HSBC x FPS

FPS is a payment service platform that allows customers to make instant domestic payments to individuals and merchants in Hong Kong dollar or Renminbi via our online and mobile banking. It will be available 24/7, free of charge* and covering participating local banks and financial institutes with Stored Value Facility (SVF) licenses.

Traditionally, fund transfers require the payee’s bank account number, but FPS also supports payments via payee’s mobile number, email address, FPS Identifiers or HKID, as well as QR code scanning after the payee has registered (Mobile Security Key or Security Device might be required to complete the transaction). You can also receive payments and transfers from institutions, corporates and the HKSAR government via your Hong Kong ID number.

* There is no charge from us if you pay money to, or receive money from accounts from other banks via FPS, but other banks may have different charging policies.

As FPS transfers are instant, many banks may have imposed stricter controls in place to make sure the recipient's name and bank account number match. If you are transferring via account number and you've used a nickname to add this person to 'My payees', the payment will be rejected.

Please ask your payee for the exact name the account is registered under. You'll then need to remove them from 'My payees' and add them again using their official name listed on their bank records.

Please note that you don't need to do this if your payee has registered for FPS and you have saved them to 'My payees' using one of their Proxy IDs (mobile number, email address and FPS Identifier).

You can check your Proxy ID’s default receiving bank/ FPS participant on the HSBC HK Mobile Banking app. Simply select your profile in the top right corner, go to 'Pay and transfer‘ and choose 'Register or view FPS registration'. Then select the Proxy ID that you wish to check under the ‘Other FPS registrations’.

Alternatively, you can check it in HSBC Online Banking by going to ‘Register or view FPS registrations‘ under the ‘Pay & transfer’ menu, then select ‘View FPS registrations at other banks’ to check the default receiving bank/ FPS participant of your Proxy ID.

Because FPS transfers are instant, we are putting stricter controls in place to make sure the recipient's name and bank account number match. If someone is transferring money to you via account number and they've used a nickname to register you in their system, the payment will be rejected.

To send money via your account number, this person will need to use the official name that your account is registered under. If you're unsure what that is, you can check your bank statement.

Alternatively, you can register for FPS to receive money via Proxy ID (mobile number, email address and/or FPS Identifier), so the person won't have to enter your name.

If your transaction is successful, you will receive an SMS and email notification. The record will also show in your transaction history.