FPS Real-Time Collection Function
The Faster Payment System (FPS) is a payment financial infrastructure introduced in 2018 by the Hong Kong Monetary Authority (HKMA)
to enable instant payments in Hong Kong, providing consumers and merchants a safe, efficient and widely accessible retail payment
service on a 24/7 basis. FPS offers individuals and businesses a new choice and experience for making payments in multiple currencies –
Hong Kong dollar (HKD) and Renminbi (RMB) – in real time.
ISL has recognized the possibility of FPS that it will be become the new trend of e-payment in Hong Kong. Therefore, ISL collabrated with
HSBC in launching the FPS QR Code Collection Function. Merchants need to create a HSBC business account and sucessully apply for HSBC
Business Collect Service so that they can use ReportNOW to collect payments, send receipts and process refunds to customers.
When customer check out, they pay the bill via FPS by scanning scan the QR code on the app provided by the merchant that supports FPS
in order to complete the payment and transfer to the merchant’s account. Through ReportNOW, merchants can effortlessly generate the
real-time reports for viewing the payment status and sales for each transaction. Also, merchants will be charged 1.5% of the transaction
value per transaction. For intra-bank transaction (i.e. a payment which is made between accounts opened with HSBC, excluding
its subsidary companies and Hang Seng Bank) with payment value equal or below HKD1,000, the standard pricing is 1.5% of
transaction value, with a transaction fee cap at HKD2 (whichever is lower). Transaction fees waived for the first 3 months. *HSBC T&Cs apply.
For more information, please visit:
http://www.reportnow.net/en/FPS.htm
Enquiry Hotline: +852 2263 6106
