methods for customers in the region, but will also accelerate digital transformation in the consumer sector and create new business opportunities for local merchants" said BOC Hong Kong Deputy CEO, Stephen Chan.