The faster payment systems in the Mainland and Hong Kong officially launched today (June 22), allowing residents of the Mainland and Hong Kong to conduct cross-boundary payments through the service. The Hong Kong Monetary Authority (HKMA) reported that the service has been operating smoothly, with approximately 2,000 remittance transactions from Hong Kong and about 7,400 transactions from the Mainland.
The HKMA reminded users sending money to the Mainland that they may need to update the relevant participating institutions' apps to the latest version. The payer must be a Hong Kong resident holding a Hong Kong Identity Card. If the Hong Kong Identity Card information was not provided when opening the account, the user must update it with the relevant participating institution. Additionally, mainland recipients must complete the mobile number registration for cross-boundary receivables, which may take time to become effective. Account holders may also need to supplement or confirm their personal information. If transferring using the account number, the payer must enter the recipient's English name as recorded at the receiving bank for verification.
For remittances to Hong Kong, the HKMA reminded users that they may need to update the relevant apps. The payer must be a holder of a mainland Identity Card. If transferring using the account number, the payer must also enter the recipient's English name as recorded at the receiving bank for verification.
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