Hong Kong Extends “PayEasy” Electronic Payment System to Secondary Residential Property Transactions
This article contains AI assisted creative content
The Hong Kong Monetary Authority (HKMA), together with the Hong Kong Association of Banks, the Law Society of Hong Kong, and the Estate Agents Authority, announced the launch of an expanded electronic payment arrangement for secondary residential property transactions, officially named “PayEasy”. The system will take effect on February 28, 2026.
Building on the successful implementation of electronic payments for residential mortgage refinancing transactions since November 2022, “PayEasy” enables direct bank-to-bank transfers for mortgage funds in property sales. The initiative aims to provide a safer, faster, and more efficient payment option compared with traditional methods, which typically require two working days for cheque clearance before completion.
Key features of “PayEasy” include:
-
Immediate settlement of mortgage payments on the transaction date, allowing sellers to receive funds more quickly;
-
Reduced operational and credit risk for participating banks;
-
Streamlined coordination among buyers, sellers, banks, lawyers, and estate agents, facilitating smoother transaction workflows.
The expansion to secondary property sales involved extensive consultation over more than two years with stakeholders, including legal and real estate professionals, consumer representatives, and technology providers, ensuring the system is practical and widely adoptable.
HKMA Deputy Chief Executive Anthony Yuen highlighted that the initiative represents a milestone in Hong Kong's adoption of electronic payments and the optimization of property transaction processes. The authority will continue to work closely with industry partners in the coming weeks to ensure a smooth launch, with banks undertaking promotional efforts to familiarize the public with the service.
“PayEasy” offers Hong Kong residents a modern, secure alternative for completing property transactions, reflecting the city's commitment to innovation and efficiency in its financial infrastructure.
First, please LoginComment After ~