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Hong Kong Cards and Payments: Opportunities and Risks to 2029

Publisher GlobalData
Published Jul 10, 2025
Length 95 Pages
SKU # GBDT20265884

Description

Hong Kong Cards and Payments: Opportunities and Risks to 2029

Summary

GlobalData’s ‘Hong Kong Cards and Payments: Opportunities and Risks to 2029' report provides detailed analysis of market trends in the Hong Kong cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, card, credit transfer, direct debits, and cheques during the review-period (2021-25e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2025e-29f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Hong Kong Cards and Payments: Opportunities and Risks to 2029' report provides top-level market analysis, information and insights into the Hong Kong cards and payments industry, including -
  • Current and forecast values for each market in the Hong Kong cards and payments industry, including debit, credit and charge cards.
  • Detailed insights into payment instruments including cash, card, credit transfer, direct debits, and cheques . It also, includes an overview of the country's key alternative payment instruments.
  • Ecommerce market analysis.
  • Analysis of various market drivers and regulations governing the Hong Kong cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Hong Kong cards and payments industry.
Key Highlights
  • Hong Kong is experiencing a notable increase in the use of contactless payments, particularly for public transportation fares. In August 2024, Mastercard announced its integration into the Mass Transit Railway Corporation’s (MTR Corporation) contactless card payment services. This advancement permits Mastercard card holders to utilize their contactless payment cards at MTR entry and exit gates when traveling on the MTR heavy rail network, excluding the Airport Express. Tourists are afforded the convenience of paying fares across a comprehensive range of local public transportation options. These include Star Ferry, Tramways, buses (with the exception of New Lantao Bus routes), the Peak Tram, select ferry services, and taxis.
  • The Hong Kong Monetary Authority (HKMA), banking regulators, and payment participants are actively engaged in efforts to raise awareness about payment security for online payments. In August 2024, the HKMA, in collaboration with the Hong Kong Police Force and the Hong Kong Association of Banks (HKAB), announced that 32 banks and 10 stored value facility operators will expand the coverage of the 'Suspicious Account Alert' system. This expansion applies to both internet banking and transactions conducted at physical branches; offering customers protection against the increasing risks of fraud. Under this, customers will receive an alert message indicating a high fraud risk if the payee's account number, cell phone number, email address or Faster Payment System (FPS) Identifier is labeled as ‘High Risk’ in the Scameter mobile app.
  • Cashless payments are prevalent in the realm of public transportation. In a notable development from April 2024, Wonder, a Hong Kong fintech firm and subsidiary of Bindo Labs, received authorization from the Transport Department to implement its smart taximeter with e-payments enabled in local taxis. The Taxi Pay x Wonder system, commonly referred to as Taxi Pay, offers users an array of 18 local and international payment methods integrated with the smart taximeter. Consequently, taxi passengers can opt to pay by scanning a QR code on their cell phones or by tapping their cards on the payment terminal, with taxi fares directly connected to the smart taximeter.
Scope
  • Card market size in terms of number of cards, value and volume of transactions in Hong Kong along with detailed card segmentation of debit, credit and charge cards available in the country.
  • Market sizing and analysis of major payment instruments including cash, card, credit transfer, direct debits, and cheques.
  • Payment market trends and growth for both historical and forecast period
  • Competitor analysis with detailed insights into leading card issuers and schemes.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • A detailed snapshot of country's key alternative payment brands.
Reasons to Buy
  • Make strategic business decisions, using top-level historic and forecast market data, related to the Hong Kong cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Hong Kong cards and payments industry.
  • Assess the competitive dynamics in the Hong Kong cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Hong Kong.
  • Gain insights into key regulations governing the Hong Kong cards and payments industry.

Table of Contents

95 Pages
1. Executive Summary
2. Market Overview
3. Payment Instruments
4. Card-Based Payments
5. Merchant Acquiring
6. Ecommerce Payments
7. In-Store Payments
8. Buy Now Pay Later
9. Mobile Payments
10. P2P Payments
11. Bill Payments
12. Alternative Payments
13. Payment Innovation
14. Job Analysis
15. Payment Infrastructure and Regulation
16. Appendix
List of Tables
Key facts, 2025
Benchmarking of payment cards, 2025
Payment instrument transaction values (LCU), 2021-29f
Payment instrument transaction values ($), 2021-29f
Payment instrument transaction volumes (units), 2021-29f
Payment cards in circulation by type (units),2021-29f
Volume of payment card transactions (units), 2021-29f
Value of payment card transactions (LCU), 2021-29f
Value of payment card transactions ($), 2021-29f
Debit cards in circulation (units), 2021-29f
Debit card transaction volumes, 2021-29f
Debit card transaction values (LCU), 2021-29f
Debit card transaction values ($), 2021-29f
Debit cards in circulation by scheme (units), 2021-25e
Debit card transaction values by scheme (LCU), 2021-25e
Debit card transaction values by scheme ($), 2021-25e
Debit cards in circulation by issuer (units), 2021-25e
Debit cards transaction value by issuer (LCU), 2021-25e
Debit cards transaction value by issuer ($), 2021-25e
Credit cards in circulation (units), 2021-29f
Credit card transaction volumes, 2021-29f
Credit card transaction values (LCU), 2021-29f
Credit card transaction values ($), 2021-29f
Credit cards in circulation by scheme (units), 2021-25e
Credit card transaction values by scheme (LCU), 2021-25e
Credit card transaction values by scheme ($), 2021-25e
Credit cards in circulation by issuer (units), 2021-25e
Credit cards transaction value by issuer (LCU), 2021-25e
Credit cards transaction value by issuer ($), 2021-25e
Merchant acquiring transaction volumes (units), 2021-29f
Merchant acquiring transaction values (LCU), 2021-25e
Merchant acquiring transaction values ($), 2021-29f
Acquirers’ transaction volumes (units), 2021-25e
Acquirers’ transaction values (LCU), 2021-25e
Acquirers’ transaction values ($), 2021-25e
Retail outlets and card-accepting merchants (units), 2021-25e
Debit card average interchange fees (%), 2021-25e
Credit and charge card average interchange fees (%), 2021-25e
Debit card merchant service charge and interchange fee (%), 2021-29f
Credit and charge card merchant service charge and interchange fee (%), 2021-29f
Retail market by product categories (LCU), 2020-29f
Retail market by product categories ($), 2020-29f
Retail market by service categories (LCU), 2019-23
Retail market by service categories ($), 2019-23
List of Figures
Inflation rate
GDP growth rate
Payment instruments transaction value and volume
Instant payments transaction value and volume
Card penetration
Card payments by value
Debit card frequency of payments and average transaction value
Debit card schemes transaction value and volume
Debit card issuers by number of cards and transaction value
Credit card frequency of payments and average transaction value
Credit card schemes transaction value and volume
Credit card issuers by number of cards and transaction value
Credit card debt
Contactless card holding and usage in detail
Merchant acquiring of payment card transaction value and volume
Merchant acquiring of payment card transaction value and volume by company type
Retail product by catagories transaction value and year-on-year grouth
Retail services by catagories transaction value and year-on-year grouth
E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop
Ecommerce market by product and services
Ecommerce market by paymnet tools
Factors driving in-store payments and In-store transaction value by payment method
In-store transaction value by products and services
BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments
BNPL online transaction value and transaction volume
BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments
Mobile wallet holding and use by demographic
Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand
Domestic and international P2P money transfers
Paymnet tool preference for bill payment and bill paymnet frequency
Active jobs intensity in the country
Number of POS terminals and ATMs

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