The number of credit cards in circulation in Hong Kong rose 36.1% year-on-year to 31.03 million at the end of the second quarter, while the value of credit card transactions increased 6.8%, data from the Hong Kong Monetary Authority (HKMA) showed.
Credit card transactions reached 403.94 million in the three months to June, up 4.9% from the previous quarter and 12.2% from a year earlier, according to statistics published by the HKMA.
The value of those transactions totalled HK$286.5 billion ($36.6 billion), down 8% from the first quarter but 6.8% higher than in the same period last year.
The figures cover credit and debit cards issued in Hong Kong under the schemes of eight payment card operators, including American Express, Discover, JCB, Mastercard, UnionPay, and Visa.
Retail spending in Hong Kong accounted for HK$186.7 billion, or 65.2%, of total credit card transaction value in the second quarter. Overseas retail spending represented HK$91.1 billion, or 31.8%, while cash advances accounted for HK$8.8 billion, or 3.1%.
The latest figures extend a sharp increase in the number of credit cards recorded over the past year. Credit cards in circulation stood at 22.8 million at the end of the second quarter of 2025 and rose to 29 million by the end of 2025.
The total reached 29.18 million in the first quarter of 2026 before climbing to 31.03 million in the second quarter.
Transaction activity has also remained elevated. The number of credit card transactions rose 12.2% year-on-year in the second quarter, although the increase in transaction value was more modest, suggesting a lower average value per transaction compared with the same period a year earlier.
Overseas spending continued to form a significant part of card activity. In the second quarter of 2025, overseas retail credit card spending was HK$91.2 billion, up 41.1% year-on-year at the time.
By the first quarter of 2026, overseas spending had reached HK$90.3 billion.
Debit card activity showed a different trend.
The number of debit card transactions for retail sales and bill payments increased 5.2% from the previous quarter to 55.39 million in the second quarter, but their total value fell 13.6% to HK$61.1 billion.
Compared with a year earlier, debit card transaction volume declined 4.3%, while transaction value fell 8%.
The HKMA said the number of debit cards in circulation cannot be provided because a single card may carry multiple debit card brands.
It also cautioned that credit and debit card transaction figures are affected by seasonal factors and broader economic conditions.
The central bank has published payment card statistics quarterly since June 2010 to improve transparency in Hong Kong’s payment card industry.
The statistics cover cards issued by both authorised institutions and non-authorised institutions under the credit and debit card schemes operated by the eight card operators.