Hong Kong’s card payment market is expected to expand further in 2025, even as it remains one of Asia’s more mature payments landscapes, with total card spending forecast to rise 4.5% to HK$1.32 trillion ($168.4 billion), according to data and analytics firm GlobalData.
The forecast follows a stronger 2024, when total card payment value rose 7.4% to HK$1.26 trillion ($161.2 billion), GlobalData said, as consumers continued to shift away from cash for everyday purchases amid broader efforts to promote electronic payments and wider acceptance infrastructure.
Card payments rebounded after a 2020 decline, with spending growing at a compound annual rate of 8.8% between 2020 and 2024, GlobalData estimated, pointing to a recovery that has outpaced expectations for a market often described as cash-inclined.
Credit and charge cards remain the engine of growth by value, expected to account for 78.6% of total card payment value in 2025, supported by consumer demand for rewards, discounts, cashback offers, and instalment plans.
Debit cards are forecast to make up the remaining 21.4%, with banks and digital-only lenders trying to widen adoption by bundling low-fee accounts with debit products and reducing balance requirements.
Contactless payments are reinforcing routine card usage, GlobalData said, with acceptance widening beyond retail into transport use cases such as buses and taxis, part of a longer-term push to embed tap-to-pay across daily commerce.
GlobalData’s lead banking and payments analyst Ravi Sharma said structural changes, including the licensing of digital-only banks and continued expansion in payment acceptance, were helping to lift confidence in electronic methods, while macro uncertainty and geopolitical tensions remained potential headwinds.
Hong Kong’s card growth looks less like a “new adoption” story and more like a battle for share inside an already digitised ecosystem.
Credit-led spending suggests issuers are still buying volume with perks, but that model could face pressure if consumer credit quality weakens or regulators tighten marketing and instalment practices.
The bigger long-term swing factor is whether transit-led contactless usage can convert remaining cash-heavy segments, without simply cannibalising e-wallet volumes.
