Hong Kong FPS Tutorial: How To Register, Set Limits, Supporting Banks And Digital Wallets

Hong Kong FPS Tutorial: How To Register, Set Limits, Supporting Banks And Digital Wallets

The introduction of the Faster Payment System (FPS) by the Hong Kong Monetary Authority has revolutionized interbank transfers; they are now faster, easier, and free of charge. Not only can you transfer money to friends and merchants, but you can also use the FPS for paying your bills, topping up digital wallets, and locating card numbers. If you’re confused about how to use FPS, want to know more about its features, or need help troubleshooting, read on for a complete guide to FPS.

Table of contents: Faster Payment System (FPS)

What is Faster Payment System (FPS)?

The Faster Payment System (FPS) is a financial payment system introduced by the Hong Kong Monetary Authority (HKMA) in 2018. It is operated by Hong Kong Interbank Clearing Limited (HKICL) and enables instant payments in Hong Kong, providing a safe, efficient, and widely accessible retail payment service on a 24/7 basis. FPS offers real-time transactions with HKD and RMB for P2P transfers, transfers to merchants, and payment of government bills.

Faster Payment System (FPS) features:

  • 24/7 real-time transactions are available.
  • accessible from most of the bank’s website and app
  • HKD and RMB currencies are supported
  • bank and digital wallet transactions are available

How to register for the Faster Payment System (FPS)?

To register for FPS with major banks and digital wallets, you can use your mobile phone number, email address, Hong Kong ID, or FPS ID. The registration process is similar across all platforms, and registering with a mobile phone number will result in a confirmation SMS, while other registration methods will result in an email notification.

Steps to set up FPS:

  1. Go to your banking app.
  2. Find “Register or view FPS registration.”
  3. Choose a Proxy ID to receive money: your mobile number, email address, FPS Identifier, HKID, or all of them.
  4. Select an account to receive payments using the Proxy ID. Click ‘Send code’ to receive a one-time verification code via the mobile number or email address you have registered.
  5. Complete the verification.
  6. Select ‘Other FPS registrations’ to check for any other instances of your Proxy ID registration. If any exist, remove them to avoid issues with receiving payments.
  7. Registration completed!
Banks or digital wallets that support the FPS system
Banks Digital Wallets
HSBC Octopus
Standard Chartered AliPay HK
Bank of China WeChat Pay HK
livi bank PayMe
ZA Bank  
Mox Bank  
DBS Bank  
Dah Sing Bank  

Mox Bank’s new user special offer

For a limited time, Mox Bank is offering a special deal for new users. By opening a Mox Account with the invitation code “MOXEARN” and applying for Mox Credit, you can earn HK$500 Cash Rewards by making eligible transactions accumulating 5 eligible transaction(s) of HKD100 each within the first 30 days of your Mox Credit approval. Don’t miss out on this exciting opportunity to earn some extra cash while enjoying the benefits of Mox Bank!

Mox logo
Bank Promo
Min. Rate
Saving Rate
Minimum Initial Deposit

Set your FPS default receiving account

When signing up for the Faster Payment System (FPS), you have the option to choose a default account to receive payments through your mobile number, email address, or ID number.

For instance, if you register for FPS with both Mox Bank and Citi Bank using your mobile number but set Mox Bank as the default account, any transfers made to your mobile number via FPS without specifying a receiving bank will be deposited into your Mox Bank account.

How to make a FPS transfer?

Using FPS to transfer funds is quite easy. Here are the simple steps:

  1. Enter the payee’s information, either a mobile phone number, email, account number, or FPS ID.
  2. Enter the transfer amount and currency. You can set the transfer time and frequency and add notes if needed.
  3. Verify the information and confirm to complete the transfer.

How to make a FPS transfer via Mox

Here are the simple steps to make a transfer to peers via Mox:

Step1. Click “Action” on the home page.

Step 2. Select the method to identify the account you want to make a transfer to (mobile/email recommended.)

Step 3. Find your friend’s contact.

Step 4. Once you have found your contact. You can put down the amount you want to make.

Step 5. Check if all the information is all filled in correctly. Then click “Confirm”.

How to pay or receive money with an FPS QR code?

FPS offers a QR code function for payments and receipts, which is useful for P2P transfers and bill payments. Follow these steps:

  1. Create an FPS QR code through a mobile app that supports the FPS QR code feature (or obtain the QR code from a bill).
  2. Scan the QR code using the payer’s device.
  3. Enter the payment amount and details, and complete the payment.

Setting Transfer Limits for FPS

FPS enables users to customise transfer limits to balance convenience and financial security. Banks do not have uniform standards for FPS transfer limits, and each bank offers different options for setting limits. These options typically fall into the following categories:

Daily limit for small transfers

This is FPS’s most commonly used P2P transfer function for quick transfers that do not require additional identity verification. Most banks set the FPS small transfer limit at HK$10,000, but you can adjust this to a lower amount.

Daily limit for registered payees

You can set a higher daily transfer limit for frequently used payees. The bank sets the upper limit, which can generally reach HK$1 million to HK$1.5 million.

Daily total limit for non-registered payees

The daily transfer limit for non-registered payees is lower, usually from HK$200,000 to HK$500,000.

Quick note: You can set different transfer limits for different banks

When it comes to setting transfer limits for FPS, each bank or e-wallet has its own unique approach. Some banks provide more detailed transfer limit settings on their online banking accounts, while others have more straightforward mobile app settings. Regardless of which institution you use, don’t hesitate to reach out to their customer service if you have any questions about setting limits for merchant transactions or different categories of transfers.

How to pay a credit card balance with FPS?

Many might know that not only can FPS be used to transfer money to friends and merchants, but it can also be used to pay off credit card balances and bills. Simply register your credit card bill on the payment page, and you can make interbank credit card balance repayments. However, keep in mind that the issuing bank may take up to one or two days to confirm receipt of payment, so it’s best to make payments earlier than the due date.

Using FPS to Register for Direct Debit (Automatic Transfer)

FPS provides an “Electronic Direct Debit Authorization” (eDDA) feature that allows your designated service provider to directly debit your bank account.

With eDDA, you can link your e-wallets (such as Octopus and PayMe), virtual banks (such as Mox Bank), and securities accounts (such as Interactive Brokers Securities) to your traditional bank account under your name. This will enable you to withdraw funds directly from your bank account using the mobile app of the aforementioned services.

In addition, eDDA can be utilised for automatic transfers to pay bills, such as public utilities and tuition fees. One of the key differences from traditional automatic transfer services is that customers can complete the application process entirely online or on mobile apps, so no more waiting at the bank!

Soon you can pay transactions in Thailand with Hong Kong’s FPS

The president of the Hong Kong Monetary Authority, Eddie Yue, announced that Hong Kong’s Faster Payment System will be interconnected with Thailand’s PromptPay in November 2023.

Starting from December 4, tourists traveling from Hong Kong to Thailand can use the Faster Payment System to pay at more than 8 million local merchants by scanning a QR code, which will be converted instantly. Likewise, tourists from Thailand visiting Hong Kong can use PromptPay at some merchants that accept the Faster Payment System.

This will allow Hong Kong residents in Thailand to use their Hong Kong bank accounts or e-wallets, such as PayMe and Octopus, to quickly exchange Hong Kong dollars for Thai Baht. HSBC Bank will act as the agent bank for FPS cross-border payments, determining the exchange rate via FPS. Fees will be determined by participating banks and e-wallets.

What is PromptPay?

PromptPay is a popular payment service in Thailand. It allows transactions using mobile numbers, Thai ID numbers, and QR codes, offering a similar experience to FPS. However, it is more widely accepted among merchants than FPS.

In Hong Kong, FPS is commonly used for P2P transactions but less so for shopping. Conversely, PromptPay payments are accepted by most merchants in Thailand, from large businesses to small market stalls.

Details on how FPS will connect to PromptPay, payment steps, exchange rates, and fees are yet to be announced. Hong Kong residents in Thailand are expected to be able to make payments quickly using a merchant’s QR code or mobile number, just like locals, which is expected to be easily adopted by Hong Kong tourists based on the current user experience of PromptPay.

Frequently asked questions: FPS

What is an FPS ID?

The FPS ID is a unique string of numbers generated by the FPS system to link up with a bank or SVF account. To obtain an FPS ID, individuals, merchants, or corporations can request one from their banks or SVFs, depending on their FPS service scopes.

What is the FPS transfer limit?

The transfer limit for FPS varies depending on the payee category. For most banks, the transfer limit for small amounts is HK$10,000. The limit for unregistered payees typically does not exceed HK$500,000. The transfer limit for registered payees ranges between HK$1 million and HK$1.5 million. Customers can set their transfer limits for different payee categories.

Is FPS the same as PayMe?

No, FPS is not the same as PayMe. FPS was set up by HKMA and is run by HKICL, while PayMe is a system originally launched by HSBC. Both can be used for instant person-to-person payments in Hong Kong.

Does FPS have a handling fee?

Personal bank account customers generally won’t be charged for using FPS. Business bank accounts, on the other hand, might incur charges.

Does PayPal support FPS?

No, PayPal currently does not support FPS.

Does the Jockey Club account support FPS?

Yes, the Hong Kong Jockey Club’s online betting account supports immediate transfers via FPS. Once successfully registered, you can instantly deposit and transfer funds between the specified bank account and the betting account.

What if I can’t receive money with FPS?

Under normal circumstances, FPS can realise immediate transfers, and the payee will usually receive the transfer notification within a few seconds. If the other party claims they can’t receive the money, you should first check whether the payee information you entered is incorrect. If you still can’t receive the money, you should contact the bank for assistance immediately.

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