Hong Kong’s credit card market to hit $1.02t in 2024

This growth is driven by the city’s robust payment infrastructure and e-commerce growth.

Due to rising consumer spending amidst strong payment infrastructure and growing e-commerce landscape, the Hong Kong credit and charge card market is set to grow by 15.6% to $1.02t (US$130.6b) in 2024, GlobalData reported.

In 2023, credit and charge card payments by value in Hong Kong registered a strong growth of 21.6%.

The market is projected to register a compound annual growth rate (CAGR) of 10.1% between 2024 to 2028, to reach $1.5t ($191.6b) in 2028.

With better benefits like cashback, discounts, rewards, and installment payment options, Hong Kong consumers prefer credit and charge cards over debit cards. 

The high credit and charge card usage is driven by a strong PoS terminalization with an uptake of 26,579 per one million individuals in 2023, surpassing levels seen in many other Asian countries like India, Japan, and Malaysia.

The central bank, banking association, and payment participants are working to increase credit and charge card usage through promotional videos aimed at raising awareness.

GlobalData surveyed 50,000 respondents aged 18 and above across 40 countries in Q2 2023.