The Hong Kong Monetary Authority (HKMA) has released statistics on payment cards issued in Hong Kong for the first quarter of 2024. This data provides insight into credit and debit card usage patterns in your area.
credit card statistics
According to the HKMA, the total number of credit cards in circulation by the end of the first quarter of 2024 reached 19.98 million. This is a 1.5% increase compared to the previous quarter and a 1.5% increase compared to the same period last year. The total number of credit card transactions in the first quarter of 2024 was 302.34 million, a slight decrease of 0.3% compared to the previous quarter, but a significant increase of 16.5% compared to the same period in 2023. The total amount of these transactions was HK$252.8 billion, an increase of 3.2% compared to the previous quarter and 9.1% compared to the same period last year.
Of the total transaction value, retail spending in Hong Kong was HK$185.2 billion (73.3%), overseas retail spending was HK$58.3 billion (23.1%) and cash advances were HK$9.3 billion (3.7%).
Debit Card Statistics
The HKMA noted that the total number of debit cards in circulation could not be determined due to multiple debit card brands on a single card. However, the total number of debit card transactions involving retail sales and bill payments decreased 0.7% to 48.3 million in the first quarter of 2024. Nonetheless, the total value of these transactions increased 3.0% to HK$75.3 billion. Compared to the same period in 2023, the total amount of debit card transactions increased by 3.9%, while the total amount decreased by 5.0%.
The HKMA has been publishing these statistics quarterly since June 2010 to increase transparency in the Hong Kong payment card industry in line with international practice.
For more information, please refer to the HKMA official announcement.
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