2020 card payments volume in Hong Kong estimated: research

In 2019, every Hongkonger was holding more than 3 cards, creating a highly penetrated payment card market in the region

card payments volume

2020 card payments volume in Hong Kong estimated: research. Source: unsplash.com

Hong Kong has progressed in the adoption and use of payment cards, GlobalData revealed. The total number of card payments is expected to rise from 642 million in 2015 to 1 billion in 2020. This is due to the convenience of electronic payments, secure payment infrastructure and the emergence of contactless payments.

The government along with banks try to provide services even in remote areas. This way,  banking infrastructure is being expanded through the mobile banking branches, physical bank branches and establishment of virtual banks.

Hong Kong’s payment card market is mainly supported by credit and charge cards, accounting for 67.9% of the total card payment value in 2019. The country’s total card payment value is expected to increase from $43.3 billion in 2019 to $59.6 billion in 2023.

The pricing benefits such as referral programs, installment facilities, cashback and discounts associated with credit and charge cards are some of the key reasons for their preference. In addition, these cards are increasingly preferred for online shopping and for transactions overseas
Nikhil Reddy, Banking and Payments Analyst at GlobalData

SEE ALSO: