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
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.
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.