The Hong Kong Monetary Authority (HKMA) has laid out plans for an electronic bill system and promised to explore the creation of an interoperable NFC mobile payment infrastructure.
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."