The ‘Hong Kong Cards (China SAR) and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in 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 (2020-24e).
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 (2024e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together the analyst’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.
The ‘Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into Hong Kong cards and payments industry, including :
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 (2024e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together the analyst’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.
The ‘Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into Hong Kong cards and payments industry, including :
- Current and forecast values for each market in 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 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 Hong Kong cards and payments industry.
Key Highlights
- Hong Kong has made significant progress in incorporating contactless payments into its public transport system, responding to growing consumer demand for convenience and leveraging technological advancements. In keeping with this trend, in January 2024, Octopus announced that it will enable 21,000 Hong Kong taxi drivers to accept QR code-based payments via UnionPay and AlipayHK by utilizing its Octopus App for Business and Octopus Mobile POS platforms, thereby boosting payment acceptance options for taxi drivers. Octopus App for Business allows merchants to receive NFC-based contactless payments via an Octopus card or Octopus Wallet. Meanwhile, Octopus Mobile POS is designed for taxi drivers to receive payments via QR code.
- Several countries across the Asia-Pacific region are linking their cross-border payment systems via the use of QR codes. In December 2023, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand introduced Faster Payment System (FPS) x PromptPay Link for cross-border QR payments between Hong Kong and Thailand. Via this link, travelers from Thailand and Hong Kong can make retail payments using their mobile payment apps to scan Hong Kong FPS QR codes and Thai PromptPay QR codes displayed by merchants. Both consumers and merchants stand to benefit from this development. Travelers from Thailand and Hong Kong will have additional payment methods available to use, while merchants will receive the funds instantaneously.
- Alternative payment solutions are becoming popular among consumers in Hong Kong. To capitalize, payment services providers are launching solutions with new features to boost uptake. For example, in January 2023, Samsung introduced Samsung Wallet, which combines the existing features of Samsung Pay with additional functionality. In addition to mobile payments, users can also store and access digital keys, boarding passes, and essential documents such as ID cards and driving licenses within the wallet.
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 Hong Kong cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Hong Kong cards and payments industry.
- Assess the competitive dynamics in 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 Hong Kong cards and payments industry.
Table of Contents
1. Executive Summary2. 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, 2024e
- Benchmarking of payment cards, 2024e
- Payment instrument transaction values (LCU), 2020-28f
- Payment instrument transaction values ($), 2020-28f
- Payment instrument transaction volumes (units), 2020-28f
- Payment cards in circulation by type (units), 2020-28f
- Volume of payment card transactions (units), 2020-28f
- Value of payment card transactions (LCU), 2020-28f
- Value of payment card transactions ($), 2020-28f
- Debit cards in circulation (units), 2020-28f
- Debit card transaction volumes, 2020-28f
- Debit card transaction values (LCU), 2020-28f
- Debit card transaction values ($), 2020-28f
- Debit cards in circulation by scheme (units), 2020-24e
- Debit card transaction values by scheme (LCU), 2020-24e
- Debit card transaction values by scheme ($), 2020-24e
- Debit cards in circulation by issuer (units), 2020-24e
- Debit cards transaction value by issuer (LCU), 2020-24e
- Debit cards transaction value by issuer ($), 2020-24e
- Credit cards in circulation (units), 2020-28f
- Credit card transaction volumes, 2020-28f
- Credit card transaction values (LCU), 2020-28f
- Credit card transaction values ($), 2020-28f
- Credit cards in circulation by scheme (units), 2020-24e
- Credit card transaction values by scheme (LCU), 2020-24e
- Credit card transaction values by scheme ($), 2020-24e
- Credit cards in circulation by issuer (units), 2020-24e
- Credit cards transaction value by issuer (LCU), 2020-24e
- Credit cards transaction value by issuer ($), 2020-24e
- Merchant acquiring transaction volumes (units), 2020-28f
- Merchant acquiring transaction values (LCU), 2020-28f
- Merchant acquiring transaction values ($), 2020-28f
- Acquirers’ transaction volumes (units), 2020-24e
- Acquirers’ transaction values (LCU), 2020-24e
- Acquirers’ transaction values ($), 2020-24e
- Retail outlets and card-accepting merchants (units), 2020-28f
- Debit card average interchange fees (%), 2020-24e
- Credit and charge card average interchange fees (%), 2020-24e
- Debit card merchant service charge and interchange fee (%), 2020-28f
- Credit and charge card merchant service charge and interchange fee (%), 2020-28f
- Retail market by product categories (LCU), 2020-28f
- Retail market by product categories ($), 2020-28f
- Retail market by service categories (LCU), 2018-22
- Retail market by service categories ($), 2018-22
- 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
