Frequently Asked Questions: upcoming changes to the Hong Kong SAR Faster Payment System

1. What are Faster Payment System (FPS) merchant payments?

FPS merchant payments refer to payments made by scanning a QR code embedded with a merchant’s FPS Alias and a unique bill ID that helps identify the payment. FPS merchant payments are often used for collecting payments made when online shopping or paying a bill payment using a QR code.

2. What if I don’t plan on using my FPS Alias ID to collect QR payments?

If you won’t be using your FPS Alias to collect QR payments, you don’t need to take any action. Your FPS Alias will be automatically updated in HSBCnet so that you can continue to use your FPS Alias to receive normal FPS payments, such as direct payments to your FPS Alias without using QR codes.

3. What is the ‘Make a Request to Pay’ option?

The ‘Make a Request to Pay’ option enables your FPS Alias to receive FPS merchant payments made with a QR code. When enabled, you’ll no longer be able to receive direct payments to your FPS Alias without using QR codes.

4. What if I would like to keep my ‘Make a Request to Pay’ enabled?

To keep this option enabled in HSBCnet, you’ll need to sign up for the HSBC Business Collect service by 16 October. Once set up, your FPS Alias will only be able to receive FPS merchant payments made with a QR code. Any normal FPS payment, such as a direct payment to your FPS Alias without using a QR code, will not be processed.

5. What if I don’t take any action by 16 October?

Your FPS Alias settings will be automatically changed to no longer accept payments made using the generated QR code. If you plan to collect payments using the FPS Alias generated QR codes, please contact your local Client Services representative by 16 October.

6. Who should I contact to set up the HSBC Business Collect service?

Please contact your local Client Services representative by 16 October to sign up for the HSBC Business Collect service.