🇭🇰 FPS vs 🇦🇷 SNP

Hong Kong vs Argentina · Real-time payment systems compared

🇭🇰 FPS

Hong Kong

2025 Transactions868.0 million

2025 Value (USD)$1.1tn

Volume YoY+21.4%

Launched2018

OperatorHKMA

SettlementInstant

🇦🇷 SNP

Argentina

2025 Transactions8.0 billion

2025 Value (USD)$590.4bn

Volume YoY+2.6%

Launched2016

OperatorBCRA

SettlementInstant

Key differences

SNP processes 9× more transactions than FPS (8.0 billion vs 868.0 million in 2025).
FPS is growing faster year-on-year (21.4% vs 2.6%, a 18.9 point gap).
SNP (2016) predates FPS (2018) by 2 years.
Both systems support proxy/alias lookup.
FPS uniquely supports ISO 20022.
SNP uniquely supports request-to-pay.

Infrastructure comparison

Capability	FPS	SNP
QR Code Payments	◐	◐
Wallet Support	—	◐
24/7 Availability	✓	✓
Cross-Border	◐	—
ISO 20022	✓	—
Request to Pay	—	✓
Open API	◐	◐
Alias/Proxy	✓	✓

About each system

FPS

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.

SNP

Argentina's Sistema Nacional de Pagos enables instant interbank transfers supporting both push (credit) and pull (debit) payments via CBU (bank account), CVU (virtual wallet), or alias (human-readable name). Operated by the BCRA, it connects traditional banks and the rapidly growing fintech/e-wallet ecosystem (Mercado Pago, Ualá, etc.). Transferencias 3.0 extended the system with interoperable QR codes for merchant payments, making it one of Latin America's most feature-rich instant payment platforms.