One thing for sure is that when you choose to live abroad, you will find yourself daring and adventurous. Expat life, in that, is thrilling and enjoyable. On one hand, this simplicity brings the unpredictable. First of all, the person who has just moved to a new country has to settle down and get accustomed to the new life. It is equivalent to getting a basic understanding of how this new place is governed.
If you move to Hong Kong and start living here, you would definitely have to deal with certain adjustments. A great part of the adjustment process is undoubtedly financial.
Bills payment is a common routine for people residing in Hong Kong and other parts of the universe. So, it is suggested that you focus on the EPS Hong Kong card and the payment method as a whole to learn as much as you can.
Therefore, please read on to get an overview of all the relevant information which will be important when starting your new life in Hong Kong.
Content Outline
What is an EPS Payment system?
The EPS payment system, an alternative name for an e-payment system, is a way of paying for goods or services electronically.
This implies that there is no need to use cash or checks. This system is often known as electronic payment in different parts of the globe but you can also call it an online payment system.
Likewise, the incredible progress we have had in the past 10 years gave rise to internet banking and also online shopping. Nowadays, it has been observed that online payment systems are secure and reliable as well as slowly replacing the traditional methods.
There are two main kinds of e-payment systems: credit systems and cash systems.
The credit systems include :
- Credit Card
- E-Wallet
- Smart Card
For cash payment systems, the methods are:
- Direct debit
- E-Check
- E-Cash
- Store-value Card
What is an EPS how is it used in banking?
Electronic transactions enable the customers’ lives to be comfortably simplified in various ways. Nevertheless, the main reason is the possibility to pay for goods and services by means of Internet (online).
Electronic payment enables people to purchase clothes, food, gadgets, and even pay bills from anywhere.
How these systems work is not very complicated. The entire e-payment system is managed through electronic funds transfer (EFT). This is the procedure of moving funds to one account from another without the need to physically exchange the funds.
The following online payments use the EFT methods:
Debit or credit cards
Companies or operations that have shifted toward digital acceptance have to have the appropriate software installed to accept these payments. To pay for the goods, the customer enters the details of the payment card into a virtual terminal or completes via an online invoice.
eChecks
However, electronic checks, or checks are also an alternative option that permits a buyer to pay online by providing the bank account and the routing numbers.
In addition, there should not be any concerns about this payment service, since different anti-theft systems with the latest security systems are installed and operated around the clock for guaranteed maximum security and safety.
What Is The EPS Card And What Are Its Applications?
‘Debit’ card in the traditional sense of the word as understood in the western setting is not found in Hong Kong. Rather than when opening a bank account and receiving it with a different type of card it is the EPS card or the UnionPay card, not Visa or Mastercard.
EPS in short for Electronic Payment System is the prevalent payment system of the region, which makes shopping within Hong Kong borders a breeze. Utilizing an EPS card is straightforward: users just swipe the card and press the corresponding PIN code button.
Also, it has to be taken into account that UnionPay is similar to a Chinese version of Visa or Mastercard. On the other hand, the UnionPay card is actually similar to a debit card in terms of its use rather than the usual credit card. Customers need to find one of the ATMs which supports UnionPay cards to get their money withdrawn. They can not use it for credit purposes.
Difference Between EPS and PPS
EPS which, as you were told, is a bit like a debit card but not exactly what it is. With an EPS, you have to locate an ATM and take out cash.
With EasyCash service, as a preference for cardholders, they can withdraw cash at more than 1,200 locations in Hong Kong upon every EPS purchase. In consideration is the fact that the amount of cash required should be in multiples of $100 ranging from $100 up to $500.
Unlike PPS, for example, on the contrary, is just a facility that grants cardholders the ability to pay for bills via the phone or the internet.
The service is to be used by swiping the ATM card carrying the ATM or PPS function through the PPS terminal to set up an account. After that task is completed, it can be used to pay bills via hotline PPS, website PPS, or mobile phone PPS app.
Payments are even made to many firms and institutions using the bank accounts that are pre-registered.PPS was officially launched and so far, it has logged millions of transactions monthly, due to the convenience and ease at which payments can be processed.
How To Initiate a PPS Payment?
Start with creating the PPS account in the PPS- Registration Terminal. Firstly, you will need to present your debit card or credit card with ATM features.
The next step will be making the tax declaration and passing a call or sending a request via the Internet or PPS Mobile. In the Shroff Account Number given, there is a different number provided for each bill. This is why you have to work through this.
At last, you will make a payment by any of the means of money transfer (via phone, online, or through your app). However, note that the daily limit for PPS settlement of each of IRD bill is 3.
Thus, come to register the account at PPS terminals to get started. Having done so, I can move on to bring a new merchant (a business that makes an invoice) into the picture. Lastly, pay using one of the following methods: either online, via phone, or by mobile app.
Conclusion
Perhaps, this article would be very useful to you at the start of your living experience in the beautiful place of Hong Kong. Whether you want to start a business in Hong Kong or want to know more about EPS cards in Hong Kong, contact FastLane Group and talk to our experts.
Fastlane offers corporate services like a company secretary, accounting, and audit. With the depth of knowledge of our team, you can learn to adapt to financial life in Hong Kong effortlessly.
Contact us now to know more!!