Hong Kong vs Canada · Real-time payment systems compared
| Capability | FPS | Interac e-Transfer |
|---|---|---|
| QR Code Payments | ◐ | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | ◐ | — |
| ISO 20022 | ✓ | — |
| Request to Pay | — | ✓ |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | ✓ |
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.
Canada's dominant person-to-person and business payment system, used by virtually every Canadian with a bank account. Interac e-Transfer enables instant transfers via email address or phone number across all major Canadian banks and credit unions. Originally a next-day service, it was upgraded to real-time settlement in 2022. Interac processes over 1B transactions per year with CAD 900B+ in value, making it one of the world's highest per-capita instant payment systems. Operated by Interac Corp (jointly owned by Canadian financial institutions), it also supports Interac Debit for point-of-sale and Request Money for invoicing.