Three years after its launch, Hong Kong’s Faster Payment System (FPS) has reached nearly 750,000 daily transactions with a total volume of 5.2 billion Hong Kong dollars ($ 667.9 million), according to a report from the South China Morning Post.

In a discussion at the 2021 Hong Kong FinTech Week conference, Financial Secretary Paul Chan Mo-po said the FPS for real-time money transfers and retail payments has more than doubled from its total transaction volume of $ 2.4 billion at the start of 2020.

Hong Kong is one of many countries moving forward with FPS, which allows funds to be delivered instantly 24 hours a day, seven days a week, according to PYMNTS.

In 2019, the Russian Federation embarked on the launch of its FPS. The country’s FPS is designed to allow users to make immediate person-to-person (P2P) transfers between two parties that have accounts at different banks. Transactions are carried out using personally identifiable information such as cell phone numbers. The effort was piloted with a collaborative approach of a dozen Russian banks and payment service providers.

Read more: Russia joins the faster payments revolution

Before Russia and Hong Kong embarked on an FPS, the UK, US, India and Australia had already embarked on the effort, according to PYMNTS.

The UK became one of the first to offer a faster nationwide payment system, launching its Faster Payments service in 2008.

According to a 2018 PYMNTS report, the service allows 24/7 payments, is available to 52 million checking account holders in the UK, and is supported by 17 banks and credit unions. In the first 10 years of its launch, FPS was used to send over 6 billion transactions, including almost all internet and telephone banking payments in the UK.

In the United States, payment speeds were significantly accelerated following the launch of the Automated Clearing House (ACH) same day in September 2016. ACH same day debits began in September 2017. In the final phase, which started in March 2018, the same -day ACH funds were available to recipients on the same day payments were sent.

See also: Deep Dive: The Rapid Rise Of Global Faster Payment Systems