ISSUE 16 English繁體简体
THEME STORY: The Inevitable Adevnt of E-payment

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.

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