Hong Kong Monetary Authority identifies three use cases where CBDCs can add unique value to payments

Tokenization of real estate assets figure showing one of Hong Kong Monetary Authority's use cases for CBDC

The Hong Kong Monetary Authority (HKMA) has completed the first phase of Project e-HKD to develop a digital Hong Kong dollar and in the process has identified three use cases where the adoption of a central bank digital currency (CBDC) could facilitate faster, more cost-effective and inclusive payments and enable new types of economic transactions... More




What's New in Payments

BIS reports on CBDCs in emerging markets

BIS graph showing motivations for CBDC projects in emerging market economies

Providing a cash-like digital means of payment, increasing private digital payment services, supporting financial inclusion and achieving greater payment system efficiency are among the key motivations driving initiatives to develop central bank digital currencies (CBDCs) in emerging market economies around the world, according to a Bank for International Settlements (BIS) report... More





What's New in Payments

Hong Kong links QR codes to faster payments to boost mobile wallet adoption

The launch of Faster Payment System (FPS) — Hong Kong Monetary Authority — “The FPS is a unique platform as it supports instant payments in the HKD and the RMB with the use of mobile phone numbers, email addresses or QR codes… A free mobile application tool, namely ‘Hong Kong Common QR Code’ (HKQR), is released today, which can be used for converting multiple QR codes from different payment service providers into a single, combined QR code. This would facilitate merchants, especially small and medium enterprises, in using a single QR code to accept different payment schemes, instead of displaying multiple QR codes to their customers.”


NFC World

Hong Kong banks agree NFC payment standards

Hong Kong Association of Banks

The Hong Kong Association of Banks (HKAB) has issued Best Practice for NFC Mobile Payment in Hong Kong, a set of common standards and best practices that aims to help establish an interoperable, as well as safe and effective, NFC mobile payment infrastructure... More



NFC World

Hong Kong moves towards NFC payments

Hong Kong Monetary Authority (HKMA)

The Hong Kong Monetary Authority (HKMA), the government body responsible for the maintenance and development of Hong Kong’s financial infrastructure, has announced plans to implement a series of retail payment initiatives, including a first step towards the introduction of an NFC payments platform... More