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Bank to e-wallet instant fund transfers to launch this year in Hong Kong

Real-time clearing of money between banks and electronic wallet operators to be available around the clock from September

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Hongkongers are no strangers to electronic payments – they now account for 60 per cent of total private consumption expenditure in the city. Photo: Dickson Lee

The wait will soon be over for Hongkongers wishing to perform real-time fund transfers around the clock, after the government confirmed on Wednesday that a faster payment system linking major banks and electronic payment platforms would kick off in September.

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A pilot scheme is also in the works to allow people to pay government bills using their electronic wallets, which have been fast developing in the city over the past year.

A top financial official once again denied that Hong Kong was falling behind regional counterparts in embracing e-payments, but lawmakers said the latest measures could be too little, too late.

Hongkongers are no strangers to electronic payments – they now account for 60 per cent of total private consumption expenditure in the city.

The driving force is the Octopus stored-value card, which has enjoyed great success since its launch in 1997.

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Sunny Cheung Yiu-tong, CEO of Octopus, which is the dominant e-payment system in Hong Kong. Photo: Dickson Lee
Sunny Cheung Yiu-tong, CEO of Octopus, which is the dominant e-payment system in Hong Kong. Photo: Dickson Lee
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