Payment Connect
Payment Connect refers to the linkage of the Mainland’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS)
With the joint support of the People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA), the linkage of the faster payment systems in the Mainland and Hong Kong has been implemented to support the provision of real-time cross-boundary payment services for residents and institutions in both places
The first batch of participating institutions from the two places will launch the service to the public on 22 June, 2025
Benefits
- Receiving institution not confined to those within the same group, but across different institutions
- Recipients not confined to same-name or immediate family members
- A wide range of current account payment, including P2P payments and those related to daily living
- Anytime, anywhere, and settled instantly
- Mobile number and other account proxies can be used
- Low transaction costs
- Support RMB or HKD remittance (pay directly from RMB accounts or real-time exchange of HKD for RMB remittances) and receipt in funds in RMB for northbound payments
- Support RMB remittance and receipt in funds in either HKD or RMB for southbound payments
Key Features
The following service scope and use cases are provided by the PBOC and the HKMA. Please refer to HKMA’s website https://www.hkma.gov.hk/eng/smart-consumers/payment-connect for details.
P2P Remittance
| Eligible Payer | Hong Kong Identity Card Holder | Mainland Identity Card Holder |
| Limit | Daily limit of HKD 10,000 per person, and annual limit of HKD 200,000 per person (for each participating institution) The limit is separate from the existing daily remittance limit of RMB 80,000 that applies to the same-name transfers Please refer to HKMA’s website https://www.hkma.gov.hk/eng/smart-consumers/payment-connect for details. | Follow the existing facilitative foreign exchange arrangement available for Mainland residents, subject to an annual quota equivalent to USD 50,000 per person Please refer to HKMA’s website https://www.hkma.gov.hk/eng/smart-consumers/payment-connect for details. |
| Documentary Proof Required | Nil (The payee is restricted to personal account holders only) | Nil |
| Service Hours | 24x7 | 16x7 Note: The current service hours are from 7:00 AM to 11:00 PM daily. |
| Types of Account Proxy Supported | 1. Mobile number 2. Bank account number | 1. Mobile number, email address and FPS ID 2. Bank account number |
Remittance related to activities of daily living in the two places
| Use Cases |
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How to use
How to Transfer Funds to a Payee in the Mainland
Select mobile number as the payment method
 | Step 1. Select payment account (HKD/RMB account) |
 | Step 2. Enter the payee’s mobile number and bank name, and verify if the partially masked payee’s name displayed on the screen is correct |
 | Step 3. Enter the payment amount, purpose of transfer and remarks (if applicable), and confirm the applicable exchange rate when selecting the HKD account as payment account |
 | Step 4. Verify the transaction details, including the payment account, payee’s name, mobile number, payee’s bank name, RMB amount and equivalent to HKD (if applicable). Confirm the transaction only after ensuring accuracy of all information |
 | Step 5. The payer receives a payment notification |
Select bank account number as the payment method
 | Step 1. Select payment account (HKD/RMB account) |
 | Step 2. Enter the payee’s bank name, bank account number and name in English |
 | Step 3. Enter the payment amount, purpose of transfer and remarks (if applicable), confirm the applicable exchange rate when selecting the HKD account for the transfer |
 | Step 4. Verify the transaction details, including the payment account, payee’s name, mobile number, payee’s bank, RMB amount and equivalent to HKD (if applicable), confirm the transaction only after ensuring accuracy of all information |
 | Step 5. The payer receives a payment notification |
Note:
1. Receiving bank options include Mainland participating institutions that support Payment Connect
2. Purpose of transfer options include personal payments, tuition fees, medical expenses and utility bills
3. Process may vary depending on your service provider.
4. For more detailed information, please refer to the section of “Smart Tips”.
How to Receive Funds from a Payer in the Mainland
1. | If the account for receiving funds is already linked to a FPS proxy, then no further registration for FPS is required | |
2. | If bank account number is selected as the payment method, the payer should select the bank name | |
3. | If mobile number is selected as the payment method, the payer should select the bank name and enter the payee’s English name | |
4. | It is recommended that the payee communicates with the Mainland payer in advance to indicate the chosen currency for receipt, either HKD or RMB, and provides a bank account number or a linked FPS proxy that can receive chosen currency | |
5. | Certain Mainland banks may require the payer to input the payee’s full name and address to meet with their internal risk management requirements | |
6. | The funds will be credited immediately and a notification will be sent to the payer once the payment is completed |
Smart Tips
- Ensure the mobile banking app be updated to the latest version
- Ensure that the Mainland payee has completed registration for cross-boundary fund receipt via mobile number, i.e., his/her bank account be linked a mobile number and the payee’s information be updated as required
- Communicate and confirm the payment detail with the Mainland payee in advance, and verify the transaction information before making the payment
- Ensure the receiving account be able to receive funds in the chosen currency before providing the account information to the Mainland payer
The First Batch of Participating Institutions
Up to 22 June, 2025:
| Bank of China (Hong Kong) Limited | Agricultural Bank of China Limited |
| Bank of East Asia, Limited (the) | Bank of China Limited |
| China Construction Bank (Asia) Corporation Limited | Bank of Communications Co., Ltd. |
| Hang Seng Bank, Limited | China Construction Bank Corporation |
| HongKong and Shanghai Banking Corporation Limited (The) | China Merchants Bank Co., Ltd |
| Industrial and Commercial Bank of China (Asia) Limited | Industrial and Commercial Bank of China Limited |
Note: Arranged in alphabetical order by the English name of the participating institutions.