Thursday, July 25, 2024

BOCHK to offer full support to connection of “FPS” and Thailand’s “PromptPay”

Bank of China (Hong Kong) (“BOCHK”) is poised to become one of the first financial institutions to offer an “FPS x PromptPay QR Payment” service, establishing full support for the connection between Hong Kong’s “Faster Payment System” (“FPS”) and Thailand’s “PromptPay”. This service aims to provide customers with a novel cross-border payment experience, assist local merchants in accelerating their digital transformation, and contribute to the evolution of Hong Kong as a smart city.

A Step Towards Dual Connectivity

Stephen Chan, Deputy Chief Executive of BOCHK, commented, “Through collaboration with the Bank of Thailand, the Hong Kong Monetary Authority has successfully linked ‘FPS’ with Thailand’s ‘PromptPay’. This serves as a first step towards dual connectivity between faster payment systems in Hong Kong and Southeast Asia.”

Driving Digital Transformation and Creating Opportunities

Connecting the two systems will not only offer more convenient cross-border payment methods for customers in the region, but also propel digital transformation in the consumer sector and generate new business opportunities for local merchants.

BOCHK has actively promoted the widespread adoption of ‘FPS’. Personal customer transaction volumes through ‘FPS’ have surged nearly 50% in the first ten months of this year compared to the same period last year. As one of the market leaders in providing merchant collection services in Hong Kong, BOCHK has also observed the number of merchant transactions using its ‘FPS’ collection service more than double year-on-year.

Supporting Retail Payments

Both BOCHK Mobile Banking and BoC Pay will support “FPS x PromptPay QR Payment” for retail payments. Starting from 4 December, customers can utilize the “QR Code Pay/Collect” function in BOCHK Mobile Banking or the “Scan to Pay” function in BoC Pay to scan PromptPay QR codes at Thai merchants and make payments through “FPS” without any handling or transaction fees.

A Free and Comprehensive Upgrade for Local Merchants

Furthermore, BOCHK has implemented a complimentary and comprehensive upgrade to its Merchant Presented QR Code Payment Collection Service for local merchants. The goal is to support local merchants in providing a secure, efficient, and innovative payment experience for Thai visitors while meeting their needs for payment collection and reconciliation.

Merchants are not required to apply separately for the upgrade, nor do they need to update their existing “FPS” QR code system. They can now accept QR code payments scanned by Thai visitors using “PromptPay” and receive real-time payment notifications of incoming funds. The collection reports will record all relevant transaction details, and no currency exchange costs are incurred.