DBS Bank (Hong Kong), a subsidiary of Singapore-based DBS Bank, plans to migrate all customers to use the PayFast system, which is a newly launched mobile banking platform.
PayFast, supported by Faster Payment System (FPS), will allow consumers to undertake transactions instantly 24 hours a day, Sebastian Paredes, chief executive officer of DBS Bank (Hong Kong), said in a media briefing late last week.
Funds will be able to move freely without the use of bank-account numbers as users can use phone numbers and e-mail addresses to transfer funds without transaction costs.
Since last Sunday, FPS users have been able to pay and receive Hong Kong dollars and Chinese yuan across local banks more easily than ever, he added. By the end of this month, users will also be able to pay merchants instantly by QR code.
Last Friday, Hong Kong Interbank Clearing Ltd, a private company jointly owned by the Hong Kong Monetary Authority and the Hong Kong Association of Banks, launched FPS, prompting HSBC, Bank of China (Hong Kong), DBS (Hong Kong) and the Octopus card company to kick off campaigns to promote their mobile-payment services on the same day.
Among all the players, DBS (Hong Kong) was the most aggressive as it offers HK$100 (US$13) cash rewards to new users who set DBS as their receiving bank. If users can complete a certain amount of transactions within a designated period, they can each get another HK$300 cash reward.
The special offer is aimed at “returning the trust back to the customers who have put their trust in DBS,” Paredes said.
He said DBS (Hong Kong) hoped to migrate all of its 1 million Hong Kong customers to FPS. He added that the bank currently had about 5,000 corporate clients that accept credit cards, many of which are interested in using the bank to handle FPS transactions. Transaction funds will go directly from customers to merchants, with no middleman charges or deductions.