WeChat Pay HK has become the first e-wallet to offer cross-boundary instant payments via Payment Connect, the linkage between Mainland China’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS).

The service enables users to transfer funds from Hong Kong to Mainland bank accounts instantly using their mobile devices.

HSBC has supported this launch, building on its long-standing collaboration with WeChat Pay HK to settle funds in Hong Kong dollars through FPS.

With Payment Connect, users can now make transfers at any time, with real-time settlement in both Hong Kong dollars and renminbi.

The service operates without service fees and utilises established banking infrastructure to provide secure and reliable transactions.

The service helps business professionals, families, and travellers manage cross-boundary funds more easily.

The new feature is available through the “Transfer to Chinese Mainland” option in the WeChat Pay HK wallet.

Featured image credit: WeChat Pay HK