The Chinese mainland and Hong Kong launch Payment Connect, enabling instant, fee-free RMB and HKD transfers via mobile banking apps.
The Chinese mainland and Hong Kong have officially launched Payment Connect, allowing residents to transfer money between the two regions instantly, securely, and fee-free. The first real-time cross-boundary transaction was done in Shenzhen, South China’s Guangdong Province.
The Payment Connect system connects the Chinese mainland online payment clearing network with Hong Kong’s Faster Payment System (FPS). Users can now make real-time RMB and HKD transfers via mobile banking apps without converting currencies or waiting hours.
Ms. Fang, a resident of Shenzhen, sent RMB 10,000 to her daughter studying in Hong Kong using the service. “I used to wait half a day for transfers. Now it’s fast and easy — no currency exchange needed,” she said.
Hong Kong resident Mr. Yip used his Bank of China (Hong Kong) app to send money north. “I just entered a phone number, and the money arrived instantly. It’s free and convenient.”
To send money:
The Chinese Mainland users require the recipient’s mobile number or account information, as well as the bank and currency details.
Hong Kong users need only a Chinese Mainland mobile number linked to a bank account.
The link also supports payments for education, healthcare, salaries, and insurance premiums. Financial professionals see this as a boost to economic ties and Hong Kong’s role as an RMB hub.
Experts say the lanuch of the Payment Connect will make cross-border living and business in the Greater Bay Area easier and more integrated.
Additional reporting by CNA.
If you liked this article why not read: China Introduces Quick-Fix Travel Permits for Hong Kong, Macao, and Taiwan Residents
