HKMA Reports Growth in Hong Kong Payment Card Usage for Q3 2024

The Hong Kong Monetary Authority (HKMA) has released its latest statistics on payment cards issued in Hong Kong, showcasing a significant uptick in both credit and debit card usage during the third quarter of 2024. The data indicates a robust growth in the number of cards in circulation as well as the value of transactions conducted, reflecting broader economic trends and consumer behavior.

Credit Card Circulation and Transactions

According to the HKMA, the total number of credit cards in circulation reached 20.30 million by the end of the third quarter, marking a 2.0% increase from the previous quarter and a 3.9% rise compared to the same period last year. The report highlights that the total number of credit card transactions rose to 329.10 million, a 2.2% increase from the previous quarter and a substantial 19.6% increase year-on-year. The total transaction value for credit cards stood at HK$248.8 billion, which is a 4.0% increase from the previous quarter and a 9.8% increase from the previous year.

Retail spending within Hong Kong accounted for HK$164.0 billion, representing 65.9% of the total transaction value, while overseas retail spending and cash advances contributed HK$75.9 billion and HK$9.0 billion, respectively.

Debit Card Trends

While the exact number of debit cards remains unspecified due to overlapping card brands, the HKMA reported a 4.3% increase in the total number of debit card transactions related to retail sales and bill payments, totaling 54.02 million transactions. The total value of these transactions rose by 2.5% to HK$68.4 billion in the third quarter. Compared to the same period in 2023, the number of transactions increased by 18.2%, while the total value saw a modest 0.3% rise.

Industry Context and Operator Insight

The HKMA's quarterly publication of payment card statistics, initiated in June 2010, aims to enhance transparency within the industry. The data compiled includes contributions from both authorized and non-authorized institutions under the credit and/or debit card schemes of eight major payment card operators, including American Express, Discover Financial Services, and Visa, among others.

This detailed breakdown provides insights not only into the proliferation of credit and debit cards in Hong Kong but also into consumer spending patterns and the economic factors influencing these trends.

For additional information, the full report and annex are accessible on the Hong Kong Monetary Authority website.