Slated to launch in the second half of next year, the e-bill system will offer a single consolidated platform for the straight-through processing of presentments and payments. It will support both business-to-customer and business-to-business e-billing and related payments as well as charity donations.

To ensure support of cross-border transactions, the e-bill system will cover electronic payments using renminbi and US dollars in addition to Hong Kong dollars.

The plan comes after what the HKMA calls a "concerted effort" it has made, alongside the island's banking industry, to identify retail payment infrastructure and instrument initiatives.

This has also led to the promise of a study of possible electronic payment instruments, which include developing an e-cheque system and formulating an interoperable NFC mobile payment infrastructure.

Meanwhile, a legislative framework for stored value facilities and retail payment systems with a view to boosting consumer protection and safety is also in development.

Peter Pang, deputy chief executive, HKMA, says: "With the support of the banking sector, we are confident that the retail payment infrastructure in Hong Kong will continue to make good progress and enter into a new era of diversified retail payments, thereby reinforcing the position of Hong Kong as an international finance centre."