Hong Kong is a developed cards market marked by an elevated degree of card ownership, a deep and wide acceptance infrastructure and a knowledgeable populace familiar with the advantages associated with payment cards.
Although consumers have been sophisticated users of credit cards for a long time, cash use has persisted. The authorities have consequently committed to a push for digitalisation, producing a common QR code and licensing Stored Value Facilities as well as eight digital banks. E-wallets, dominant in the region, have now overtaken credit cards as the leading online payment method, with the major Chinese wallets becoming popular.
None of the newcomers, however, comes close to Hong Kong's own Octopus card, which has repeatedly innovated to assure its place in the local payments landscape.
This latest Asia-Pacific region report from Verisk Financial Research takes an in-depth look at developments across Hong Kong's cards and payments landscape, with clear-sighted commentary supported by historic and forecast data.
Each Verisk Financial Research report takes a consistent approach, providing concise commentary and deep data on the latest market trends and regulatory developments, with insights and profiles covering the key market players including banks, issuers, networks, acquirers and processors.