Remittance firm Wise, formerly known as TransferWise, has rolled out the feature enabling Hong Kongers to receive funds from abroad with just their mobile number via the Faster Payments System (FPS).

With this latest feature, recipients can share their name and either a mobile number, email address or unique FPS ID to the sender without having to provide complicated bank details and codes.

The sender is required to have a Wise account to proceed with the transaction.

All Hong Kong residents registered for FPS stand to benefit from this feature, such as those who need to receive money from friends and family abroad.

Additionally, Wise also announced that this service enhancement also comes as the company drops its fees by up to 18%.