Thus, electronic money issued by FinTech firms is at present considerably inferior to cash in terms of general acceptability. Overseas, there are cases where interoperability among payment service providers is ensured.
For example, in Hong Kong, major banks and nonbank payment service providers (store value facilities) such as Alipay and WeChat Pay have joined the Faster Payment System -- a real-time funds transfer system which operates on a 24/7 basis -- launched by the Hong Kong Monetary Authority in 2018. This has enabled users of these service providers to conduct P2P money transfers.