More users are expected to adopt the cross-boundary Payment Connect this week, as the service gains traction after its launch on Sunday, a banking product manager said.
The Payment Connect allows the connection of Hong Kong's Faster Payment System and the mainland's Internet Banking Payment System.
The program operated smoothly on its first day and saw strong transaction volumes in both southbound and northbound directions, said Arnold Chow Kwok-cheong, general manager of the personal digital banking product department at Bank of China (Hong Kong).
Chow expects cross-border usage to rise in both directions, as Hong Kong residents increasingly spend on the mainland for daily living, work, retirement and travel, with real-time transfers offering more convenience for renminbi conversion.
On the other hand, mainland residents who have moved to Hong Kong for work or settlement are also generating demand, particularly in education and health care spending, he added.
Chow said the linkage supports yuan internationalization and reinforces Hong Kong's status as a global financial hub by providing customers with a fast and convenient way to transfer funds between the mainland and the city, viewing it as a valuable complement to Greater Bay Area connectivity.
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