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Published by May 22, 2024
Credit cards and wallets remained the most popular ways to pay in physical store payments in Hong Kong. When combined, the two payment methods reached a combined market share of more than 75 percent in 2021. The share of cash rebounded somewhat that year, but remained at the same level from before the COVID-19 pandemic. Hong Kong is known for having a diverse selection of credit card schemes - with UnionPay, Amex, Mastercard, and VISA all being available - but can also choose to use mobile wallets like Alipay, WeChat, PayPal, and Octopus. Some of the main reasons why consumers in Hong Kong prefer cashless payments include the rewards on offers and better hygiene.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Hong Kong from 2017 to 2023, with a forecast for 2027
| Characteristic | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2027 |
|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
| - | - | - | - | - | - | - | - |
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