Hong Kong’s Card Payments Market to Hit $106.7b in Value by 2026
(30 January 2023 – Hong Kong) Hong Kong’s credit and charge card payments market will be valued $106.7b (HK$831.9b) by 2026.
According to a report by GlobalData, shifting consumer preference towards non-cash payment methods and recovery of consumer spending will push the market to expand at a compound annual growth rate or CAGR of 3.9 percent in the four years leading up to 2026.
In 2023, the credit and charge card payment value is expected to grow 4.6 percent.
Credit and charge cards accounted for 71 percent of total card payments by value in 2022. Availability of value-added benefits on credit cards such as reward points, discounts, and cashback, and limited use of domestic EPS debit cards are key reasons for high usage of credit cards in Hong Kong, according to the report.
Despite forecasting growth, the cards market faces headwinds in the near future amidst rising interest rates.