EasyTransfer with 136,000 accounts registered, credit card transfer function under study

About 136,000 residents have already registered in the new ‘EasyTransfer’ inter-bank bank transfer system, with the Monetary Authority of Macau (AMCM) currently studying allowing interbank payments of credit card accounts within the platform.

The platform started its trial phase in December 2021 allows for 24/7 transfers in pataca (MOP) up to a daily maximum limit of MOP15,000 (US$1,867) per day with no transfer fees within 31 local banks while allowing real-time bank transfers in as fast as 30 seconds and for accounts in 11 banks.

According to the system has operated normally since the launch of the respective services, with more than 136,000 registrations and 266,000 transactions reported in the first 15 days in operation.

More than 5,000 of the reported transactions were interbank transactions relating to maturities or salaries, while more than 60 per cent of transactions were carried out outside working hours.

Under the system, individuals and businesses can register their account in the bank solely by presenting a mobile phone number binding to the local bank’s MOP account or applying for a fast payment system (FPS) ID code from the bank.

People registered in the EasyTransfer system can opt for a non-real-time transfer if they do not need an immediate transfer, while the ‘en-mass transfer system was designed to allow for companies to have a more efficient way to proceed with transfers to accounts held by employees in different bank accounts.

Real-time and non-real-time transfers under the system have a MOP5,000 limit per transaction and a MOP10,000 maximum per day, with ‘en-masse’ company transfers limited to MOP50,000 per day and per receiving account.

‘In order to continuously optimize the services to be provided to residents in general, AMCM is planning to launch a new function, which allows for interbank payments of credit card accounts,’ the AMCM added.

‘For this purpose and taking into account the information provided by the banks regarding the operation, on an experimental basis, of this new functionality and the needs verified in the future operation of these activities, AMCM has been coordinating with the banks involved the performance of the corresponding tests.

As part of the preparations for the integration of Macau into the Greater Bay, AMCM stated it will also carry out studies on allowing the support of other currencies i the system and the introduction of other functionalities.

Although the system currently only allows transfers between pataca (MOP) accounts the Director of the AMCM Financial and Technology Infrastructure Department, Johnny Lau, indicated before that the monetary authority is studying when to introduce a clearance system for RMB/MOP and HKD/MOP transfers, and if to expand the service to third-party payment provider platforms such as MPay.