A GlobalData study has revealed that the total number of card payments will go up to 1 bln in 2020 in Hong Kong.
According to GlobalData’s Payment Cards Analytics, Hong Kong’s payment card market is mainly driven by credit and charge cards, which accounted for 67.9% of total card payment value in 2019. The total card payment value in the country is forecast to increase from USD 43.3 billion in 2019 to USD 59.6 billion in 2023.
Hong Kong has a highly penetrated payment card market, with each individual holding more than three cards in 2019.
This is supported by the government and banks’ efforts to provide banking services even in remote areas, and expand banking infrastructure through the introduction of mobile banking branches, new physical bank branches and establishment of virtual banks.
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