4 in 10 Hong Kongers use alternative payments for online purchases

Online payment modes and payment cards are most preferred by Hong Kong shoppers.

In 2023, 41.7% of Hong Kong shoppers prefer alternative payment solutions for e-commerce transactions, GlobalData reported.

Alipay, WeChat Pay, Apple Pay, PayPal, and Google Pay are amongst the preferred alternative payment solutions in Hong Kong, valued for their speed and convenience. Followed by payment cards (38.6%), valued for cashbacks, discounts, reward points, and installment options.

The least preferred mode in cash on delivery at 6.3%, dwarfed by the growing popularity of e-payments.

In the same year, GlobalData found that Hong Kong’s e-commerce market grew by 9.2% to $158.3b due to the increasing number of consumers shifting to online purchases. In 2024, GlobalData expects the market to grow by a further 13.1% to $179.1b.

Over 85% of Hong Kong consumers shopped online in the past six months with only 5% saying they have never shopped online.

“Hong Kong’s e-commerce landscape continues its upward trajectory, poised for substantial growth between 2024 and 2028, with an anticipated compound annual growth rate of 9.1% in transaction value to reach $253.7b in 2028. Alternative payment solutions are expected to continue their growth and lead e-commerce payments in Hong Kong,” Ravi Sharma, Lead Banking and Payments Analyst at GlobalData said.