HKMA Reports Significant Growth in Credit Card Usage for Q3 2025

Statistics of payment cards issued in Hong Kong for third quarter 2025

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

The Hong Kong Monetary Authority (HKMA) published today (December 19) statistics of payment cards issued in Hong Kong for the third quarter of 2025.

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 25.08 million by the end of Q3/2025. The figure represents a 10.0 per cent increase from the previous quarter and a 23.6per centincrease 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 382.61 million for Q3/2025, representing a 6.2per centincrease from the previous quarter and a 16.3per cent increase from the same period in 2024. The total value of credit card transactions was HK$285.6 billion for Q3/2025, representing a 6.4per cent increase from the previous quarter and a 14.8per centincrease from the same period in 2024. Of the total transaction value, HK$173.3 billion (60.7per cent) was related to retail spending in Hong Kong, HK$103.1 billion (36.1per cent) in retail spending overseas and HK$9.1 billion (3.2per 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 decreased by 9.6per centto 52.31 million while the total value decreased by 5.6per cent to HK$62.7 billion in Q3/2025. When compared to the same period in 2024, the total number decreased by 3.2per centand the total value dropped by 8.3per cent in Q3/2025.

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.

HKMA, Photo source: reference image

Government continues to support owners having engaged Will Power and Prestige

The Police and the Independent Commission Against Corruption stated earlier today (June 10) that they had laid charges against Will Power Architects Company Limited (Will Power) and Prestige Construction & Engineering Co., Limited (Prestige), as well as seven individuals who played different roles in the major maintenance project of Wang Fuk Court. The Government understands that some buildings and housing estates have hired these two companies as consultant or contractor for their building maintenance works. As the individuals and companies involved will no longer be able to perform their duties for the works, the Government is providing appropriate support to assist these owners in following up the relevant works having regard to their circumstances.

For owners who have engaged Will Power as their consultant with the maintenance works commenced, the Urban Renewal Authority (URA) announced yesterday (June 9) that it would provide transitional arrangement free-of-charge for approximately 37 cases that have received URA's building rehabilitation subsidies or support services, so as to assist the owners in engaging an Independent Reviewer to promptly conduct third-party assessment, clarify the fees for the completed but not yet paid works so that the owners' corporations (OCs)/ owners can pay to the contractors, as well as prepare tender documents for the appointment of a new works consultant. As for a few cases that are not URA's original clients, the URA may also provide such transitional arrangement on a fee-paying basis. Please refer to the press release issued by the URA for details (www.ura.org.hk/en/news-centre/press-releases/20260609).

As for cases where Will Power has been engaged as consultant but yet to sign the works contract with the contractor, the owners should first terminate the contract with Will Power, and then consider engaging a new works consultant through the enhanced "Smart Tender" to be launched by the Government and the URA. In this connection, in order to facilitate owners' termination of the consultancy services of Will Power, the Development Bureau (DEVB) has, in consultation with the URA and the Hong Kong Institute of Surveyors (HKIS), compiled a set of reference materials to provide advice to the OCs on the termination of the consultancy services of Will Power and follow-up matters. The District Offices will contact the affected OCs and owners through their district networks to provide relevant reference materials and arrange briefings by the URA and the HKIS to these OCs and owners where necessary.

In addition, regarding cases where Prestige has been engaged as the contractor while their consultant is not Will Power, since qualified consultants have been engaged for these maintenance works, the consultants have the responsibility to assist owners in supervising their contractors' work and addressing any issues that arise during the course of the works. Hence, the owners should discuss possible solutions with their consultants, including terminating the existing works contracts, and consider seeking legal advice where necessary. The District Offices will continue to contact the affected OCs and owners through their district networks to provide appropriate support.

If buildings have received Mandatory Building Inspection Scheme notices and the compliance period has expired or will expire shortly, the Buildings Department (BD) will exercise discretion on a case-by-case basis.

Furthermore, a DEVB spokesman said that the BD had removed Prestige from the register of general building contractors in February this year. However, this will not exempt Prestige or the relevant individuals from criminal liabilities under the Buildings Ordinance. For contractors, registered inspectors and other involved persons who have violated the Ordinance, the BD will separately take prosecution actions and impose penalties having regard to the investigation results.

Source: AI-found images