Country Snapshot: Hong Kong; Overview of the consumer payments market in Hong Kong

Summary
Hong Kong represents a mature payment card market in Asia, with 25 million payment cards in issue and a population of over 7 million. Despite a high card per customer ratio, Hong Kong is expected to see mild growth in both card numbers and the value of transactions in the coming years.

Key Findings
– Pay-later cards are the fastest growing payment card segment in Hong Kong, mostly driven by the popularity of credit cards.

– Credit card is the number one payment tool for online commerce, and 43% of consumers highlighted convenience and ability to earn rewards as the two top factors for using credit cards online.

– Hong Kong consumers see the benefits of contactless cards, but are concerned about security. In October 2015, HKMA ordered seven banks to recall their contactless credit cards, citing a security flaw which allowed unauthorized access to card holders’ personal information.

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Synopsis
This report examines the consumer payments market in Hong Kong, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the main regulatory players in the Hong Kong market.

In addition the report:

– Analyzes the consumer attitudes to financial services by life stage.

– Analyzes the major payment card types in terms of both card holding and usage

– Identifies the major competitors in card issuing and how their positions in the market have changed over the last five years

– Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Hong Kong are deploying these tools to meet customer needs.

– Explores the online payment market in Hong Kong by merchant type and payment tool, as well as providing a five-year forecast for the development of the market

Reasons To Buy
– Understand the key facts and figures in the consumer payments market in Hong Kong.

– Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.

– Find out what products the major competitors are launching in the market.

– Discover consumer sentiments towards various payment tools in the Hong Kong market and use this knowledge to inform product design.

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This release was published on openPR.