Blockchain technology continues to revolutionize various industries, including the financial sector. Recently, the Hong Kong Monetary Authority (HKMA) released the statistics of payment cards issued in Hong Kong for the first quarter of 2024. These figures shed light on the usage patterns of credit and debit cards in the region, providing valuable insights for investors and financial experts.
Credit card statistics revealed that the total number of credit cards in circulation by the end of Q1 2024 reached 19.98 million, indicating a 1.5% increase from the previous quarter and a similar 1.5% increase year-over-year. The total number of credit card transactions for Q1 2024 was 302.34 million, with a slight 0.3% decrease from the previous quarter but a significant 16.5% increase from the same period in 2023. The total value of these transactions amounted to HK$252.8 billion, showing a 3.2% increase from the previous quarter and a 9.1% increase year-over-year.
Interestingly, HK$185.2 billion (73.3%) of the total transaction value was from retail spending within Hong Kong, HK$58.3 billion (23.1%) from retail spending overseas, and HK$9.3 billion (3.7%) from cash advances. These numbers indicate a robust credit card market in Hong Kong, with consistent growth in transaction volume and value.
On the other hand, debit card statistics highlighted a different trend. While the total number of debit cards in circulation was not available due to brand overlap, the total number of debit card transactions related to retail sales and bill payments decreased by 0.7% to 48.30 million in Q1 2024. Despite this, the total value of these transactions increased by 3.0% to HK$75.3 billion. Compared to the same period in 2023, the total number of debit card transactions increased by 3.9%, while the total value dropped by 5.0%.
The HKMA has been consistently publishing these statistics quarterly since June 2010 to enhance the transparency of the payment card industry in Hong Kong, aligning with international practices. These insights into the payment card market in Hong Kong are crucial for investors looking to understand consumer spending trends and the overall financial landscape.
For a deeper dive into the official HKMA announcement and more detailed information on the Q1 2024 payment card statistics, stay tuned to Extreme Investor Network for expert analysis and market insights. Stay ahead in the financial world with our exclusive content on blockchain, cryptocurrency, and investment opportunities.