FPS to be expanded to Thailand starting Dec 4, says Eddie Yue

Hongkongers will be able to use the Faster Payment System (FPS) when traveling in Thailand starting December 4, the Hong Kong Monetary Authority’s chief executive Eddie Yue Wai-man said. 

Yue made the announcement that FPS will be interconnected to a Thai payment platform, PromptPay, on Thursday during the 2023 Hong Kong Fintech Week event. 

The number of merchants participating in the cross-border expansion of FPS reaches some eight million, Yue also said. 

He added that details in exchanging the currencies and clearing are still in discussion and the priority is to achieve swift currency exchanges. The rates will be competitive but not too pricey, he also said. 

When making payments via FPS in Thailand, Hongkongers will only need to scan a QR code. 

Vice versa, Thais traveling to the SAR can also make payments through PromptPay in shops that accept the FPS platform. 

Yue noted that FPS has over 12 million active users and the PromptPay is also very common in Thailand. 

He believes both systems can support the surging size of data flow and step up their capacities during coming holidays in Christmas and Chinese New Year.