Cross-boundary Payment Connect system set to boost Hong Kong's financial role
The milestone Payment Connect program launched in China on Sunday offers a more convenient and cost-effective solution for cross-boundary transactions, said experts and residents, who highlighted its significance in boosting connections, promoting the internationalization of the renminbi and reinforcing Hong Kong's position as a financial hub.
One expert envisioned broader applications of the mechanism in the Macao Special Administrative Region, as well as in member economies of the Association of Southeast Asian Nations and the Middle East, which would further enhance economic and financial integration in these regions.
According to the Hong Kong Monetary Authority, the Payment Connect program recorded 25,900 transactions on its first day of operation on Sunday. Some 19,000 transactions, with an average value of 3,100 yuan ($430), had flowed south from the mainland to the Hong Kong Special Administrative Region as of 6 pm on Sunday.
Payment Connect was jointly launched by the People's Bank of China and the Hong Kong Monetary Authority to strengthen efficiency in cross-boundary payments. The first group of institutions participating in the program includes 12 banks, six of which are on the mainland and six in Hong Kong.
Efficient method
By using Payment Connect through mobile or online banking channels, residents can make cross-boundary remittances by simply entering the recipient's mobile number or account number. They can choose to use either the RMB or the Hong Kong dollar as the receiving currency.
For remittances from Hong Kong to the mainland via Payment Connect, senders need a Hong Kong identity card, and they face a daily limit of HK$10,000 ($1,275) and an annual cap of HK$200,000. For transfers from the mainland to Hong Kong, senders must have a mainland identity card, and the annual limit is $50,000.
Another highlight of the program is its support for cross-boundary payments between individuals and institutions in specific scenarios, such as paying tuition fees and medical expenses, or for the distribution of salaries and subsidies.
The Bank of Communications, which is one of the six Chinese mainland banks participating in the program, said that Payment Connect has addressed the problems of traditional cross-boundary payments such as complicated procedures, high costs and long settlement terms.
The renminbi's application in cross-boundary scenarios will also be enriched by the new program, while Hong Kong's positioning as a global offshore RMB business hub will be further consolidated, they said.
Wang Pengbo, a senior analyst at market consultancy Botong Analysys, said a major step forward in the Payment Connect program is not having to set up a separate account or rely on a third-party institution.
Payment and clearance systems in both places can be used directly, which will lower the usage threshold and transaction cost to a great extent, Wang said.
他补充说，由于该计划支持人民币和港元的流动，两种货币的认可和使用将在零售场景中得到推动，这也将为人民币与其他货币的互联互通和互认铺平道路。
中信证券首席银行分析师肖菲菲表示，此类支付机制落地后，很可能会扩展到澳门，甚至东盟和中东地区。她表示，这种机制的推广将有助于构建跨区域实时支付网络，促进人民币跨境使用，并促进区域经济金融一体化。
汇丰银行是香港首批参与“支付通”项目的银行之一。汇丰香港区行政总裁林咏珊表示，随着香港与中国内地之间的人员流动日益频繁，对无缝跨境解决方案的需求也空前高涨。“香港车辆北上通行证”计划和广东省深圳市居民多次往返通行证等举措都体现了这一点。
更深层次的联系
过去几年，中国内地与香港的金融合作不断深化，包括推出“沪港通”、“债券通”、“掉期通”和“跨境理财通”。
与以往的互联互通举措类似，中国银行（香港）是使用“支付连接”项目的个人和机构的热门选择。该行周日通过该项目完成了多项交易，包括个人汇款、工资发放和费用收取。
中国银行（香港）个人数字银行产品部总经理周国昌在香港电台节目中表示，鉴于香港居民在内地的消费需求旺盛，以及内地民众对香港教育、医疗等服务的需求，有信心南向和北向的跨境支付都会增加。
深圳居民方女士通过该程序，快速给在香港读书的女儿转了1万元人民币。此前，她需要先把人民币兑换成港币才能办理汇款，整个过程至少需要半天时间。
一位首批使用“支付通”的香港居民表示，使用“支付通”后，香港人前往深圳省去了不少麻烦。以前，他需要反复提醒自己，在来深圳之前先把钱转到内地账户。现在，他可以随时转账，而且更加便捷。
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