HKMA releases first quarter 2024 payment card statistics, credit card numbers rise

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21st June 2024 – (Hong Kong) The Hong Kong Monetary Authority (HKMA) has released the statistics for payment cards issued in Hong Kong for the first quarter of 2024, providing insights into the credit and debit card landscape. The publication of these quarterly statistics, which began in June 2010, aims to enhance transparency within the payment card industry in alignment with international practices.

According to the report, the total number of credit cards in circulation reached 19.98 million by the end of Q1/2024, showing a 1.5% increase compared to the previous quarter and the same period in the previous year. However, it is important to note that the number and value of credit card transactions, including both retail sales and cash advances, are subject to seasonal factors and the overall economic environment, making the trends more susceptible to fluctuations.

The data reveals that the total number of credit card transactions for Q1/2024 amounted to 302.34 million, indicating a slight decrease of 0.3% compared to the previous quarter. However, there was a significant 16.5% increase in comparison to the same period in 2023. In terms of value, credit card transactions reached HK$252.8 billion for Q1/2024, reflecting a 3.2% increase from the previous quarter and a 9.1% increase from the same period in the previous year.

Analyzing the total transaction value, it is evident that HK$185.2 billion (73.3%) was attributed to retail spending within Hong Kong, HK$58.3 billion (23.1%) to retail spending overseas, and HK$9.3 billion (3.7%) to cash advances.

As for debit cards, the report does not provide a specific count due to the overlap of debit card brands on a single card. Similar to credit card transactions, the number and value of debit card transactions related to retail sales and bill payments are influenced by seasonal factors. In Q1/2024, there was a 0.7% decrease in the total number of debit card transactions related to retail sales and bills payments, amounting to 48.30 million. However, the total value witnessed a 3.0% increase, reaching HK$75.3 billion. When compared to the same period in 2023, the total number of debit card transactions increased by 3.9%, while the total value decreased by 5.0%.