The Hong Kong Monetary Authority (HKMA) has released its payment card statistics for the first quarter of 2024, revealing a steady rise in credit card usage and a mixed performance in debit card transactions.
As of the end of Q1 2024, the total number of credit cards in circulation reached 19.98 million, a 1.5% increase from the previous quarter and the same period last year. This growth underscores the ongoing expansion of credit card adoption in Hong Kong.
The HKMA’s quarterly report highlights that the total number of credit card transactions fell slightly by 0.3% from the previous quarter to 302.34 million.
However, year-on-year, there was a robust 16.5% increase in transaction volume. The total value of these transactions climbed to HK$252.8 billion, marking a 3.2% rise from the previous quarter and a 9.1% increase from the same period in 2023.
Of this, HK$185.2 billion (73.3%) was spent on retail within Hong Kong, HK$58.3 billion (23.1%) on retail overseas, and HK$9.3 billion (3.7%) was attributed to cash advances.
Debit card transactions presented a more complex picture. While the total number of debit card transactions related to retail sales and bill payments decreased by 0.7% from the previous quarter to 48.3 million, the total value of these transactions increased by 3.0% to HK$75.3 billion.
Compared to the same period in 2023, the total number of transactions saw a 3.9% increase, while the total transaction value experienced a 5.0% decline.
The HKMA has been publishing these statistics quarterly since June 2010 to enhance transparency in the payment card industry, aligning with international practices.
The data includes credit and debit cards issued in Hong Kong under the schemes of eight payment card operators: American Express, Discover Financial Services, EPS Company, JCB International, Joint Electronic Teller Services (JETCO), MasterCard Asia/Pacific, UnionPay International, and Visa Worldwide.
The HKMA’s detailed breakdown of the payment card landscape underscores the evolving nature of consumer spending in Hong Kong, with a notable tilt towards credit card transactions amidst a fluctuating economic environment.
