Real-time cross-boundary payment services starting on Sunday
發佈日期: 2025-06-20 20:51
TVB News
Starting on Sunday, both Hong Kong and mainland residents will be able to access real-time cross-boundary payment services jointly supported by the People's Bank of China and the Hong Kong Monetary Authority.
The system allows its users to transfer a daily limit of 10,000 dollars across the border through the linkage of the Faster Payment System with its mainland counterpart.
A further step towards financial connectivity between Hong Kong and the mainland -- with the unveiling of the Payment Connect system at the headquarters of the People's Bank of China in Beijing.
Six banks from each side of the border are participating in the linkage under the first phase of the system.
Participating institutions in the city include HSBC, Hang Seng Bank, Bank of China (Hong Kong) and Bank of East Asia.
Their mainland counterparts include the Agricultural Bank of China, Bank of China, Bank of Communications and China Merchants Bank.
Under the new payment system, users simply have to provide the payee's mobile phone or bank account number, with no transaction documents required.
The daily limit for northbound transactions is currently 10,000 dollars, while the annual limit is 200,000.
The digital service is operational for 24 hours every day.
For southbound payments, users are subject to an annual remittance limit of 50,000 U.S. dollars each year, or around 390,000 Hong Kong dollars.
Such services will be operational from 7 a.m. to 11 p.m. every day.
Some residents shared their thoughts on the measure.
This woman said authorities should expand the daily limit to at least 50,000 dollars, adding that she often travels to the mainland and needs to make regular transfers to her relatives, while this man said the 10,000 dollar-cap is acceptable, but believes authorities should relax all current restrictions on the transaction limit.
There's generally only a handful of reliable and trustworthy banks in Hong Kong that are big enough that should be able to handle those kinds of transfers.
I think just these big major banks in Hong Kong should have that ability.
The Hong Kong Monetary Authority noted there are several benefits to the payment connect system, including low transaction costs as well as support for renmenbi remittance or receipt of funds in either Hong Kong dollars or yuan for southbound payments.
