Hong Kong Cards (China SAR) and Payments: Opportunities and Risks to 2028

Hong Kong Cards (China SAR) and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Hong Kong Cards (China SAR) and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in Hong Kong cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, card, credit transfer, direct debits, and cheques during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into Hong Kong cards and payments industry, including -

• Current and forecast values for each market in Hong Kong cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including cash, card, credit transfer, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing Hong Kong cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of Hong Kong cards and payments industry.

Key Highlights

• Hong Kong has made significant progress in incorporating contactless payments into its public transport system, responding to growing consumer demand for convenience and leveraging technological advancements. In keeping with this trend, in January 2024, Octopus announced that it will enable 21,000 Hong Kong taxi drivers to accept QR code-based payments via UnionPay and AlipayHK by utilizing its Octopus App for Business and Octopus Mobile POS platforms, thereby boosting payment acceptance options for taxi drivers. Octopus App for Business allows merchants to receive NFC-based contactless payments via an Octopus card or Octopus Wallet. Meanwhile, Octopus Mobile POS is designed for taxi drivers to receive payments via QR code.
• Several countries across the Asia-Pacific region are linking their cross-border payment systems via the use of QR codes. In December 2023, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand introduced Faster Payment System (FPS) x PromptPay Link for cross-border QR payments between Hong Kong and Thailand. Via this link, travelers from Thailand and Hong Kong can make retail payments using their mobile payment apps to scan Hong Kong FPS QR codes and Thai PromptPay QR codes displayed by merchants. Both consumers and merchants stand to benefit from this development. Travelers from Thailand and Hong Kong will have additional payment methods available to use, while merchants will receive the funds instantaneously.
• Alternative payment solutions are becoming popular among consumers in Hong Kong. To capitalize, payment services providers are launching solutions with new features to boost uptake. For example, in January 2023, Samsung introduced Samsung Wallet, which combines the existing features of Samsung Pay with additional functionality. In addition to mobile payments, users can also store and access digital keys, boarding passes, and essential documents such as ID cards and driving licenses within the wallet.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Hong Kong along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including cash, card, credit transfer, direct debits, and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to Hong Kong cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in Hong Kong cards and payments industry.
• Assess the competitive dynamics in Hong Kong cards and payments industry.
• Gain insights into marketing strategies used for various card types in Hong Kong.
• Gain insights into key regulations governing Hong Kong cards and payments industry.