HKMA Releases Q1 2024 Payment Card Statistics Showing Growth in Credit Card Transactions
Terrill Dicki Jun 21, 2024 12:27
The Hong Kong Monetary Authority (HKMA) has published the first-quarter 2024 statistics on payment cards issued in Hong Kong, revealing notable trends in credit and debit card usage.
The Hong Kong Monetary Authority (HKMA) has published the statistics of payment cards issued in Hong Kong for the first quarter of 2024. The data provides insights into the usage patterns of credit and debit cards in the region.
Credit Card Statistics
According to the HKMA, the total number of credit cards in circulation by the end of Q1 2024 reached 19.98 million. This marks a 1.5% increase from the previous quarter and a similar 1.5% increase year-over-year. The total number of credit card transactions for Q1 2024 was 302.34 million, representing a slight 0.3% decrease from the previous quarter but a significant 16.5% increase from the same period in 2023. The total value of these transactions was HK$252.8 billion, showing a 3.2% increase from the previous quarter and a 9.1% increase year-over-year.
Of the total transaction value, HK$185.2 billion (73.3%) pertained to retail spending within Hong Kong, HK$58.3 billion (23.1%) to retail spending overseas, and HK$9.3 billion (3.7%) to cash advances.
Debit Card Statistics
The HKMA noted that the total number of debit cards in circulation is not available due to the overlapping of debit card brands on single cards. However, the total number of debit card transactions related to retail sales and bill payments decreased by 0.7% to 48.30 million in Q1 2024. Despite this, the total value of these transactions increased by 3.0% to HK$75.3 billion. Compared to the same period in 2023, the total number of debit card transactions increased by 3.9%, while the total value dropped by 5.0%.
The HKMA has been publishing these statistics quarterly since June 2010 to enhance the transparency of the payment card industry in Hong Kong, in line with international practices.
For more detailed information, you can refer to the official HKMA announcement.
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