Cheque volumes in Hong Kong fall 18.4% over three years

The volume of paper cheques fell by 18.40% from 2021 to 2024.

Cheque usage in Hong Kong is in steep decline, with both paper and electronic formats registering double-digit drops in volume and value.

According to the FIAKS e-Bulletin Issue 6.0, the volume of paper cheques fell by 18.40% from 2021 to 2024, totaling 55.81 million. Meanwhile, e-Cheque volumes dropped by 20.68%, landing at just 0.35 million transactions.

The value of transactions followed the same pattern: paper cheque value decreased by 23.13% to $5,775.61b, and e-Cheque value plummeted by 60.73% to $18.74b.

Experts featured in the bulletin say this is more than a data trend—it's a structural shift in payment behavior.

“Cheque payments now account for less than 3% of all retail payment transactions by volume in India,” said Anjani Rathor, Group Head of Digital Banking & Customer Experience at HDFC Bank.

“This is a sharp fall from about 16% in 2016 and much higher percentages in previous decades. While cheques are losing relevance in the face of digital payment growth, they continue to serve niche needs and remain legally and operationally supported within the banking system.”

Even in markets where cheques still exist, the role is increasingly narrow. Rathor noted that "cheque is not vanishing immediately but will decline in use, especially for low-value and retail transactions. It has become a niche tool rather than a mainstream method of payment, and this trend is only expected to intensify with the continued rise of digital payments."

Dr. Aneish Kumar, former MD and Country Manager at The Bank of New York – India, pointed to broader global patterns: “In the United States, for example, cheque volumes and values are dropping by more than 7% every year. It’s as if paper cheques are on their way to the museum of ‘once‑ubiquitous’ payment methods.”

He added that “paper cheques are clearly on the decline. Yet, they carve out small niches where trust, inclusion, or regulation still call for a tangible promise on bank letterhead.”