Hong Kong (China SAR) card payments market is forecast to reach HKD1.4 trillion ($175 billion) in 2026, supported by a continued development of payment acceptance infrastructure, strong consumer preference for payment cards, and the growing adoption of contactless payments, according to GlobalData, a leading intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the total card payment value in Hong Kong registered an estimated compound annual growth rate (CAGR) of 7.6% over 2021-2025, reflecting a sustained consumer shift toward cashless payments, led by rising contactless and online card usage.

Shivani Gupta, Lead Banking and Payments Analyst at GlobalData, comments: “Hong Kong’s payment card market is mature with high card penetration and frequency of payments per card. This can be attributed to the significant number of banked individuals in the country, government-led initiatives, heightened consumer awareness of electronic payment methods, and an expansion in merchant acceptance.”

Although debit cards are traditionally preferred for cash withdrawals, they are now increasingly being used for payments as well – especially low-to-medium value transactions.

Hong Kong consumers are increasingly opting for credit and charge cards when making payments. This is mainly due to the value-added benefits associated with these cards, such as flexible payment options and reward programs.

Banks provide flexible repayment periods for credit card users. For instance, Citibank offers the Merchant Instalment Plan, which allows credit card holders to convert purchases of HKD2,000 ($256.51) or above at over 600 participating merchants into monthly instalments.

Similarly, Standard Chartered customers can covert purchases of HKD500 ($64.13) and above into three to 60, monthly instalments. HSBC also offers the Spending Instalment Plan on credit cards, enabling card holders to split their purchases into six- to 60- month instalments at partner merchants.

Regulatory initiatives and advances in contactless payment technology are further reinforcing card adoption. Effective 1 April 2026, all taxis in Hong Kong will be required to offer two electronic payment options – one QR-code-based and one non-QR method (such as debit/credit cards or Octopus). This regulation is expected to increase non-QR, card-based transactions, including physical cards and mobile wallets linked to debit cards. As more daily, low-value payments such as taxi fares transition to card-enabled systems, the inherent convenience will further strengthen the public’s shift away from cash.

Gupta concludes: “The total card payments in Hong Kong are forecast to rise over the coming five years, driven by the expanding merchant acceptance, and enhanced digital payments infrastructure. Rising banking access and product innovation will further broaden usage.”