Hong Kong Cards and Payments – Opportunities and Risks to 2025
The annual value of card transactions in the Hong Kong cards and payments market was valued at $114.4 billion in 2021. The market is projected to grow at a CAGR of more than 4% during the forecast period. The report provides detailed analysis of market trends in Hong Kong’s cards and payments industry. It provides values and volumes for several key performance indicators in the industry, including cash, cards, direct debits, credit transfers and cheques during the review-period 2017-21.
The Hong Kong cards and payments market report also analyzes various payment card markets operating in the industry and provides detailed information on them. It offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report brings together 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.
Hong Kong cards and payments market overview
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What are the market dynamics in the Hong Kong cards and payments market?
Payment cards are the second most popular payment instrument in Hong Kong after cash. This well-penetrated payment card market is a result of consistent efforts made by the government and financial institutions to promote electronic methods of payment. They did this by introducing measures such as waiving minimum balance fees on bank accounts, launching digital-only banks, and developing and expanding payment acceptance infrastructure. The proliferation of digital-only banks is likely to create competition in Hong Kong’s banking sector. The government and regulatory authorities have also taken steps to boost the use of cashless payment methods.
What are the key payment instruments in the Hong Kong cards and payments market?
The key payment instruments in the Hong Kong cards and payments market are cash, cards, credit transfers, checks, and direct debit. Cash has the majority transaction volume, followed by cards and credit transfers. The emergence of contactless technology has gradually pushed Hong Kong consumers to adopt payment cards for low-value transactions. The outbreak of COVID-19 also drove a decline in cash usage. The rising number of online shoppers has supported payment card market growth. COVID-19 has boosted awareness and usage of card payments. Credit transfers are mainly used by companies for salary payments, payments to suppliers, and tax payments. The e-Cheque service allows individuals to generate electronic cheques with digital signatures online via internet banking. The service allows consumers to pay bills electronically, thereby eliminating the need for physical cheques. Direct debits are mostly used to make payments for services such as utilities.
Hong Kong cards and payments market, by payment instrument
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Who are the key players in the Hong Kong cards and payments market?
The key players in the Hong Kong cards and payments market are HSBC, Standard Chartered, Bank of China, Citibank, Bank of East Asia, DBS Bank, Aeon Credit Service, China Construction Bank, Bank of Communication, EPS, Hang Seng Bank, and Global Payments.
Hong Kong cards and payments market, by key players
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Market report scope
| Market size (2021) | $114.4 billion |
| Growth rate | CAGR of >4% |
| Forecast period | 2021-2025 |
| Key payment instruments | Cash, Cards, Credit Transfers, Checks, and Direct Debit |
| Key players | HSBC, Standard Chartered, Bank of China, Citibank, Bank of East Asia, DBS Bank, Aeon Credit Service, China Construction Bank, Bank of Communication, EPS, Hang Seng Bank, and Global Payments |
This report provides:
- Current and forecast values for each market in Hong Kong’s cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cash, cards, direct debits, credit transfers 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 Hong Kong’s 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 Hong Kong’s cards and payments industry.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Hong Kong’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Hong Kong’s cards and payments industry.
- Assess the competitive dynamics in Hong Kong’s cards and payments industry.
- Gain insights into marketing strategies used for various card types in Hong Kong.
- Gain insights into key regulations governing Hong Kong’s cards and payments industry.
Key Players
Table of Contents
Frequently Asked Questions
The annual value of card transactions in the Hong Kong cards and payments market was valued at $114.4 billion in 2021.
The cards and payments market in Hong Kong is projected to grow at a CAGR of more than 4% during the forecast period.
The key payment instruments in the Hong Kong cards and payments market are cash, cards, credit transfers, checks, and direct debit.
The key players in the Hong Kong cards and payments market are HSBC, Standard Chartered, Bank of China, Citibank, Bank of East Asia, DBS Bank, Aeon Credit Service, China Construction Bank, Bank of Communication, EPS, Hang Seng Bank, and Global Payments.
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