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 participating institutions from the two places launched the service to the public on 22 June, 2025

• 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

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.

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

How to Receive Funds from a Payer in the Mainland

• Ensure the mobile banking app be updated to the latest version
• Ensure that the Mainland payee has enabled 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
• If bank account number is selected as the Northbound payment method, the mainland payee can verify whether their personal information includes an English (or Pinyin) name in record through mobile banking or customer service. Please consult the Mainland participating institutions for further details
• 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

As of 22 June, 2025:

Hong Kong

Mainland

Note:
1. Arranged in alphabetical order by the English name of the participating institutions
2. The information related to channels supported, website links, service enquiry hotlines, and WeChat customer service are provided by the bank concerned.