167 views
Photo by Андрей Сизов on Unsplash

Credit and charge card payments to exceed $800b in 2026

The market is expected to grow at a CAGR of 3.9% between 2022-2026.

Hong Kong’s credit and charge card payments value is expected to reach $831.9b (US$106.7b) in 2026, according to GlobalData.

In a report, GlobalData said the market will likely grow at a compound annual growth rate (CAGR) of 3.9% between 2022–2026 given the “significant shift in consumer preferences towards non-cash payment methods and recovery in consumer spending.”

In 2020, credit and charge card payments declined by 17.1% due to a decline in consumer spending during the pandemic. The following year, the market saw a 15.4% growth, thanks to economic recovery and government initiatives.

This year, GlobalData forecast that credit and charge card payment value will register a 4.6% growth.

Join Hong Kong Business community

“Credit and charge cards are the most preferred payment cards in Hong Kong, accounting for 71% of total card payments by value in 2022. Government initiatives and opening of businesses have all increased consumer spending in Hong Kong, thereby benefiting its credit and charge card market,” Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, commented.

Sharma added that Hong Kong has a card penetration of 2.7 cards per individual and a frequency of payments of 48.1.

The expert, however, warned that the market still faces several challenges, including global geopolitical risks and inflation. 

Hong Kong’s inflation rate skyrocketed to 4.4% in September of 2022, and to tackle inflation, the central bank increased its benchmark interest rate to 4.75% in December 2022.  

“Rising interest rates will increase borrowing costs on credit cards, thereby discouraging credit card spending in Hong Kong. The ongoing Russia-Ukraine crisis and rising energy prices resulted in economic uncertainty across the world. These factors are weakening consumer confidence about their financial situation and could affect overall spending,” Sharma said.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

HKEX launched Order Routing Service on Integrated Fund Platform
The move addressed some long-standing operational challenges.Hong Kong Exchanges and Clearing Limited (HKEX) launched the Order Routing Service that connects fund distributors and transfer agents on its Integrated Fund Platform (IFP).The new service is based on the Fund Repository system and helps transform the fund order placement process into a seamless and integrated system.Supported by the data network from Shenzhen Stock Exchange, the service promotes better efficiency and collaboration across the fund distribution network by enhancing communications between fund distributors and agents.IFP also welcomes an initial cohort of 33 distributors, transfer agents and fund houses.
HKTDC signs first MOU with Singapore-based bank
The partnership also aims to generate job opportunities and strengthen communities across both regions.The Hong Kong Trade Development Council (HKTDC) signed a Memorandum of Understanding (MOU) with United Overseas Bank Hong Kong Branch (UOB Hong Kong) at the ASEAN Conference 2025 in Singapore, a first of such a partnership for Hong Kong.The MOU aims to strengthen regional ties and promote sustainable growth by leveraging UOB’s extensive regional network and financial expertise, alongside HKTDC’s strengths in trade promotion, to access new markets, resources and professional knowledge.The MOU also promotes local enterprise development and economic resilience by matching local value chains with foreign direct investments(FDI). 
OCBC Bank Hong Kong sets up team to support entrepreneurs
OCBC Group is aiming to disburse S$5b in loans to entrepreneurs by 2028