Digital Wallets Set to Surpass Credit Cards in Hong Kong by 2030
- tech360.tv
- 3 hours ago
- 2 min read
Digital wallets are projected to become the leading payment method in Hong Kong by 2030, overtaking credit cards in both online and in-store transactions, according to the 2025 Global Payments Report by Worldpay.
The report forecasts that digital wallets will account for 45% of online transaction value and 48% of point-of-sale (POS) transactions in the city within five years.
Credit card usage is expected to decline to 32% of total transactions, down from 39% online and 45% in-store in 2024. A decade ago, credit cards made up 62% of online and 56% of POS payments.
Daniel So, Hong Kong Manager at Worldpay, attributed the shift to increased smartphone usage, which is driving the adoption of mobile payment technologies.
AlipayHK is currently the most popular digital wallet in Hong Kong, used by 42% of respondents in the Worldpay survey. It is followed by Octopus Wallet at 23%, Apple Pay at 22%, PayPal at 18%, and WeChat Pay HK at 14%.
Despite the rise of digital wallets, credit cards remain relevant. About 54% of users link their credit cards to digital wallets, compared with 16% who connect bank accounts and 10% who top up with cash.
The report also noted the rapid growth of account-to-account transactions through the Faster Payment System (FPS), launched by the Hong Kong Monetary Authority in 2018. FPS is the fastest-growing in-store payment method and is expected to grow at a 14% compound annual rate from 2024 to 2030.
FPS has expanded to include cross-border payments, linking with Thailand’s PromptPay in Dec. 2023 and planning further integration with mainland China’s Internet Banking Payment System.
Hong Kong offers a wider variety of digital wallets than mainland China, where credit card usage is low and mobile wallets typically connect directly to bank accounts.
In mainland China, Alipay and WeChat Pay dominate, used by 77% and 67% of online shoppers, respectively. Digital wallets accounted for 84% of online and 70% of POS transactions in 2023, with projections rising to 89% and 77% by 2030.
Digital wallets expected to handle nearly half of Hong Kong’s transactions by 2030
AlipayHK leads usage among Hong Kong consumers at 42%
Credit card usage projected to fall to 32% of total transactions
Source: SCMP