Faster payment allows HKID link to bank account

The Faster Payment System allows citizens to link their Hong Kong ID number to their bank account for receiving payments from institutions, Hong Kong Monetary Authority announced.

From December 6, residents can link their HKID number to a bank account for receiving funds by registering online or mobile banking.

In October, the average daily turnover reached 452,000 real-time transactions, worth HK$4.4 billion and 44 million yuan, increased by nearly twofold, compared with December 2019 and eightfold of that in October 2018, the first full month after the launch.