Hong Kong Cards And Payments Market Forecasts (2018-2023)
Added: (Wed Nov 21 2018)
Pressbox (Press Release) -
In terms of number of cards in circulation, the Hong Kong cards payments channel registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 5.23%. Improved banking infrastructure and the increasing acceptance of card-based payments at point-of-sale (POS) terminals were key growth drivers for the card payments channel.
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In terms of transaction value, credit cards accounted for the highest share during review period. The second-highest share in terms of transaction value was held by debit cards followed by prepaid cards and charge cards.
Debit cards to exhibit nominal growth, while other cards drive the industry
The debit card category is anticipated to post a forecast-period CAGR of 1.31%, while the prepaid card category is expected to register a CAGR of 2.56% and the credit card category is projected to record a CAGR of 2.45% over the forecast period. Due to the convenience of electronic payments, the emergence of contactless payment systems and an increase in security features, Hong Kong’s population have been encouraged to perform more card-based transactions. Despite the financial crisis, Hong Kong recorded a growth in credit card expenditure, supported by the increased acceptance of these cards at POS terminals and associated benefits associated such as reward points, discounts and cashback. All the major global card scheme providers − Visa, MasterCard, American Express, Diners Club and JCB International (JCB) − have a presence in the country’s credit card category.
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The prepaid cards category grew at a strong pace during the review period, a trend that is anticipated to continue over the forecast period. The rising demand for Octopus cards supported the category’s growth. Initially developed to be used for public transit systems, the cards are now used for to make payments at car parks, leisure facilities and retail outlets. These cards are compatible with contactless payments, and facilitate faster payments.
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