HK-mainland cross-boundary Payment Connect system starts services today
發佈日期: 2025-06-22 22:54
TVB News
Hong Kong and mainland residents can officially access real-time cross-boundary payment services starting today.
This as the Hong Kong Monetary Authority noted that the system was running largely smoothly as of noon, during which 2,000 northbound and 7,400 southbound remittances were recorded.
Starting today, residents in the city and the mainland can use the Faster Payment System, or FPS, or its mainland counterpart, to conduct real-time cross-boundary money transactions under the Payment Connect scheme.
Those who are transferring money northbound need to use the payee's mainland bank account information or mobile phone number.
But some mainland businessmen working in the city said they encountered obstacles while using the digital platform.
One of them noted the provided phone number of the payee had not been registered, and he had to use the payee's bank account information instead.
This as the HKMA reminded users of the payment system to update mobile apps related to financial institutions.
Under the Payment Connect scheme, northbound remittances from Hong Kong to the mainland are subject to a daily cap of 10,000 dollars, while the annual limit is set at 200,000 dollars.
The system is operational 24 hours each day.
For southbound transactions, users are subject to an annual limit of 50,000 U.S. dollars, or around 390,000 Hong Kong dollars.
Services are available between 7 a.m. and 11 p.m. each day.
Meanwhile, some lawmakers in the financial sector suggested authorities adjust the northbound remittance restrictions in the long-term.
Lawmaker Chan Chun-ying said as residents could use various bank accounts to make transactions surpassing the 10,000 dollar-limit every day, the daily cap could be increased to 50,000 dollars.
He also suggested the payment system be expanded to include remittances between enterprises on both sides of the border.
