Chart of the Week: Hong Kong card payments to hit $233.5b by 2029

Growing preference for contactless payments will lift the value up.

Hong Kong’s payment card transaction value is expected to reach $233.6b (HK$1.8t) by 2029, estimates GlobalData.

Growth between 2025 and 2029 is expected to come at 4.5%, slower than the 8.8% in the four-year period prior, on the back of geopolitical tensions and ongoing trade tariff issues with the USA, the data and analytics company said on 19 September 2025.

A well-developed banking and payments infrastructure, as well as growing preference for contactless payments, is expected to lift the value up, it said.

“A high adult population and a well-established payment infrastructure have encouraged the adoption of electronic payments,” said Kartik Challa, banking and payments senior analyst at GlobalData.

“In addition, the proliferation of digital-only banks, the uptake of contactless payments, and their implementation of electronic payments into public transport systems all encouraged the shift away from cash,” Challa said.