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Hong Kong Cards & Payments: Opportunities and Risks to 2023

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  • 80 Pages
  • February 2020
  • Region: Hong Kong
  • GlobalData
  • ID: 4990405
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'Hong Kong Cards & Payments: Opportunities and Risks to 2023' report provides detailed analysis of market trends in Hong Kong cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, cash, cards, and cheques during the review-period (2015-19e).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into Hong Kong's cards and payments industry, including:
  • Current and forecast values for each market in Hong Kong's cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including credit transfers, direct debits, cheques, cash, and cards. It also, includes an overview of the country's key alternative payment instruments.
  • E-commerce market analysis and payment methods.
  • Analysis of various market drivers and regulations governing Hong Kong's cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.


  • To foster more efficient retail payments, the central bank introduced Faster Payment System (FPS) in September 2018. FPS connects several mobile wallets with bank accounts and provides real-time, instant fund transfers in Hong Kong dollars and renminbi. To supplement FPS, the central bank introduced a common QR code standard enabling merchants to accept payments through different payment schemes via a single QR code. As of March 2019, FPS had recorded over 2.58 million registrations and processed a daily average of 60,000 transactions at HK$20,700 ($2,643.55) and RMB38,000 ($5,524.61) per transaction respectively.
  • The Hong Kong Monetary Authority (HKMA) issued guidelines for the establishment of virtual banks in May 2018 following the completion of a public consultation. The minimum capital requirement is HK$300m ($38.3m), banks cannot impose minimum account balance requirements or low-balance fees on customers, and they must join the deposit protection scheme through which depositors are offered compensation of up to HK$500,000 ($63,853.87) in case a bank goes bankrupt. As of July 2019, HKMA had granted virtual banking licenses to eight fintech companies in the country.
  • To encourage Hong Kong consumers to make digital payments for travel, Octopus collaborated with HKTaxi in July 2019. The partnership allows passengers to pay HKTaxi fares using either their Octopus card (by placing it against the back of an NFC-enabled mobile phone) or through their O! ePay account. The service offers Octopus users a more convenient way of paying for taxis, as well as discounts. Similarly, with an increasing number of Hong Kong consumers traveling to Mainland China for holidays or on business, Hong Kong Telecom (HKT) partnered with China UnionPay (CUP) to launch the mobile-based Tap & Go UnionPay prepaid card in March 2018. Card holders can convert their existing Hong Kong dollar prepaid balance into Chinese renminbi instantly using the Tap & Go wallet app, thus enabling them to make payments in Mainland China.

Reasons to buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to Hong Kong's cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Hong Kong's cards and payments industry.
  • Assess the competitive dynamics in Hong Kong's cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Hong Kong.
  • Gain insights into key regulations governing Hong Kong's cards and payments industry.

Table of Contents

  • Card-Based Payments
  • Merchant Acquiring
  • E-Commerce Payments
  • Mobile Proximity Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments
  • Payment Innovations
  • Payments Infrastructure & Regulation
  • Appendix



Companies Mentioned

A selection of companies mentioned in this report includes:

  • HSBC
  • Standard Chartered
  • Bank of China
  • Citibank
  • DBS Bank
  • Bank of East Asia
  • Aeon Credit Service
  • China Construction Bank
  • Bank of Communication
  • EPS
  • CUP
  • Visa
  • Mastercard
  • American Express
  • Diners Club