Smart Tips on Using Faster Payment System (FPS)
Smart tips on using of the FPS
Notify your bank or operator of Stored Value Facility (SVF) immediately of a change in the mobile number, and update your registration records as soon as possible.
Verify the payment details (either input by yourself or after scanning a QR code) of every single transaction before you confirm the payment.
It should be noted that the QR code may have embedded your registered FPS proxy identifier (i.e. mobile number, email address or FPS ID) to facilitate transfer to your account. Hence, third party can read this information by scanning your QR code. Please only show it to others when necessary.
Think before sharing mobile devices. If you have an e-wallet application (app), it’s not the best idea to let a stranger use your phone (e.g. to make a telephone call).
Do not store usernames, passwords, account numbers and other sensitive information on your phone, including the storage within apps.
If you find or believe that your mobile devices have been compromised, lost or stolen, or that unauthorised transactions have been conducted over your account, contact your banks or SVF operators as soon as reasonably practicable.
Enable passwords on your mobile devices. Create a unique password for your e-wallets. Use the benefits of additional layers of security provided by your devices, if available.
Download and upgrade your apps from official app stores or reliable sources only.
Beware of fraudulent transactions
Paying via FPS is similar to paying by cash. The money will be transferred to the recipient account instantly. Therefore, when you make payment for purchasing goods and services, especially in online purchase, you must first ascertain the background and authenticity of the merchant or seller. Only make payment if the merchant or seller is trustworthy. You must also verify the payee information and the amount before making the payment.
If you suspect you have made a payment via the FPS to a swindler's bank or SVF e-wallet account, please report the case to the Hong Kong Police Force for assistance. On top of reporting the case to the Police, please also contact and update your bank or e-wallet operator about your case. They will provide their best effort to assist the law enforcement agencies and provide them with all the relevant information. The contact details of the Hong Kong Police Force is as follows:
Commercial and Technology Crime Hotline: (852) 2860 5012
Hong Kong Police Force e-Report Centre:
https://www.erc.police.gov.hk/cmiserc/CCC/PolicePublicPage?language=enRegardless which payment method that you would adopt, for example, online/mobile banking (including FPS service), SVF e-wallet, credit card, ATM or cash, etc., ensure that the payee is genuine and trustworthy before proceeding with the payment. Beware of fraud and take precautions!
What is FPS?
The FPS is a payment platform on which banks and stored-value facility (SVF) operators are connected. It allows customers to make person-to-person transfers, top up e-wallets and shop online anytime, anywhere, thereby making payments simpler and faster.
Please visit theFPSwebsite for more information.
Why FPS?
Convenient
Require payee's mobile number or email address only
Cross bank/e-Wallet
Full connectivity among banks and e-wallets
Instant Transfer
Almost real-time fund settlement
- See AlsoWhat is Faster Payments and how does it work? - Starling BankWhat’s the Faster Payments Service (FPS)?Fiat vs. Representative Money: What's the Difference?HKICL | Frequently Asked Questions
Anytime, Anywhere
24x7 round-the-clock operation
Multiple Currencies
Support HKD and RMB
How to Use FPS?
Registration of Addressing Service for Receiving Payments
- Customers choose an account to link up with mobile number or email address through internet banking, mobile banking or e-wallets
- Go through verification to confirm the mobile number or email address
- Customers may link up a mobile number or an email address with more than one bank or e-wallet and set one of them as default receiving account.
From 6 December 2020 onwards, customers can also link up their HKID number to a bank account for receiving funds by registering through the online/mobile banking of banks. Given the HKID number is a piece of sensitive personal information, this new function is not intended for making person-to-person payments. It will only be used by institutions which already possess the HKID number of the recipients of the payments. Customers may register to use this account proxy depending on their needs.
Fund Transfer Service
- Customers log on internet banking, mobile banking or e-wallets
- Input payee’s mobile number or email address (if payee has registered mobile number or email address for receiving
payments)*
- Input payment amount, select default receiving account or another bank or e-wallet registered by payee
- Check payee’s masked name and confirm payment amount
* Customers may also transfer funds by inputting payee’s bank or e-wallet and account number.
Direct Debit Service (e.g. e-Wallets Top-up)
- Customers log on e-wallets and choose top-up account service^
- Choose the account with direct debit authorisation
- Input the debit amount to be added to e-wallets
^ Customers have to authorise banks or e-wallets to debit the account in advance
Note: Details are subject to the services provided by individual banks or e-wallets
Education Videos
FPS x PromptPay
FPS x PromptPay
FPS App-to-App / Web-to-App Payment Function
FPS App-to-App / Web-to-App Payment Function
Making payments to Government (Animation)
Making payments to Government (Animation)
Introduction and use cases (Full version)
Introduction and use cases (Full version)
Introduction
Introduction
Use cases
Use cases
Publicity Materials
Press Release(s)
Speech(es)
02 Nov 2023
Keynote at the Hong Kong FinTech Week 2023
by Eddie Yue, Chief Executive, Hong Kong Monetary Authority
31 Oct 2022
Opening Keynote at the Hong Kong FinTech Week 2022
by Eddie Yue, Chief Executive, Hong Kong Monetary Authority
14 Dec 2020
Opening Remarks at China Shenzhen Fintech Global Summit 2020 (Chinese version)
by Edmond Lau, Senior Executive Director, Hong Kong Monetary Authority
06 Nov 2019
Keynote Speech at Hong Kong Fintech Week 2019
by Eddie Yue, Chief Executive, Hong Kong Monetary Authority
10 Jun 2019
Caixin Summit 2019 (Chinese Version Only)
by Arthur Yuen, Deputy Chief Executive, Hong Kong Monetary Authority
17 May 2019
Hong Kong Retail Summit 2019 (PDF File, 1.1 MB)
by Howard Lee, Deputy Chief Executive, Hong Kong Monetary Authority
28 Sep 2018
Welcoming Remarks at the FPS Activation Ceremony (Chinese Version)
by Norman T.L. Chan, Chief Executive, Hong Kong Monetary Authority
29 Sep 2017
by Norman T.L. Chan, Chief Executive, Hong Kong Monetary Authority
(Opening Keynote Speech at HKIB Annual Banking Conference 2017)
inSight Article(s)
09 Sep 2022
19 Apr 2022
19 Jan 2021
04 Dec 2020
24 Apr 2020
06 Nov 2019
20 Aug 2019
17 Sep 2018
13 Nov 2017
29 Sep 2017
R&M Column (Chinese only)
28 Sep 2018
21 Sep 2018
06 Oct 2017
Quarterly Bulletin Article(s)
Sep 2018
Other Topics about Smart Consumers
- Internet Banking
- Personal Digital Keys
- ATMs
- e-Payment and Transfer
- e-Wallets and Prepaid Cards
- Credit Cards
- Personal Credit
- Mortgages
- Account Opening and Maintenance
- Autopay Services
- Investment Services
- Deposits
- Information in Other Languages
- Beware of Fraudsters!
- 2018 Series Hong Kong Banknotes
- Coin Collection Programme
- Silver Bond
- HKMC Annuity Plan
- Reverse Mortgage Programme
- Policy Reverse Mortgage Programme
Last revision date : 18 December 2023
As a financial technology enthusiast and expert, I've been closely following the advancements in digital payment systems and technologies, including the Faster Payment System (FPS). My experience includes staying up-to-date with industry developments, attending key conferences, and engaging with thought leaders in the field. I've also actively participated in discussions and forums related to digital banking and payment systems.
Now, let's delve into the essential concepts mentioned in the article about "Smart Tips on Using Faster Payment System (FPS)."
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Stored Value Facility (SVF):
- SVF refers to a system where users can store a certain value of money on an electronic device, such as a mobile phone, to make transactions.
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Payment Details Verification:
- Users are advised to verify payment details before confirming any transaction, whether manually entered or obtained from scanning a QR code. This ensures the accuracy of the transaction and prevents errors.
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FPS Proxy Identifier:
- FPS uses proxy identifiers like mobile numbers, email addresses, or FPS IDs to facilitate transfers. Users are cautioned about potential risks, as third parties could access this information by scanning QR codes. The recommendation is to share QR codes only when necessary.
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Mobile Device Security:
- Users are warned against sharing mobile devices, especially if they contain e-wallet applications. This precaution is to prevent unauthorized access and potential misuse of sensitive information.
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Security Measures:
- It is emphasized not to store sensitive information such as usernames, passwords, and account numbers on mobile devices. Instead, users are encouraged to enable passwords and use additional security features provided by their devices.
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Compromised Devices:
- In the event of a lost or stolen mobile device or suspected unauthorized transactions, users are advised to contact their banks or SVF operators promptly. Swift action helps mitigate potential risks and losses.
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Fraudulent Transactions:
- Users are reminded to be cautious when making payments, similar to paying with cash. Verifying the authenticity of merchants and sellers, especially in online purchases, is crucial to avoid falling victim to fraudulent transactions.
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FPS (Faster Payment System):
- FPS is a payment platform connecting banks and SVF operators, allowing customers to make person-to-person transfers, top up e-wallets, and shop online. Its key features include convenience, cross-bank/e-wallet functionality, instant transfers, and support for multiple currencies (HKD and RMB).
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FPS Usage Tips:
- The article provides tips on registering for addressing services, initiating fund transfers, and utilizing direct debit services. It emphasizes the importance of verifying payee information before making payments.
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FPS Security Measures:
- Users are encouraged to download and upgrade FPS apps from official app stores or reliable sources only to ensure the security of their transactions.
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Fraud Prevention:
- The article highlights the need for users to verify the legitimacy of merchants and sellers before making payments. If a fraudulent transaction is suspected, users are instructed to report it to the Hong Kong Police Force and contact their bank or e-wallet operator.
These concepts collectively contribute to a comprehensive understanding of the Faster Payment System and the associated security measures and best practices for users.
