The Hong Kong Monetary Authority (HKMA) has released first quarter 2024 statistics for the Stored Value Facility (SVF) scheme, according to the HKMA. These statistics provide valuable insight into the usage and transaction volume of SVF accounts issued by licensed operators.
Key Statistics and Growth
By the end of the first quarter of 2024, the total number of SVF accounts in use reached 73.58 million, an increase of 3.0% from the previous quarter. The total number of SVF transactions in this period was approximately 1.9 billion, a decrease of 4.0% compared to the fourth quarter of 2023. Despite the decline in trading volume, total SVF transaction value increased 1.0% to HK$166.1 billion.
The details of the total transaction amount are as follows.
- POS spend payments: HK$42.8 billion
- Online spending payments: HK$25.2 billion
- Peer-to-Peer fund transfers: HK$14.2 billion
- Value-added transactions: HK$83.9 billion
Additionally, total liquid assets and SVF deposits at the end of the first quarter of 2024 were HK$17.5 billion, up 1.4% from the previous quarter.
Year-on-year comparison
Comparing year-over-year data, the total number of SVF accounts in use by the end of Q1 2024 was 16.9% higher than Q1 2023. Total liquid and SVF deposits also increased by 9.7%. In the first quarter of 2024, the number and amount of SVF transactions increased by 5.5% and 19.9%, respectively, compared to the same period last year.
Notes and Definitions
The HKMA states that “total number of SVF accounts in use” means the total number of SVF accounts in operation at the end of the reporting period. The terms “float” and “SVF Deposit” are defined under the Payment Systems and Stored Value Facilities Ordinance.
The HKMA’s publication of these statistics is part of its ongoing efforts to maintain transparency and provide stakeholders with up-to-date information on the performance and adoption of Hong Kong’s SVF scheme.
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