Hong Kong pulls ahead of digital wallet shift; Singapore close behind

Wallets accounted for 41% of e-commerce value in the city. 

Hong Kong has moved ahead of Singapore in the digital wallet shift after the payment method overtook cards in transaction value for the first time this year, according to a Global Payments report. 

The report found digital wallets accounted for 41% of e-commerce transaction value and 45% of point-of-sale (POS) value in Hong Kong, five percentage points ahead of cards in both categories.

Meanwhile, Singapore remains behind the city in the transition, although digital wallets are now close to cards as consumers’ preferred payment method, said Phil Pomford, Executive Lead, Enterprise APAC at Global Payments.

“Singapore is a step or two behind Hong Kong on the same curve,” Pomford said.

Cards had remained Hong Kong’s dominant payment method until 2025, but lost the top position to digital wallets this year, the report added. 

Meanwhile, account-to-account payments, supported by the Faster Payment System, are expected to reach 23% of e-commerce and 13% of POS value by 2030.

Across Asia, in-store payment app value is forecast to grow at an 8% compound annual growth rate through 2030, around 135% faster than the overall POS market.