TNG (Asia) Limited, one of the first batch of stored value facilities (SVF) licensees in Hong Kong and the operator of TNG Wallet, has introduced a new scheduled transaction feature using the HKMA's Faster Payment System (FPS).
On September 17, 2018, the HKMA launched the FPS to facilitate faster payment transactions between customers and financial service providers including banks and SVF vendors.
TNG Asia has used the launch to introduce a feature allowing TNG Wallet users to schedule a forward-dated payment instruction on TNG Wallet and they can conduct the payment repeatedly by phone.
According to the company, customers can make on-demand or scheduled payments to domestic helpers, or give their children pocket money quickly and easily, while small-to-medium enterprises can use it for regular salary payout. The function can provide a transaction record to the both payer and payee, which protects the interest of both parties.
TNG users can now instantly send/receive money to/from all banks and major e-wallets in Hong Kong for free, by simply entering the receiver’s registered mobile number or email address.
“With FPS, TNG is more convenient and easy-to-use now with a number of payout and pay-in options via bank accounts," TNG (Asia) founder and CEO Alex Kong said.
First published in Fintech Innovation