Faster Payment System (FPS)—claimed to be the world’s pioneering government-initiated platform that allows real-time payments across different banks, e-wallets or other stored value facilities (SVF) anytime, anywhere—was recently launched in Hong Kong. What are the potential benefits and challenges brought forth by such a platform to consumers, merchants, banks, and SVF operators? Is the advent of FPS catalyzing opportunities for disruptive innovations such that HongKongers, still largely relying on cash and Octopus cards, will become more receptive to mobile payments? Explore with us.