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PROSPECTS AND OPPORTUNITIES
Digital wallets are expected to replace credit cards in online payment transactions
According to the latest research report by Worldpay Global Payments 2024, in Hong Kong, digital wallets are expected to replace credit cards in different online transaction channels in the coming years. However, this only counts direct payment by credit card and does not include credit card as an add-value source to digital wallets.
Banks leverage AI to revolutionise credit cards in Hong Kong
AI has the potential to revolutionise credit cards in Hong Kong by enhancing security, streamlining transactions, and personalising the customer experience. Since the pandemic, an increasing number of local consumers have been accessing banking services through mobile or online channels, while Standard Chartered Bank has been using big data and AI in its business to improve its marketing capabilities.
Cross-border and overseas transactions will continue to drive credit card growth
Banks are expected to seize the opportunity of travelling north for consumption among Hong Kong locals and launch digital wallets’ binding and cross-border spending discounts to drive credit card transactions. Banks such as Dah Sing Bank reported northbound spending had recorded double-digit in 2023, and it expects such transactions to maintain double-digit growth throughout 2024 as well.
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Overview:
Understand the latest market trends and future growth opportunities for the Credit Card Transactions industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Credit Card Transactions industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Credit Card Transactions in Hong Kong, China report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Credit Card Transactions in Hong Kong, China?
- What are the major trends key to understanding Credit Card Transactions in Hong Kong, China?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Charge Cards in Hong Kong, China - Category analysis
Charge Cards in Hong Kong, China - Company Profile
KEY DATA FINDINGS
Travel spend drives charge card transactions
American Express charge cards differentiate from credit cards
Promotions remain winning strategy to drive local consumption
Shifting consumer values as charge cards set to regain momentum
Opportunities to expand reach
American Express likely to retain dominance of charge cards
Table 1 Charge Cards: Number of Cards in Circulation 2019-2024
Table 2 Charge Cards Transactions 2019-2024
Table 3 Charge Cards in Circulation: % Growth 2019-2024
Table 4 Charge Cards Transactions: % Growth 2019-2024
Table 5 Commercial Charge Cards: Number of Cards in Circulation 2019-2024
Table 6 Commercial Charge Cards Transactions 2019-2024
Table 7 Commercial Charge Cards in Circulation: % Growth 2019-2024
Table 8 Commercial Charge Cards Transactions: % Growth 2019-2024
Table 9 Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 10 Personal Charge Cards Transactions 2019-2024
Table 11 Personal Charge Cards in Circulation: % Growth 2019-2024
Table 12 Personal Charge Cards Transactions: % Growth 2019-2024
Table 13 Charge Cards: Number of Cards by Issuer 2019-2023
Table 14 Charge Cards: Number of Cards by Operator 2019-2023
Table 15 Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 16 Charge Cards Payment Transaction Value by Operator 2019-2023
Table 17 Commercial Charge Cards: Number of Cards by Issuer 2019-2023
Table 18 Commercial Charge Cards: Number of Cards by Operator 2019-2023
Table 19 Commercial Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 20 Commercial Charge Cards Payment Transaction Value by Operator 2019-2023
Table 21 Personal Charge Cards: Number of Cards by Issuer 2019-2023
Table 22 Personal Charge Cards: Number of Cards by Operator 2019-2023
Table 23 Personal Charge Cards Transaction Value by Issuer 2019-2023
Table 24 Personal Charge Cards Transaction Value by Operator 2019-2023
Table 25 Forecast Charge Cards: Number of Cards in Circulation 2024-2029
Table 26 Forecast Charge Cards Transactions 2024-2029
Table 27 Forecast Charge Cards in Circulation: % Growth 2024-2029
Table 28 Forecast Charge Cards Transactions: % Growth 2024-2029
Table 29 Forecast Commercial Charge Cards: Number of Cards in Circulation 2024-2029
Table 30 Forecast Commercial Charge Cards Transactions 2024-2029
Table 31 Forecast Commercial Charge Cards in Circulation: % Growth 2024-2029
Table 32 Forecast Commercial Charge Cards Transactions: % Growth 2024-2029
Table 33 Forecast Personal Charge Cards: Number of Cards in Circulation 2024-2029
Table 34 Forecast Personal Charge Cards Transactions 2024-2029
Table 35 Forecast Personal Charge Cards in Circulation: % Growth 2024-2029
Table 36 Forecast Personal Charge Cards Transactions: % Growth 2024-2029
Credit Cards in Hong Kong, China - Category analysis
Credit Cards in Hong Kong, China - Company Profile
KEY DATA FINDINGS
Hong Kong cardholders actively use existing credit cards
Credit cards are accepted on MTR public transport
Surging cross-border transactions
Digital wallets are expected to replace credit cards in online payment transactions
Banks leverage AI to revolutionise credit cards in Hong Kong
Cross-border and overseas transactions will continue to drive credit card growth
Table 37 Credit Cards: Number of Cards in Circulation 2019-2024
Table 38 Credit Cards Transactions 2019-2024
Table 39 Credit Cards in Circulation: % Growth 2019-2024
Table 40 Credit Cards Transactions: % Growth 2019-2024
Table 41 Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 42 Commercial Credit Cards Transactions 2019-2024
Table 43 Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 44 Commercial Credit Cards Transactions: % Growth 2019-2024
Table 45 Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 46 Personal Credit Cards Transactions 2019-2024
Table 47 Personal Credit Cards in Circulation: % Growth 2019-2024
Table 48 Personal Credit Cards Transactions: % Growth 2019-2024
Table 49 Credit Cards: Number of Cards by Issuer 2019-2023
Table 50 Credit Cards: Number of Cards by Operator 2019-2023
Table 51 Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 52 Credit Cards Payment Transaction Value by Operator 2019-2023
Table 53 Commercial Credit Cards: Number of Cards by Issuer 2019-2023
Table 54 Commercial Credit Cards: Number of Cards by Operator 2019-2023
Table 55 Commercial Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 56 Commercial Credit Cards Payment Transaction Value by Operator 2019-2023
Table 57 Personal Credit Cards: Number of Cards by Issuer 2019-2023
Table 58 Personal Credit Cards: Number of Cards by Operator 2019-2023
Table 59 Personal Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 60 Personal Credit Cards Payment Transaction Value by Operator 2019-2023
Table 61 Forecast Credit Cards: Number of Cards in Circulation 2024-2029
Table 62 Forecast Credit Cards Transactions 2024-2029
Table 63 Forecast Credit Cards in Circulation: % Growth 2024-2029
Table 64 Forecast Credit Cards Transactions: % Growth 2024-2029
Table 65 Forecast Commercial Credit Cards: Number of Cards in Circulation 2024-2029
Table 66 Forecast Commercial Credit Cards Transactions 2024-2029
Table 67 Forecast Commercial Credit Cards in Circulation: % Growth 2024-2029
Table 68 Forecast Commercial Credit Cards Transactions: % Growth 2024-2029
Table 69 Forecast Personal Credit Cards: Number of Cards in Circulation 2024-2029
Table 70 Forecast Personal Credit Cards Transactions 2024-2029
Table 71 Forecast Personal Credit Cards in Circulation: % Growth 2024-2029
Table 72 Forecast Personal Credit Cards Transactions: % Growth 2024-2029
Debit Cards in Hong Kong, China - Category analysis
Debit Cards in Hong Kong, China - Company Profile
KEY DATA FINDINGS
Overview of debit cards in Hong Kong
Development of virtual/digital banks in Hong Kong
Digital RMB expands pilot programme in local market
Debit cards can still benefit from the rise of digital payments
Digital banks and the ageing population
Alipay expands cross-border transaction services
Table 73 Debit Cards: Number of Cards in Circulation 2019-2024
Table 74 Debit Cards Transactions 2019-2024
Table 75 Debit Cards in Circulation: % Growth 2019-2024
Table 76 Debit Cards Transactions: % Growth 2019-2024
Table 77 Debit Cards: Number of Cards by Issuer 2019-2023
Table 78 Debit Cards: Number of Cards by Operator 2019-2023
Table 79 Debit Cards Payment Transaction Value by Issuer 2019-2023
Table 80 Debit Cards Payment Transaction Value by Operator 2019-2023
Table 81 Forecast Debit Cards: Number of Cards in Circulation 2024-2029
Table 82 Forecast Debit Cards Transactions 2024-2029
Table 83 Forecast Debit Cards in Circulation: % Growth 2024-2029
Table 84 Forecast Debit Cards Transactions: % Growth 2024-2029
Pre-Paid Cards in Hong Kong, China - Category analysis
Pre-Paid Cards in Hong Kong, China - Company Profile
KEY DATA FINDINGS
Pre-paid cards continues to be driven by open loop option
Digitalisation push by Octopus
Octopus expands its reach to mainland China
Potential challenges for pre-paid cards over the forecast period
Octopus is poised for continued growth as dominant issuer
Closed loop pre-paid cards set to continue losing favour
Table 85 Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 86 Pre-paid Cards Transactions 2019-2024
Table 87 Pre-paid Cards in Circulation: % Growth 2019-2024
Table 88 Pre-paid Cards Transactions: % Growth 2019-2024
Table 89 Closed Loop Pre-paid Cards Transactions 2019-2024
Table 90 Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 91 Open Loop Pre-paid Cards Transactions 2019-2024
Table 92 Open Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 93 Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 94 Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 95 Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 96 Pre-paid Cards Transaction Value by Operator 2019-2023
Table 97 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 98 Closed Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 99 Closed Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 100 Closed Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 101 Open Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 102 Open Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 103 Open Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 104 Open Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 105 Forecast Pre-paid Cards: Number of Cards in Circulation 2024-2029
Table 106 Forecast Pre-paid Cards Transactions 2024-2029
Table 107 Forecast Pre-paid Cards in Circulation: % Growth 2024-2029
Table 108 Forecast Pre-paid Cards Transactions: % Growth 2024-2029
Table 109 Forecast Closed Loop Pre-paid Cards Transactions 2024-2029
Table 110 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2024-2029
Table 111 Forecast Open Loop Pre-paid Cards Transactions 2024-2029
Table 112 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2024-2029
Financial Cards and Payments in Hong Kong, China - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Octopus expands reach but faces challenges
Competitive landscape
What next for financial cards and payments?
Table 113 Number of POS Terminals: Units 2019-2024
Table 114 Number of ATMs: Units 2019-2024
Table 115 Value Lost to Fraud 2019-2024
Table 116 Card Expenditure by Location 2024
Table 117 Financial Cards in Circulation by Type: % Number of Cards 2019-2024
Table 118 Domestic versus Foreign Spend 2024
Table 119 Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 120 Financial Cards by Category: Number of Accounts 2019-2024
Table 121 Financial Cards Transactions by Category: Value 2019-2024
Table 122 Financial Cards by Category: Number of Transactions 2019-2024
Table 123 Consumer Payments by Category: Value 2019-2024
Table 124 Consumer Payments by Category: Number of Transactions 2019-2024
Table 125 M-Commerce by Category: Value 2019-2024
Table 126 M-Commerce by Category: % Value Growth 2019-2024
Table 127 Financial Cards: Number of Cards by Issuer 2019-2023
Table 128 Financial Cards: Number of Cards by Operator 2019-2023
Table 129 Financial Cards: Card Payment Transactions Value by Operator 2019-2023
Table 130 Financial Cards: Card Payment Transactions Value by Issuer 2019-2023
Table 131 Forecast Financial Cards by Category: Number of Cards in Circulation 2024-2029
Table 132 Forecast Financial Cards by Category: Number of Accounts 2024-2029
Table 133 Forecast Financial Cards Transactions by Category: Value 2024-2029
Table 134 Forecast Financial Cards by Category: Number of Transactions 2024-2029
Table 135 Forecast Consumer Payments by Category: Value 2024-2029
Table 136 Forecast Consumer Payments by Category: Number of Transactions 2024-2029
Table 137 Forecast M-Commerce by Category: Value 2024-2029
Table 138 Forecast M-Commerce by Category: % Value Growth 2024-2029
DISCLAIMER
Summary 1 Research Sources
The following categories and subcategories are included:
Credit Card Transactions
- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
Credit Card Transactions
Credit cards allow for purchases against a preapproved line of credit. The account holder has the choice of whether to pay off the entire balance each month or opt for monthly instalments with the balance serving as revolving credit. If the cardholder decides to revolve a balance, the consumer pays interest. Credit cards can include affinity cards, reward cards and types of co-branded cards. Co-branded retailer cards—issued by retailers acting as financial institutions and without usage restrictions—are included in this category. Cards issued by a retailer with usage limited to a specific store within a predefined retail group fall under the store cards definition. Debit cards with an overdraft function are not counted as cards with a credit function. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitions
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This report originates from Passport, our Credit Card Transactions research and analysis database.
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