Remote photoplethysmography (rPPG), enabling non-contact physiological monitoring through facial light reflection analysis, faces critical computational bottlenecks as deep learning introduces performance gains at the cost of prohibitive resource demands. This paper proposes ME-rPPG, a memory-efficient algorithm built on temporal-spatial state space duality, which resolves the trilemma of model scalability, cross-dataset generalization, and real-time constraints. Leveraging a transferable state space, ME-rPPG efficiently captures subtle periodic variations across facial frames while maintaining minimal computational overhead, enabling training on extended video sequences and supporting low-latency inference. Achieving cross-dataset MAEs of 5.38 (MMPD), 0.70 (VitalVideo), and 0.25 (PURE), ME-rPPG outperforms all baselines with improvements ranging from 21.3% to 60.2%. Our solution enables real-time inference with only 3.6 MB memory usage and 9.46 ms latency -- surpassing existing methods by 19.5%-49.7% accuracy and 43.2% user satisfaction gains in real-world deployments. The code and demos are released for reproducibility on https://github.com/Health-HCI-Group/ME-rPPG-demo.

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