AMCM to introduce HKD instant transfer

The next phase of the local Easy Transfer service shall see instant transfer of HKD, the Monetary Authority of Macao (AMCM) has announced on its website.

When the AMCM unveiled the Easy Transfer service – the local term for instant transfer or Fast Payment System (FPS) – in April last year, it said that the second phase of the service shall see transfers facilitated for HKD and credit card payment between different banks.

The second phase will also see transfers made between banks and e-payment operators.

Currently, local bank account holders can register for the service and transfer up to MOP10,000 per day to another local account using phone numbers, FPS codes or by simply keying in the recipient’s account particulars.

For a number of banks, the transfer will be conducted in an immediate manner. For other banks, it may be handled at the end of the workday. These transfers can only be conducted between registered banks. Financial institutions not holding banking licenses, such as e-payment operators, are not part of the loop.

The date for introduction of the second phase of service has not yet been announced. Nonetheless, the AMCM said that introduction is imminent.

Local media Macao Daily News has spoken to unnamed local banking practitioners, who expressed their support for the second phase of the FPS service. They said that although the HKD is not a legal tender in Macau, it is widely used in the city for transactions of a wide array of commodities. It is expected that the service will see high popularity and demand.

According to the news report, the AMCM and local banks have upgraded their systems to unleash the second phase. It is the AMCM’s call as to when the service will be officially launched. The bankers think it will benefit local service users.