The Hong Kong (China SAR) credit and charge card market is set to grow by 15.6% to reach HKD1.02trn ($130.6bn) in 2024, supported by rising consumer spending. With a strong payment infrastructure and burgeoning e-commerce landscape, credit and charge cards are becoming increasingly favoured among the Hong Kong consumers. This trajectory signifies a pivotal shift in the country’s payment landscape, says GlobalData, publishers of EPI.

GlobalData Payments Cards Analytics

GlobalData’s Payment Cards Analytics reveals that credit and charge card payments by value in Hong Kong registered a strong growth of 21.6% in 2023.

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, said: “Credit and charge cards accounted for 75.4% of the total card payment transaction value in 2023. The country’s robust payment infrastructure, high consumer preference for card payments, and merchant acceptance as have contributed to the high adoption and usage.”

Hong Kong consumers strongly favour credit and charge cards over debit cards due to their value-added benefits such as cashback, discounts, reward programs, and instalment payment plans. In terms of payment transaction value, credit and charge card payments value recorded a CAGR of 14.6% over 2020-24.

This high credit and charge card usage is driven by a strong PoS terminalisation. Hong Kong boasts a robust payment infrastructure, with PoS terminal uptake with 26,579 per one million individuals in 2023 — higher than many of its Asian peers such as India, Japan, and Malaysia.

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GlobalData 2023 Financial Services Consumer Survey

Rising e-commerce payments is also contributing to the growth in credit and charge card usage. According to GlobalData’s 2023 Financial Services Consumer Survey, credit and charge cards are the most preferred payment methods for online payments with 34% share in 2023.

To boost credit and charge card usage, the central bank, banking association and payment participants are also actively engaged to raise awareness. In November 2023, the Hong Kong Association of Banks launched a promotional video titled “Credit Card Transaction Protection – What You Need to Know” to raise the awareness of credit card fraud prevention. The video highlights various precautionary measures such as refraining from clicking on links in suspicious messages, staying vigilant for notifications from banks, and promptly reporting any suspicious transactions to banks.

Sharma concluded: “Rise in consumer spending, growth in e-commerce payments coupled with government initiatives will further drive the credit and charge card payments usage in Hong Kong. The market is projected to register a compound annual growth rate (CAGR) of 10.1% between 2024 to 2028, to reach HKD1.5trn ($191.6bn) in 2028.”