Payment Connect - a milestone program to facilitate cross-boundary transactions and payments between the Chinese mainland and Hong Kong -- recorded 25,900 transactions on its first day of operation on Sunday.

According to the Hong Kong Monetary Authority (HKMA), some 19,000 transactions, with an average value of 3,100 yuan ($431) each, had flowed southbound from the mainland to the special administrative region as of 6 pm on Sunday. There were about 6,900 northbound transactions, averaging HK$800 ($102) each.

The Bank of China (Hong Kong) said various types of transactions had been completed under the program on Sunday, such as personal remittances, salary disbursements and fee collections.

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The bank recorded the SAR’s first personal cross-border remittance through the Connect, enabling a Hong Kong customer to instantly transfer funds from BOCHK to BOC’s Shenzhen branch, using the mobile app.

Among enterprises, a Hong Kong-based mainland ship management company paid salaries in renminbi into its mainland employees' accounts through BOCHK, with the funds credited instantly.

A Hong Kong tertiary education institution collected fees from an individual based on the mainland through BOCHK.

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The Payment Connect was jointly launched by the People’s Bank of China (PBOC) and the HKMA to strengthen efficiency in cross-boundary payments. The first batch of institutions participating in the program includes 12 banks, with six in the mainland and six in Hong Kong.

Contact the writer at bingcun@chinadailyhk.com