【FPS】ChaoPai "e-Li Shi" leads the transfer service with a total of 19.51 million registrations

▲ The number of Faster Payment System accounts increased by over 600,000 in the first two months

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Commonly known as FPS, the cross-bank transfer system, surpassed 19 million accounts for the first time in 2026. In February, the number of transactions increased again, mainly benefiting from the Lunar New Year in mid-February, as citizens opened new personal accounts to receive and send electronic red packets. According to the Hong Kong Interbank Clearing Company, by the end of February this year, a total of 19.519 million accounts had registered for FPS, an increase of over 600,000 accounts or 3.2% from the 18.917 million accounts at the end of last year.

However, when comparing month to month, the growth rate has clearly slowed, with only 264,000 new accounts added in February compared to January, reversing the previous three months where over 330,000 new accounts were added each month, as the electronic payment options in the market are now quite numerous.

After 8 years since its launch, FPS is beginning to show signs of saturation. Over the past two years, it has caught up with the high-speed growth, with over 2.19 million new registrations in 2024, a 16% increase; last year, an additional 3.118 million transactions were recorded, a 19.7% rise.

WeChat Pay becomes the first to offer “Cross-border Payment Pass” e-wallet

As for the over 19.51 million registrations last month, only 14 million are counted by unique identification numbers.

Since its launch in September 2018, FPS accounts are registered with binding identification codes, which can be divided into four main categories: mobile phone numbers, email addresses, FPS identification codes, and Hong Kong ID numbers.

Looking ahead, it is expected that FPS will reach 20 million new users this year, mainly due to new application scenarios, such as Tencent (00700) subsidiary WeChat Pay HK becoming the first “Cross-border Payment Pass” e-wallet, enabling 7x24 intra-mainland transfers with no handling fees.

The “Cross-border Payment Pass” was officially launched on June 22 last year, connecting the Mainland’s online payment cross-bank clearing system (IBPS) with Hong Kong’s Faster Payment System (FPS).

The People’s Bank of China and the Hong Kong Monetary Authority jointly promote the interconnection of the fast payment systems between Hong Kong and Mainland China, providing real-time cross-border payment services for residents and institutions in both regions.

RMB input, real-time HKD exchange

WeChat Pay HK announced on Monday (March 2) that it became the first e-wallet to offer the “Cross-border Payment Pass.” Its HKD fund settlement service via FPS is provided by its long-term partner HSBC, allowing users to transfer instantly to Mainland bank accounts via mobile 7x24 without any fees.

For transfers from Hong Kong to Mainland China, WeChat Pay HK users can select “Transfer to Mainland China” on the “FPS Transfer” page, then enter their own or the recipient’s Mainland bank account number or mobile number, enabling real-time small remittances to participating Mainland bank accounts 24/7. When using the “Cross-border Payment Pass” service, payers input the RMB amount, and the system will convert to HKD at real-time exchange rates for settlement.

Mainland to Hong Kong transfers limited from 7 am to 11 pm

For transfers from Mainland China to Hong Kong, users with Mainland ID cards can use participating Mainland bank mobile apps to make real-time transfers via “Cross-border Payment Pass” from 7 am to 11 pm daily, depending on the participating institutions’ service hours.

HSBC Global Payments Greater China Head Yao Yucui said that as more “FPS” institutions join the “Cross-border Payment Pass,” cross-border payments will become more flexible for citizens.

Tencent FinTech Vice President Hong Danyi stated that with frequent travel and trade activities between Hong Kong and Mainland China, the market’s demand for cross-border payments is increasing. WeChat Pay HK has been actively collaborating with financial institutions, using cutting-edge technology to provide secure and reliable electronic payment experiences, aiming to offer safe, dependable, and convenient electronic payments.

Banks promote “e-red packets” with rewards to encourage eco-friendly practices

In addition, citizens are encouraged to use electronic wallets like FPS to send digital red packets, responding to the HKMA’s call. Many Hong Kong banks also promote “e-red packet” rewards to encourage environmental protection, such as Bank of China Hong Kong, Citibank, CCB Asia, and Dah Sing offering lucky draws with prizes up to HKD 8,888. DBS customers have a chance to win HKD 3,000 supermarket vouchers, and Hang Seng automatically enters customers into the “Million Gold Coin Draw,” with chances to win a 999.9 pure gold “God of Wealth” horse-shaped medal. HSBC’s PayMe partnered with Sun Hung Kai Properties for the Lunar New Year, combining tradition with creativity, allowing 3.3 million users across 28 Sun Hung Kai malls in Hong Kong to “transfer out good luck” and win prizes such as electronic red packets (merchant vouchers).

ShangShang + Bank of China Hong Kong launch “e-red packets” and final push for big prizes

Although the Lantern Festival has just passed, some banks’ Lunar New Year promotions continue.

#Bank of China Hong Kong: Promotion until March 6:

• Complete a designated task, including using the red packet feature

• Successfully send red packets of HKD or RMB 20 or more

• Enter a big prize draw up to 10 times

• Other tasks include registering for FPS, currency exchange, and “Cross-border Payment Pass”

• Prizes up to HKD 8,888

Other prizes include HKD 888, HKD 88, HKD 8.8, and HKD 2.8, with over 32,000 winners in total

#ShangShang: Until March 6:

• ShangShang 75th Anniversary “New Year e-Red Packet Grand Draw”: eligible customers who send red packets of HKD or RMB 20 or more via “ShangShang Pay” or “e-red packet” feature

• Prizes:

• Shanghai Commercial Bank x Shanghai Tang 75th Anniversary Gift Set: 3 winners

• HKD 750 cash: 75 winners

BOC Corporate Clients Send Electronic Red Packets for Cash Rewards

#BOC Hong Kong: Dual Promotions until March 22:

(1) Corporate clients can send opening-year red packets to employees via the corporate “e-red packet” service

• The first 30 corporate clients successfully sending electronic red packets through iGTB Net corporate online banking, with total amounts of HKD 500 or more, will receive HKD 168 cash reward

BOC Hong Kong’s Deputy General Manager of Personal Finance and Wealth Management, Geng Yongheng, said that their corporate clients continue digital transformation. By the end of November last year, the number of iGTB MOBILE corporate mobile banking users and transactions increased by about 50% and 70% respectively compared to the previous year.

(2) Until March 31:

• BOC Hong Kong’s FamilyMAX offers HKD 50,000 travel vouchers

• The “Happiness Family Horse” promotion encourages clients’ children to learn financial management, including opening accounts and deposit offers for teenagers and children

• Customers who open accounts for their children and meet certain requirements will automatically enter the FamilyMAX lottery, with a chance to win up to HKD 50,000 in travel cash vouchers, allowing the whole family to enjoy a happy holiday

• From February 17 to March 20, customers opening savings accounts for children can enjoy a 2% annual interest rate under the “Welcome New Smart Savings” promotion

Geng Xuwen, Deputy General Manager of BOC Hong Kong’s Personal Finance and Wealth Management, said that FamilyMAX has been focused on meeting high-end family wealth management needs, providing professional planning for wealth growth. By the end of last year, the number of high-end family clients increased by 20% year-on-year, and their total investment and insurance assets grew by over 30%, reflecting a more active asset allocation.

HKMA reminds to beware of fake electronic red packet scams

Meanwhile, Octopus Holdings revealed that during this Lunar New Year, cross-border travel payment data saw significant growth. The total transactions with the traveler version of Octopus mobile app increased by 42% year-on-year, with daily new traveler Octopus cards growing by 26%.

Transactions by Hong Kong residents in Thailand using PromptPay via the Octopus app more than doubled, covering spending on sports equipment, cooking classes, and spas.

Additionally, the HKMA encourages using “FPS” or other e-wallets to send red packets, and reminds citizens to protect deposits and guard against scams when sending holiday greetings.

Recently, scammers have been sending fake New Year stickers or electronic red packets with phishing QR codes or links via instant messaging apps to trick users into receiving red packets or greeting cards, stealing personal data or money. Citizens should stay vigilant during the holiday period.