HK’s card payment market to grow 11% in 2025

Credit cards accounted for 77.7% of the overall card payment value in 2024.

The card payment market in Hong Kong is forecasted to register an 11% growth in 2025, reaching $1.5t, driven by rising consumer spending and preference for electronic payments, according to GlobalData.

Amongst card types, credit and charge cards accounted for 77.7% of the overall card payment value in 2024 due to the value-added benefits such as flexible payment options and rewards.

Meanwhile, debit cards accounted for the remaining 22.3% share, with the electronic payment service—accepted at over 30,000 merchant locations in Hong Kong and Macau—driving growth.

The rising usage of contactless payments for public transport also contributed to the market’s growth.

“The card payments market is anticipated to increase at a compound annual growth rate of 7.3% between 2025 and 2029 to reach $1.9t in 2029,” Shivani Gupta, senior banking and payments analyst at GlobalData, said.