Understanding the Latest Statistics on SVF Schemes by HKMA 📊
The Hong Kong Monetary Authority (HKMA) has recently published its first-quarter statistics for 2024 regarding Stored Value Facilities (SVF) schemes. These statistics offer valuable insights into the usage and transaction volumes of SVF accounts issued by licensed operators. Let’s delve into the key findings and growth trends highlighted in the report:
Key Statistics and Growth 📈
- By the end of Q1 2024, the total number of SVF accounts in use reached 73.58 million, reflecting a 3.0% increase from the previous quarter.
- The total number of SVF transactions for this period was approximately 1.9 billion, indicating a 4.0% decrease from Q4 2023.
- Despite the decline in transaction volume, the total value of SVF transactions increased by 1.0% to HK$166.1 billion.
Breakdown of Transaction Value:
- Point-of-sale spending payments: HK$42.8 billion
- Online spending payments: HK$25.2 billion
- Peer-to-peer (P2P) funds transfers: HK$14.2 billion
- Add value transactions: HK$83.9 billion
Moreover, the total float and SVF deposit amounted to HK$17.5 billion at the end of Q1 2024, representing a 1.4% increase from the previous quarter.
Year-on-Year Comparisons 🔄
When comparing year-on-year data, the total number of SVF accounts in use by the end of Q1 2024 showed a 16.9% increase from Q1 2023. The total float and SVF deposit also witnessed a 9.7% rise. Additionally, the total number and value of SVF transactions during Q1 2024 increased by 5.5% and 19.9%, respectively, compared to the same period last year.
Notes and Definitions ℹ️
- The “total number of SVF accounts in use” refers to the total number of operational SVF accounts at the end of the reporting period.
- The terms “float” and “SVF deposit” are defined as per the Payment Systems and Stored Value Facilities Ordinance.
The release of these statistics by the HKMA underscores its commitment to transparency and providing stakeholders with current information on the performance and adoption of SVF schemes in Hong Kong.
Hot Take on SVF Statistics 🔥
Keep a close eye on the evolving dynamics of SVF schemes as reflected in the latest statistics released by HKMA. Understanding these trends can provide valuable insights into the digital payment landscape and consumer behavior in Hong Kong. Stay informed and adapt your strategies accordingly to leverage the opportunities presented by SVF schemes.
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