HSBC announced today (4th) that it will act as the sole clearing bank in Hong Kong for the "FPS x PromptPay QR code payment" after the launch of the service on December 30, providing foreign exchange exchange, settlement and reconciliation services to enable cross-border retail payments between Hong Kong and Thailand.

HSBC also said that it will also be a participating bank for users and merchants to support Hong Kong tourists to pay for purchases in Thailand, as well as to help Hong Kong merchants collect payments from Thai tourists.

The Faster Payment System (FPS) and Thailand's PromptPay Payment Connect will be launched next Monday, and the HKMA will hold a briefing session. (Photo by Liang Pengwei)

HSBC..'s FPS transaction volume increased by more than 40% year-on-year

Vivian Lam, Chief Executive Officer, HSBC Hong Kong, said: HSBC is delighted to be appointed as the Hong Kong clearing bank for the FPS interconnection with PromptPay in Thailand, as well as the participating banks for users and merchants. "We hope to leverage HSBC's well-developed payment infrastructure to fully support the FPS for the first time to connect to overseas faster payment systems, providing travellers with a real-time and easy cross-border retail payment experience."

Ms Lam added that since the launch of the FPS five years ago, HSBC has been actively involved in the development of this iconic financial infrastructure to promote universal access. In the first half of this year alone, the number of FPS transactions handled by HSBC increased by more than 40% year-on-year."

Thailand:Visitors walk through a temple in Ayutthaya on August 21, 2022 in Bangkok, Thailand. (Getty)

Available to over 800 million merchants in Thailand

Starting from 12 December, HSBC personal customers can use the HSBC HK Mobile Banking app to scan the PromptPay QR code to make payments at over 4 million merchants in Thailand, and the funds will be deducted directly from the customer's HKD account.

HSBC added that customers who complete designated FPS x PromptPay QR code payment transactions at merchants in Thailand will be able to participate in a lucky draw to win travel vouchers, with more details to be announced soon.

In addition, HSBC Smart Harvest merchants can display the existing FPS QR code to Thai travellers and receive their payments via PromptPay in real-time without additional registration, system upgrades or additional fees.