AMCM working to introduce cross-bank credit card settlement services

The Easy Transfer function may be upgraded to facilitate settlement of credit card repayments from one bank to another, the Monetary Authority of Macao (AMCM) announced in a statement.

Officially known as Easy Transfer, the interbank prompt funds transfer function was opened for public use on December 6. The function is led by the AMCM but not supported by all banks in the city.

Banks have the discretion to participate in real-time transfers. Thirty-one banks in Macau have registered to provide services using the function, of which only 11 provide real-time funds transfers.

By participating in real-time transfer, banks will allow their customers to transfer funds in as little as 30 seconds. Customers from banks other than the 11 participating, on the other hand, will have their funds transferred more slowly on the same day.

For the time being, funds can only be transferred between savings or current accounts. The AMCM confirmed that it is working with banks to explore the possibility of interbank credit card bill settlement using the Easy Transfer function.

The authority is also investigating whether the function could handle various currencies, “so as to prepare for the integration into the Greater Bay Area,” the AMCM said.

For the past month and a half, the new function has seen 136,000 accounts registered and 266,000 transactions. Five thousand of the transactions were cross-bank payroll.

The AMCM also noted that more than 60% of all the transactions were conducted outside bank hours, which the authority interprets as “reaching the goal of efficient services.”