Country Snapshot: Hong Kong; Overview of the consumer payments market in Hong Kong

(MoneyNewsWire.Net, October 25, 2016 ) In addition the report:
- Analyzes the consumer attitudes to financial services by life stage.
- Analyzes the major payment card types in terms of both card holding and usage
- Identifies the major competitors in card issuing and how their positions in the market have changed over the last five years

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- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Hong Kong are deploying these tools to meet customer needs.
- Explores the online payment market in Hong Kong by merchant type and payment tool, as well as providing a five-year forecast for the development of the market

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Report Summary

Hong Kong represents a mature payment card market in Asia, with 25 million payment cards in issue and a population of over 7 million. Despite a high card per customer ratio, Hong Kong is expected to see mild growth in both card numbers and the value of transactions in the coming years.

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Key Finding

- Pay-later cards are the fastest growing payment card segment in Hong Kong, mostly driven by the popularity of credit cards.
- Credit card is the number one payment tool for online commerce, and 43% of consumers highlighted convenience and ability to earn rewards as the two top factors for using credit cards online.
- Hong Kong consumers see the benefits of contactless cards, but are concerned about security. In October 2015, HKMA ordered seven banks to recall their contactless credit cards, citing a security flaw which allowed unauthorized access to card holders' personal information.

Reason to Buy

- Understand the key facts and figures in the consumer payments market in Hong Kong.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Hong Kong market and use this knowledge to inform product design.

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