Latest News

Chart of the Week: Hong Kong’s card payments market to grow 4.8% in 2023


share this article!

Growth of e-commerce will spur card payments’ growth even further.

Growing preference for electronic payments and the city’s economy rebounding are expected to carry Hong Kong’s card payments to a 4.8% growth in 2023.

In a report, data and analytics company GlobalData said that the value of card payments in the city will reach HK$1.06b ($136b) by end 2023, growing faster than the 3.2% growth reported in 2022.

“The convenience of electronic payments, well-developed payment infrastructure, a growing preference for contactless, and e-commerce payments are all facilitating increased payment card usage in Hong Kong,” said Ravi Sharma, lead banking and payments analyst, GlobalData.

Credit and charge cards are the preferred payment cards, accounting for 71.7% of card payments value in 2022. This is mainly due to the associated reward programs, said Sharma, which makes it more beneficial than debit cards for consumers.

Credit cards also have wider acceptance among merchants, while debit cards are not that popular, Sharma added.

Debit cards accounted for the remaining 28.3% share of card payments in 2022. The key reason for low debit card usage is the limited acceptance of domestic EPS debit cards. These cards can only be used for offline payments in the country.

E-commerce growth is also anticipated to support Hong Kong’s payment card market. According to GlobalData’s 2022 Financial Services Consumer Survey, credit cards are the most preferred payment method for e-commerce payments accounting for over one-third of total online purchases.

GlobalData’s 2022 Financial Services Consumer Survey was carried out in Q2 2022. Approximately 50,000 respondents aged 18+ were surveyed across 40 countries.

Join Hong Kong Business community

Since you’re here…

…there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Read More

share this article!

The Second Half Equities Superbowl

Previous article

The stock market’s gains are almost entirely concentrated in the ‘Magnificent 7’ – and that could mean a crash is coming

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News