On June 22, the faster payment systems in the Mainland and Hong Kong (hereafter referred to as Payment Connect) officially launched, facilitated by the People's Bank of China and the Hong Kong Monetary Authority. This marks the realization of interconnectivity between the mainland and Hong Kong's rapid payment systems, allowing residents of both regions to conduct real-time cross-boundary remittances.
On the same day, the first cross-boundary payment transaction was completed in Shenzhen, with a mainland resident remitting money to Hong Kong. Ms. Fang, a Shenzhen resident, praised the new service, stating, "Previously, I had to exchange RMB for HKD and wait at least half a day for the money to arrive. Now, with the Payment Connect, I can send money directly in RMB, and it arrives instantly, making the process very convenient." She successfully transferred RMB 10,000 to her daughter studying in Hong Kong using the China Merchants Bank app, simply by entering her daughter's account number and name.
Another Hong Kong resident, Mr. Yip, also praised the system. He noted, "When traveling to Shenzhen, I used to have to remember to transfer money to my mainland account in advance. Now, I can transfer funds directly from my Hong Kong account to my mainland account via the Bank of China Hong Kong mobile banking app. It's easy, instantaneous, and no fees are charged, making it both convenient and economical!" Mr. Yip received a notification from the Bank of China about the upcoming launch and set up his account accordingly, completing a transaction on the launch day.
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