Around 2,000 northbound and 7,400 southbound transactions were conducted by noon Sunday since the cross-boundary Payment Connect launched, says the Hong Kong Monetary Authority.
Payment Connect allows the connection of Hong Kong's Faster Payment System and the mainland's Internet Banking Payment System.
While the first phase focuses on peer-to-peer transfers, there are no technical barriers for business-related payments, which can be arranged with banks if needed, the HKMA said.
Raymond Yuen Shiu-yung, head of HKMA's external department, said that the system is mainly intended for consumption-based current account transactions and cannot be used for cross-border remittances to trade stocks.
The HKMA and the People's Bank of China announced the fast payment link at a launch ceremony in Beijing last Friday.
According to the two regulators, the service enables instant, small-value remittances for individuals and institutions, covering tuition, medical bills, utility payments, and salaries. Hong Kong residents can transfer up to HK$10,000 daily and HK$200,000 annually per institution, with transactions available in Hong Kong dollars or yuan and processed 24/7.
Mainland users can remit up to US$50,000 (HK$390,000) annually, with services operating from 7am to 11pm daily.
The early phase of Payment Connect sees six institutions from each side participating.
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