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WeChat Pay HK Becomes First E-Wallet to Join 'Payment Connect', Pairs w HSBC for Instant Transfers to Mainland Bank Accounts
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WeChat Pay HK joined the "Payment Connect" initiative co-launched by the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC), becoming the first e-wallet to offer this service. In the new "Payment Connect" feature, its "Faster Payment System (FPS)" HKD fund settlement service is provided by HSBC, meaning that WeChat Pay HK users can now transfer funds to Mainland Chinese bank accounts anytime, anywhere via mobile phone. The transfer service from Hong Kong to the mainland offers 24/7 real-time small remittances to accounts of participating banks in the mainland, with the system settling in HKD at real-time exchange rates. Meanwhile, users holding mainland ID cards can use the mobile applications of participating mainland banks to make instant transfers to Hong Kong via "Payment Connect" from 7 AM to 11 PM daily. AASTOCKS Financial News Website: www.aastocks.com |
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