US$2.8 million for development of Hong Kong e-billing system

Hong Kong is one of the most densely populated areas in the world, with a land mass of 1,104 km2 and a population of seven million people. Fortunately, Hong Kongers aren’t afraid of doing things the electronic way. At the end of 2011, for example, there were 7.6 million individual e-banking accounts and 660.000 business e-banking accounts. These numbers must have won over the Hong Kong Monetary Authority (HKMA), because they will launch an electronic bill presentment and payment system in the second half of 2013.

A single platform for all

The HKMA, which has utilised HK$17 million (US$2.19 million) to develop this e-bill payment system, will enable local residents to transact on a single platform to receive, manage and pay e-bills as well as giving them full control in the bill payment process. Local banks can also save tremendous cost in processing e-bills. This e-bill system will also permit local residents using Hong Kong dollar or US dollar to make local payment in the city or cross-border payment to the mainland. This system will also cover business-to-business billing and payments.

Related Posts

Comments are closed.