Cards maintain dominance in Hong Kong's payment landscape
Over nine in 10 consumers use cards as their payment method.
Card payments remain to be the most preferred payment method of Hong Kong consumers, a study by Visa has found.
According to the Consumer Payment Attitudes Study 4.0: Payments Outlook, 91% of Hong Kongers use cards as a way to pay.
Of those who prefer card payments, 67% use credit or debit cards, whilst 65% pay via contactless stored-value cards.
Consumers’ preference for cards can be linked to eagerness to maximise loyalty rewards that come with the cards.
According to the study, more than half (60%) of Hong Kong consumers try to maximise their loyalty rewards and are highly conscious about tracking their loyalty redemption portfolio.
Loyalty programmes from credit/ debit card issuers (62%) are amongst the loyalty programmes that yield the highest consumer satisfaction.
“When it comes to value propositions for new credit card programmes, aside from the joys of shopping (51%) and unique and quality dining experiences (39%), consumers are also drawn to programmes that emphasise work-life-leisure balance (43%) and health or well-being (36%),” Visa revealed.
Whilst cards remain king in Hong Kong, Visa has found that mobile wallets are also on the rise in the city, with 55% of consumers using mobile contactless (79%) and QR code payments (55%).
Meanwhile, 82% of Hong Kong still uses cash as a payment method.