There is consumption, there is payment.

With the development of emerging technologies and the growth of the digital economy, payment, as the most common financial behavior in daily consumer life, tends to integrate online and offline, entering the era of "zero contact".

By utilizing the power of digital technology, fast and convenient payments can be achieved, which not only benefits the people but also effectively promotes the growth of retail consumption.

In order to better support the local retail industry in Macau and optimize payment efficiency, Yinyan Technology's Macau Guoshuiyi FPS (Phase II) was officially launched in September 2023, adding more business functions on top of Phase I.

Our company has also been awarded the "2021 Shenzhen Financial Innovation Award" by the Shenzhen Local Financial Supervision and Administration Bureau for this project (Phase I).

Since the launch of the Guoshuyi FPS system (Phase I), it has been running smoothly and providing a cost-effective, secure, and fast omnichannel payment platform for Macau residents, which is available 24/7.

The editor interviewed the person in charge of the terminal and front-end system of the Yinyan Technology Center for the project

Listen to what they say:

At the end of 2021, the first phase of the Macau Guoshuyi FPS system project was launched, which solved many pain points in local payment and retail businesses, such as:

The system operates 24/7, breaking the limitations of traditional business hours, shortening payment cycles, improving payment efficiency and convenience for retail users. The online mode also greatly reduces the cumbersome procedures that customers need to fill out.

Secondly, the system supports multi currency settlement and cross-border docking, achieving the integration of payment in the Guangdong Hong Kong Macao Greater Bay Area's living circle.

In terms of risk control, FPS can settle the full amount in real-time, controlling the credit and liquidity risks of participating institutions; Establish a backup mechanism between FPS and RTGS to reduce system risk and enhance financial stability.

——Project leader

When the Guoshuyi FPS system (Phase I) was launched, it successfully connected to 32 banks and 1 third-party payment institution. Yinyan Technology has undertaken the development of front-end systems for several major banks in Macau, providing diversified value-added services and customized development for bank clients.

FPS Phase II has added new business support on the basis of Phase I

Expanding business scope to third-party payment institutions

So, what does our leader have to say~

Considering the rapid growth of daily consumption, the second phase of the project has increased the limit for interbank instant and batch transfers, and added Hong Kong dollar payments on the basis of Macau dollars, providing a more convenient financial currency payment method.

The original service scope has been expanded to third-party payment institutions, and users can now sign automatic value-added services with third-party payment companies to automatically recharge their electronic wallets;

At the same time, cross bank automatic payment services and regular debit functions have been added to facilitate the public's cross bank life payment and fund collection. For example, Macau residents can now sign automatic deduction agreements with water, electricity, and coal companies to achieve automatic payment of living expenses.

——Project leader

The Guangdong Hong Kong Macao Greater Bay Area is an important strategy for China to build a world-class urban agglomeration. The Outline of the Development Plan for the Guangdong Hong Kong Macao Greater Bay Area proposes to jointly promote the interconnection of electronic payment systems in the Greater Bay Area, and vigorously promote mobile payments to drive the diversified development of the financial industry.

In the future, Yinyan Technology will continue to expand the functions of the Shuyi FPS system, further improve Macau's financial infrastructure, and better serve the retail industry in Macau.

As a technology service enterprise rooted in the Guangdong Hong Kong Macao Greater Bay Area, Yinyan Technology will continue to contribute to the regional financial inclusive livelihood cause, play the core role of payment and settlement systems in financial infrastructure, ensure the smooth operation of the market, serve the real economy, and effectively prevent financial risks.