Smart banking takes off in Hong Kong

In Hong Kong, a new payment system is launched that allows for free real-time fund transfers among platforms such as PayMeAlipay and WeChat Pay. The no cost, immediate interbank fund transfers is a big step towards what is called ‘smart banking’. 

Until now, transfers among different banks could take two or three days and interbank transfer charges could add up to as much as US$25.50. The faster payment system will enable immediate fund transfers. To transfer money via this ultra-quick method, users need only register the email address or mobile number of the person getting the money. 

South China Morning Post reports that Hong Kong’s Citibank, Hang Seng Bank and Bank of China (Hong Kong) are the first local lenders to offer the new service. Their customers can start registering their mobile phone or email address to link up with their bank accounts. The new service allows customers to transfer up to HK$1 million a day to pre-registered accounts and as much as HK$10,000 for non-registered ones. 

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