The rise in e-commerce pushed the use of card payments as well as alternative payment solutions like Alipay, PayPal, and Google Pay
GlobalData has found that Hongkongers are increasingly opting for online purchases, making e-commerce sales register a strong growth of 11.1% in 2021.
According to the research, e-commerce sales in Hong Kong are expected to grow at a compound annual growth rate of 8.3% from HK$178.0 billion (US$22.9 billion) in 2021 to HK$226.0 billion (US$29.0 billion) in 2024.
The social unrest in 2019 followed by the COVID-19 pandemic had accelerated online purchase of essential goods, the report states.
According to Visa Consumer Payment Attitudes Study, 52% of all shopping in Hong Kong during the pandemic was carried out online, compared to 40% during the pre-COVID-19 period.
Along with that, live-stream e-commerce is another new business model, which is gradually gaining traction. Customers can view and buy from live online video streams hosted by celebrities. Consumers tune into these steams to catch suggestions from their favorite celebrity and buy products online.
We’ve reported that card payments in Singapore are set to rebound and grow by 10.2% in 2021 due to the improving economic conditions.