The Hong Kong (China SAR) payment card market is now considered to be fairly mature, however, despite this, the total card payment value is forecast to grow considerably by “4.5% in 2025 to reach HKD1.32 trillion ($168.4 billion),” supported by the ongoing efforts to promote electronic payments and the steady build-out of acceptance infrastructure, according to GlobalData, a intelligence and productivity platform.
GlobalData’s Payment Cards Analytics reveals that that total card payment value in Hong Kong registered growth of “7.4% in 2024 to reach HKD1.26 trillion ($161.2 billion), reflecting the continued momentum as consumers increasingly switch from cash purchases toward cards alongside broader electronic payment initiatives.”
Over the 2020-2025 period, card payments rebounded “strongly after the 2020 decline.”
Across 2020-2024, total card payments has “expanded at a CAGR of 8.8%, illustrating resilient recovery and sustained expansion in a market that remains cash inclined.”
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments:
“Hong Kong’s payment card market continues to grow. Structural initiatives such as licensing digital-only banks and expanding payment acceptance are steadily reinforcing consumer confidence in electronic methods. While macro uncertainty, geopolitical tensions, and ongoing US trade tariff issues will remain key challenges, competitive card propositions and continued innovation in acceptance are supporting further growth in card payment value.”
Debit cards account for a smaller but still meaningful “portion of card payments in Hong Kong.”
In 2025, debit card payments represent “21.4% of total card payment value.”
Banks are seeking to broaden debit adoption by “offering accounts with low or no-account management fees; for instance, HSBC’s HSBC One account includes a Mastercard debit card and has no minimum balance requirement.”
Digital-only banks are also intensifying “competition and supporting debit card holding.”
Credit and charge cards dominate the market “in value terms, accounting for 78.6% of total card payment value in 2025.”
Their continued strength is underpinned by “consumer preference for value-added benefits such as cashback, discounts, reward programs, and instalment plans.”
The segment also delivered a strong “13.3% CAGR over 2020-2024 and is forecast to grow at a 6.2% CAGR over 2025-2029, reflecting sustained issuer-led incentives and competitive positioning.”
Contactless functionality is reinforcing the “everyday use case for cards in Hong Kong.”
Beyond retail, initiatives such as contactless payment availability “for public bus systems and taxis point to deeper integration across transport.”
Sharma concludes:
“Looking ahead, total card payment value in Hong Kong is forecast to rise, supported by strong credit and charge card adoption, high contactless penetration, and continued expansion of acceptance in transit and day-to-day commerce. Even with persistent cash usage and a challenging macro backdrop, the market is expected to grow at a CAGR of 5.3% over 2025–2029, with credit and charge cards remaining the primary engine of growth.”