Gov’t to test cross-bank mobile transfer platform next month

Following the introduction of Simple Pay, the government is taking the lead in small-amount interbank mobile transfers with a new function to be tested next month.
Officially known as a fast payment system (FPS) and branded as Easy Transfer, the function is a new online platform on which users can conduct interbank transfers of a small amount of funds, such as when splitting the bill after a meal.
As introduced by the Monetary Authority of Macao (AMCM), the FPS builds a network that connects all local banks so that small-amount transfers can be conducted between different banks on at any time.
Currently, the interbank transfer function is available at each bank’s discretion.
Individuals must register to use the function when it becomes available. Registration for and use of the FPS can be conducted on each bank’s mobile app or online banking platform.
The AMCM stressed that if a bank offers instant transfer, the funds can reach the destination account in about 30 seconds. The function will also help facilitate cross-bank salary payment, the AMCM pointed out.
The new function will not be restricted to individual users. Business users can also sign up to transfer and receive funds. AL