Sri Lanka vs Hong Kong · Real-time payment systems compared
| Capability | CEFTS | FPS |
|---|---|---|
| QR Code Payments | ✓ | ◐ |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | ◐ |
| ISO 20022 | ✓ | ✓ |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | ✓ |
The Common Electronic Fund Transfer Switch is Sri Lanka's fast-payments backbone, launched in 2015 by LankaPay under Central Bank of Sri Lanka guidance as part of the Common Card and Payment Switch (CCAPS). CEFTS clears 24/7 real-time interbank credit transfers up to LKR 5 million, initiated through internet/mobile banking, ATMs, kiosks or over-the-counter. LANKAQR (QR-code standard), JustPay (in-app payments) and LPOPP (online payment platform, including GovPay) all ride on CEFTS. CEFTS now carries roughly two-thirds of Sri Lanka's interbank retail transactions.
Hong Kong's Faster Payment System enables 24/7 real-time transfers in both HKD and RMB between banks and stored-value facilities. Uniquely dual-currency by design, it supports proxy-based addressing via mobile number, email, or FPS ID. Operated by HKMA with settlement through the CHATS RTGS system, it has become the backbone of Hong Kong's digital payment ecosystem with 12M+ registrations.