The Hong Kong Monetary Authority (HKMA) released statistics for the second quarter of 2024 on stored value facility (SVF) schemes, showing continued growth in both usage and transaction value.
By the end of Q2 2024, the total number of SVF accounts in use reached 75.36 million, a 2.4% increase compared to the previous quarter. This marks a year-on-year rise of 14.5%.
SVF transactions totaled approximately 2.0 billion during the quarter, up 1.0% from Q1 2024 and 0.4% higher than the same period in 2023.
The total value of transactions for Q2 2024 amounted to HK$173.8 billion, representing a 4.6% increase over the previous quarter and a 3.3% rise compared to the same quarter in 2023.
The HKMA report further detailed that HK$42.8 billion of the transaction value came from point-of-sale payments, while HK$26.0 billion was spent on online transactions.
Peer-to-peer (P2P) funds transfers accounted for HK$15.1 billion, with the remaining HK$89.9 billion related to the addition of value to SVF accounts.
SVF float and deposits, a critical measure of funds stored within these payment systems, also grew during the period.
At the end of Q2 2024, total float and deposits stood at HK$17.9 billion, a 2.5% increase from the previous quarter and an 8.2% year-on-year rise.
The SVF schemes, which include payment services commonly used for retail purchases, online transactions, and peer-to-peer payments, continue to play a significant role in Hong Kong’s digital payments landscape.
The HKMA noted steady growth across most categories, reflecting increasing adoption of these digital payment solutions.
The HKMA’s statistics provide insights into the robust expansion of the SVF sector, highlighting growing consumer confidence in digital financial transactions amid a broader shift towards cashless payments in the region.
