HKD Easy Transfer to launch Sept. 25

The Local Fast Payment System (FPS) Easy Transfer will be upgraded on Sep. 25, with instant HKD transfers between banks in Macau being a key addition, the financial watchdog announced yesterday.

In a statement released on the update, the Monetary Authority of Macao (AMCM) noted that the new phase of the Easy Transfer function will be rolled out at 9:30 a.m. on the coming Monday.

This upgrade will facilitate HKD transfers between banks in Macau, interbank bill settlements and e-wallet top-ups. The per-transaction and daily transfer limits will also be increased, going from MOP5,000 to unlimited and MOP10,000 to MOP20,000 respectively. The daily limit for batch transfers will also be raised from MOP50,000 to MOP200,000.

The operational procedures and limits for HKD transfers will be consistent with those for MOP transfers.

In addition, upon completing an electronic direct debit authorization (eDDA) with their banks, clients will be permitted to conduct cross-bank direct debits, “which will provide wider options for bill settlement,” the AMCM said.

This upgrade will also allow users to top up their e-wallets held by third-party payment platforms, addressing needs of individuals and business users, according to the AMCM.

First-time users of the service will need to register their phone numbers with the platform before they can initiate transfers by phone number.