Credit cards and wallets remained the most popular ways to pay in physical store payments in Hong Kong. When combined, the two payment methods reached a combined market share of more than 75 percent in 2021. The share of cash rebounded somewhat that year, but remained at the same level from before the COVID-19 pandemic. Hong Kong is known for having a diverse selection of credit card schemes - with UnionPay, Amex, Mastercard, and VISA all being available - but can also choose to use mobile wallets like Alipay, WeChat, PayPal, and Octopus. Some of the main reasons why consumers in Hong Kong prefer cashless payments include the rewards on offers and better hygiene.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Hong Kong from 2017 to 2023, with a forecast for 2027
* The source changed its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL". This seems to have been reverted for "POS financing" in the 2023 report - which covered the figures for 2022.
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Hong Kong from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1296693/preferred-payment-methods-hong-kong/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in Hong Kong from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1296693/preferred-payment-methods-hong-kong/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Hong Kong from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1296693/preferred-payment-methods-hong-kong/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in Hong Kong from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1296693/preferred-payment-methods-hong-kong/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in Hong Kong from 2017 to 2023, with a forecast for 2027 Statista, https://www.statista.com/statistics/1296693/preferred-payment-methods-hong-kong/ (last visited November 03, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Hong Kong from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1296693/preferred-payment-methods-hong-kong/
