The cross-boundary Payment Connect service, with the joint support of the People's Bank of China and the Hong Kong Monetary Authority, was recently launched, and Zhongshan has simultaneously implemented the service.
Payment Connect refers to the linkage of the Mainland's Internet Banking Payment System and Hong Kong's Faster Payment System. It enables participating institutions to provide efficient, convenient and secure cross-boundary payment services for residents in both regions.
In Zhongshan, five banks - including Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank - participated in the initial pilot program. As of June 25, a total of 1,088 cross-boundary payment transactions had been processed through Payment Connect in Zhongshan, with a cumulative transaction value of 1.6689 million yuan.
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