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September 11, 2012updated 04 Apr 2017 4:13pm

Hong Kong authority opens to NFC m-payments infrastructure

The Hong Kong Monetary Authority (HKMA) is considering the creation of an NFC mobile payments infrastructure, as part of a wider focus on retail payment initiatives The implementation of an e-bill system is also part of the plan, announced by HKMA deputy chief executive Peter Pang during a speech last week

By Sara Perria

The Hong Kong Monetary Authority (HKMA) is considering the creation of an NFC mobile payments infrastructure, as part of a wider focus on retail payment initiatives.

The implementation of an e-bill system is also part of the plan, announced by HKMA deputy chief executive Peter Pang during a speech last week.

The authority said it will offer a single consolidated platform for the straight-through processing of presentments and payments. The platform will enable business-to-customer and business-to business e-billing, as well as charity donations.

The “concerted effort” of the HKMA and the country’s banking industry has also resulted in the announcement of a study of alternative payment instruments, including an interoperable NFC mobile payment infrastructure.

“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,” Pang said.

 

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