Card payments in Hong Kong will grow by 6.1% in 2022, despite its decline by 14.7% in 2020 due to COVID-19, according to a report by GlobalData. The market will also reach $140.2 billion by 2025.

With businesses reopening and restrictions lifting, GlobalData expects the Hong Kong payments market to recover from the impact of COVID-19 and other issues such as the protests over the extradition law.

"The payment card market in Hong Kong is mature with high card penetration and a high annual spending per card, driven by its robust payment infrastructure. Despite this, the card payments market declined in the past two years due to the global trade war followed by Hong Kong protests (anti-extradition law movement), which affected the country'' economy," Kartik Challa, payments senior analyst at GlobalData, said in the release. "This was further worsened by the COVID-19 crisis. However, improving consumer spending and economic recovery will support recovery in card payments."

Credit and charge cards are the most preferred types, taking up 63.9% of all transactions, with debit cards holding the remaining 36.1% share.

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