Decoding Hong Kong’s Payment Card Statistics
Discover the latest insights into credit and debit card usage in Hong Kong as revealed by the Hong Kong Monetary Authority’s statistics for the first quarter of 2024.
Credit Card Insights
- The total number of credit cards in circulation by Q1 2024 stood at 19.98 million, showing a 1.5% increase from the previous quarter and the same percentage increase year-over-year.
- There were a total of 302.34 million credit card transactions in Q1 2024, indicating a slight 0.3% decrease from the previous quarter but a significant 16.5% increase from the same period in 2023.
- The total transaction value reached HK$252.8 billion, reflecting a 3.2% increase from the previous quarter and a 9.1% increase year-over-year.
Categorization of Transactions:
- HK$185.2 billion (73.3%) – Retail spending within Hong Kong
- HK$58.3 billion (23.1%) – Retail spending overseas
- HK$9.3 billion (3.7%) – Cash advances
Insights on Debit Cards
- Total number of debit cards in circulation not available
- Total number of debit card transactions related to retail sales and bill payments decreased by 0.7% to 48.30 million in Q1 2024.
- However, the total value of these transactions increased by 3.0% to HK$75.3 billion.
Year-over-year Comparison:
- 3.9% increase in total number of debit card transactions
- 5.0% decrease in total transaction value
The HKMA has been releasing these statistics quarterly since June 2010 to promote transparency in the payment card industry in Hong Kong, aligning with global standards.
For a more comprehensive overview, you can access the official HKMA announcement.
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