actually i really don't see how much changes it would to the system.
- between corporate/banks, ya maybe some benefit of instant payment, 24/7 availability.. but that introduces uncertainty of daycounting and interest computation, but fine we say its better
- between internet banking consumers, where payment is currently 1~2 days slower if done via online banking... is it going to change anything ?
- between face to face consumers, where currently the payme app from HSBC is actually quite useful in terms of payment... in payme the payme wallet allows almost instantaneous payment, whereas if you link it to FPS it will take you another 10~20s of confirmation and the apps have to be linked to your banking account fully. my guess, payme would probably be preferred by most users as it has less chance of bank account being compromised..
someone suggest me something that can be done via FPS that will make it game-changing?
Nice, I wonder if it has an API as well to integrate it with other Apps, but I don't see anything on their website.
Are transfers free for business accounts as well?
- thats a minefield out there... thanks. Will have to look at it.
For example, it may allow users of online discussion forums and social media platforms to obtain information about products and services of banks for comparison and analysis.
Tried it today from my SCB account to helper's TNG account.
Tiny bit cumbersome. First time round I had to type in helper's number in international format (HK format rejected) and then it worked. Couldn't not pay cents though. Second time, app asked to access my contacts and then was able to search contacts.
In terms of payment, super quick (well pretty much instant).
Glad this has finally come on board. So far happy with the one time I've used it.