HKMA Reports Q2 2024 Payment Card Statistics: Credit Cards See Mixed Trends, Debit Card Transactions Increase

Statistics of payment cards issued in Hong Kong for second quarter 2024

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) published today(September 20) statistics of payment cards issued in Hong Kong for the second quarter of 2024.

The payment card statistics (see Annex) include quarterly data on credit and debit cards issued in Hong Kong under the credit and/or debit card schemes of the eight payment card scheme operators (Note 1). The HKMA began to publish the payment card statistics on a quarterly basis in June 2010 to enhance transparency of the payment card industry in Hong Kong, in line with international practice.

According to the quarterly statistics, the total number of credit cards in circulation (Note 2) was 19.89 million by the end of Q2/2024. The figure represents a 0.5 per cent decrease from the previous quarter and a 0.9per cent increase from the previous year. The number and value of credit card transactions (including retail sales and cash advances) (Note 3) are susceptible to seasonal factors and the general economic environment, making the trends more prone to fluctuation. The total number of credit card transactions was 322.06 million for Q2/2024, representing a 6.5per cent increase from the previous quarter and a 26.7per cent increase from the same period in 2023. The total value of credit card transactions was HK$239.2 billion for Q2/2024, representing a 5.4per cent decreasefrom the previous quarter and a 10.0per cent increasefrom the same period in 2023. Of the total transaction value, HK$165.6 billion (69.2 per cent) was related to retail spending in Hong Kong, HK$64.6 billion (27.0 per cent) in retail spending overseas and HK$9.0 billion (3.8 per cent) in cash advances.

The total number of debit cards in circulation is not available due to overlapping of debit card brands in a single card. Like the number and value of credit card transactions, the number and value of debit card transactions in relation to retail sales and bills payments (Note 4) are also affected by seasonal factors. On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments increased by 7.2per cent to51.78 million while the total value decreasedby 11.3per cent to HK$66.8 billion in Q2/2024. When compared to the same period in 2023, the total number increasedby 16.5per cent and the total value droppedby 1.9per cent in Q2/2024.

Note 1: The payment card statistics are compiled from data on credit and debit cards issued in Hong Kong by both authorized institutions (AIs) and non-authorized institutions (non-AIs) under the credit and/or debit card schemes of the eight payment card scheme operators (the card operators). The card operators, in alphabetical order, are American Express International, Inc., Discover Financial Services (Hong Kong) Limited, EPS Company (Hong Kong) Limited (EPSCO), JCB International (Asia) Ltd, Joint Electronic Teller Services Ltd. (JETCO), MasterCard Asia/Pacific Pte. Ltd., UnionPay International Co. Ltd and Visa Worldwide Pte. Limited.

Note 2:A credit card issued in Hong Kong only carries one credit card brand. The total number of credit cards in circulation refers to the total number of credit cards (i.e. cards with a credit function) issued in Hong Kong under the credit card schemes of card operators (but excluding EPSCO and JETCO, which do not operate a credit card scheme). Some of these credit cards carry debit card functions, i.e. the credit card can be used for making purchases/payments or cash withdrawal at ATMs through directly debiting cardholders' bank accounts.

Note 3:The total number/value of credit card transactions refer to the total number/value of transactions made via credit card accounts of credit cards issued in Hong Kong under the credit card schemes of card operators (excluding EPSCO and JETCO). Starting from March 2015, a Hong Kong/overseas spending breakdown of credit card retail sales transactions is provided.

Note 4:The total number/value of debit card transactions in relation to retail sales/bill payments refers to the total number/value of those transactions made via debiting cardholders' bank accounts. Some of the eight card operators do not operate a debit card scheme. Care should be exercised in combining the credit card retail sales figures and the debit card retail sales/bills payment figures because of the possibility of double counting.

London ETO and InvestHK support Walpole APAC Forum to promote Hong Kong's business advantages

The Hong Kong Economic and Trade Office in London (London ETO) and Invest Hong Kong (InvestHK) supported the Walpole APAC Forum (the Forum) in London on June 15 (London time), promoting Hong Kong's role as an ideal springboard for United Kingdom (UK) luxury brands seeking to expand across Asia.

Organised by Walpole, an organisation representing British luxury brands, the Forum brought together senior executives and industry leaders from the retail, travel, marketing and professional services sectors. The programme covered market trends, consumer insights and branding strategies across the Asia-Pacific region, with particular focus on opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area. The Forum was attended by about 60 participants from the relevant sectors.

In her welcome remarks, the Director-General of the London ETO, Miss Fiona Chau, highlighted Hong Kong's distinctive role as a natural starting point for brands seeking to enter and scale in Asia. She said Hong Kong thrives on a robust common law system, strong intellectual property protection, free flow of capital, a simple and competitive tax regime, world-class logistics, and a diverse talent pool. She also promoted the launch of The Festival of Connoisseurs in Hong Kong later this year.

The Head of Consumer and Hospitality of InvestHK, Ms Sindy Wong, spoke at the discussion panel, she said, "Hong Kong remains a competitive and resilient luxury market, underpinned by steady wealth growth, a growing ultra-high-net-worth population and a gradual recovery in retail performance. As an international gateway between Chinese Mainland and the international market, Hong Kong brings together a diverse and discerning consumer base. Coupled with its proximity to the Guangdong-Hong Kong-Macao Greater Bay Area, the city provides an ideal platform for UK luxury brands to enter, test and scale their presence across Asia, supported by strong market fundamentals and excellent regional connectivity."

During the Forum, the London ETO and InvestHK exchanged views with representatives of British luxury brands and other industry stakeholders, introducing Hong Kong's latest business environment and development opportunities, and encouraging companies to leverage Hong Kong as an important base for expanding into Asian markets and further developing their business in the region.

London ETO and InvestHK support Walpole APAC Forum to promote Hong Kong's business advantages Source: HKSAR Government Press Releases

London ETO and InvestHK support Walpole APAC Forum to promote Hong Kong's business advantages Source: HKSAR Government Press Releases

London ETO and InvestHK support Walpole APAC Forum to promote Hong Kong's business advantages Source: HKSAR Government Press Releases