Banks in Hong Kong are stepping up their game with exciting new offerings like mobile virtual cards and dual-currency payment options. As a reflection of this growing competitiveness, the credit and charge card payments market is projected to expand by 6% to reach an impressive $132.4 billion (HK$1 trillion) by 2025, according to insights from data and analytics firm GlobalData.
Currently, credit and charge cards account for a staggering 77% of all card payments in Hong Kong. This remarkable uptick in consumer spending is driven by a rapidly evolving payment infrastructure, an increasing number of merchant acceptances, and enticing benefits tailored for customers.
With 27,252 point-of-sale (POS) terminals per million inhabitants, Hong Kong proudly outpaces Japan, Thailand, and Indonesia in this regard. As banks roll out innovative schemes, the appetite for adopting digital payment solutions is only expected to grow.
In June 2025, HSBC partnered with Mastercard to introduce the city’s pioneering mobile virtual corporate card, specifically designed for commercial clients. This avant-garde solution allows businesses to instantaneously issue virtual cards through a user-friendly portal. For added convenience, these cards can be linked to compatible digital wallets for immediate use through the Mastercard In Control Pay mobile app. Users enjoy the flexibility to activate or deactivate their virtual cards at any time and from any location — because why not take control of your finances while sipping a coffee at your favorite café?
In a related development, the Bank of China Hong Kong (BOCHK) collaborated with UnionPay International to launch a dual-currency BOC Go credit card. This innovative card enables holders to make purchases in both Chinese yuan and Hong Kong dollars, blurring the lines of currency accessibility.
Recent data from the Hong Kong Monetary Authority (HKMA) reveals that in the first quarter of 2025, the total value of credit card transactions surged by 8.4% year-on-year to reach $34.9 billion (HK$274.1 billion). Delving deeper, of this sum, $23.7 billion (HK$186.1 billion) stemmed from retail spending within Hong Kong. Overseas retail spending accounted for $10.06 billion (HK$79 billion), with cash advances making up $1.15 billion (HK$9 billion).
Recognizing the importance of managing risk, banks are enhancing credit card user experience by introducing flexible repayment options. For instance, Citibank’s Merchant Instalment Plan allows consumers to convert purchases of HKD2,000 ($256) or more at over 600 participating merchants into manageable monthly installments. Similarly, Standard Chartered offers customers the ability to convert purchases of HKD500 ($64) and above into payments spread over three to 60 months, fostering greater financial ease.
What is the projected growth rate of Hong Kong’s credit and charge card payments market by 2025?
The market is expected to grow by 6%, reaching $132.4 billion (HK$1 trillion) by 2025.
How are banks encouraging the adoption of new payment solutions?
Banks are introducing innovative products like mobile virtual corporate cards and dual-currency credit cards, alongside flexible repayment options to enhance user convenience.
What percentage of all card payments in Hong Kong currently comprises credit and charge cards?
Credit and charge cards account for a significant 77% of all card payments in Hong Kong.
