On June 22, the "Payment Connect", jointly promoted by the People's Bank of China and the Hong Kong Monetary Authority, was officially launched, marking that residents from Chinese mainland and Hong Kong can now handle cross-border remittance businesses such as tuition payments for studying, medical fees, and salary disbursements in real-time. The People's Bank of China's Anhui branch promptly organized its participating institutions to intensify policy promotion and business expansion, providing the utmost convenience in cross-border financial services to residents in need. Industrial and Commercial Bank of China Anhui Branch, Bank of China Anhui Branch, Bank of Communications Anhui Branch, China Construction Bank Anhui Branch, and China Merchants Bank Hefei Branch all responded actively, with 586 transactions being completed within two days of the launch, totaling 2.05 million yuan.

The Personal Finance Department of the Bank of China Anhui Branch reported that since the launch of the "Payment Connect", they have received a continuous stream of customer inquiries. In accordance with the requirements of the People's Bank of China's Anhui branch, the bank has arranged dedicated personnel to provide "one-on-one" policy explanations and business guidance to customers. To date, the bank has successfully processed over 300 transactions, with customers providing highly positive feedback on their experience. 

Mr. Zhou, a resident of Hefei city, has a child studying in Hong Kong. Previously, he had to exchange RMB for HKD and wait at least half a day for the money to be transferred. After the launch of the "Payment Connect", China Merchants Bank's Hefei branch promptly contacted Mr. Zhou and guided him to transfer RMB directly through the mobile banking app by entering his child's account number and name. In just two days, Mr. Zhou successfully transferred a total of 60,000 yuan, with each transaction being completed instantly.  

"It's incredibly convenient! Before, exchanging money and making the transfer would take up half a day. Now, with just a few taps on my phone, the money arrives immediately and there are no fees at all. It's both convenient and cost-effective; it really solves a big problem for us!" Mr. Zhou praised the "Payment Connect" enthusiastically. He also made a phone call to a friend on the spot, exclaiming, "I've tested it myself—it really arrives in seconds!"  

The "Payment Connect" directly connects the Chinese mainland and Hong Kong's fast payment system, making cross-border remittance as convenient and efficient as domestic transfers. Users only need to log in to their mobile or internet banking, enter the recipient's phone number or bank account, and can easily carry out cross-border remittance operations without having to submit any transaction background information, with funds arriving in real-time. Moreover, after the launch of the "Payment Connect", the cost of cross-border remittance has been significantly reduced. It is understood that many banks currently offer this service free of handling fees.   

The implementation of the "Payment Connect" in Anhui not only brings real convenience to local residents but also effectively promotes the enhancement of the province's cross-border financial services level. Going forward, the People's Bank of China's Anhui branch will continue to focus on the cross-border financial service needs of its residents, continuously advancing the quality and efficiency of cross-border RMB facilitation, providing the province's residents with safer, more efficient, and convenient cross-border financial services.  

Source: anhuinews.com