Hong Kong stands out as a global hub with shoppers who move quickly between cards, mobile wallets, bank transfers, and stored-value tools. You see high smartphone penetration, strong international card usage, and near‑universal comfort with QR codes. This mix creates a payment environment that rewards merchants who offer choice.
Why payment preferences in Hong Kong are shifting fast
Hong Kong’s payments market continues to expand. It is valued at USD 154.44 billion in 2025, up from USD 145.70 billion in 2024, and projected to reach USD 203.39 billion by 2030. Growth at this scale (CAGR 5.66% from 2025 to 2030) reflects how frequently people in Hong Kong pay with digital tools across daily life.
Several factors shape these preferences:
- High card penetration.
- A mature mobile wallet ecosystem.
- Widespread use of QR‑based and contactless payments.
- Cross‑border shopping habits.
Credit cards: still the king of retail spending in Hong Kong
Credit cards remain the most widely used payment method in Hong Kong, especially for mid‑ and high‑value transactions. In Q2 2025, credit card transactions reached HKD 268.4 billion. This is slightly lower than the previous quarter but still 12.2% higher year on year. There are about 22.8 million cards in circulation, with around 62.7% of spending tied to local retail activity.
Credit cards account for roughly two‑thirds of all retail transaction value. Shoppers continue to rely on them for both online payment and in‑store purchases.
Why Hong Kong shoppers still prefer cards
- Rewards, cashback, and travel miles.
- Instalment options.
- Extensive acceptance across retail chains, restaurants, and e‑commerce.
- Contactless payments with tap‑to‑pay cards.
Cards remain the default for larger purchases because shoppers know what to expect. The experience is predictable, fast, and widely supported.
Digital and mobile wallets: the everyday default for many shoppers
Usage levels and growth
Reports indicate that digital wallets are set to overtake credit cards by 2030. Wallets already hold a strong position online, accounting for around 45% of e‑commerce payments compared with 42% for cards in 2024.
Social commerce influences these habits. Around 75% of consumers in Hong Kong shop through social media, and 59% use mobile‑enabled payment methods for these purchases. Wallets fit naturally into these flows because shoppers can move from browsing to payment without disruption.
Rewards also play a role. About 35% of consumers say incentives are a reason they choose digital payments.
Which wallets and apps are most popular?
Local options remain strong:
- AlipayHK
- WeChat Pay HK
- PayMe
- Octopus App
But international wallets are also essential:
- Apple Pay
- Google Pay
- Samsung Pay
Surveys show that 42% of users choose Alipay, while 22% choose Apple Pay. These numbers suggest that shoppers prefer a mix of local and global wallets.
Wallets in cross‑border shopping
People in Hong Kong often shop on Mainland China platforms or travel across the border. Wallets such as Alipay and WeChat Pay remain common for these purchases. Some users also join pilots involving e‑CNY.
For merchants serving Mainland tourists in Hong Kong, supporting cross‑border wallets helps capture sales from visitors who expect familiar payment methods.
Octopus: the original everyday payment system going mobile
What is Octopus?
Octopus started as a physical card for transport. Over time, usage expanded into retail categories with many small, frequent purchases. Today, shoppers can use Octopus through physical cards or smartphone‑based Octopus via mobile wallets or the official app. By early 2024, over 20% of Octopus transactions were completed through smartphones.
Where shoppers prefer Octopus
Octopus works well for:
- Transport (MTR, buses, ferries)
- Convenience stores
- Vending machines
- Low‑value retail and quick snacks
Shoppers lean toward Octopus for small purchases because it is fast and familiar. For larger items, they shift to cards or mobile wallets.
FPS and bank transfers: real‑time payments in the background
What is FPS?
FPS (Faster Payment System) is Hong Kong’s real‑time bank transfer network. It connects banks and e‑wallets, allowing consumers to transfer money instantly using mobile numbers or email IDs.
FPS supports person‑to‑person transfers, bill payments, merchant payments via QR, and wallet top‑ups. Bank transfers have seen strong growth, with a 15% point increase in usage year on year in 2024.
FPS as the invisible layer behind many payments
Shoppers may not think about FPS directly. When they top up a wallet or pay a merchant using a bank account in an app, they are often using FPS behind the scenes.
Merchants benefit from FPS because it offers:
- Real‑time settlement.
- Low fees.
- A straightforward QR experience.
Cash, BNPL, and other options
Not every shopper uses digital methods for every purchase. Cash and BNPL still play a role.
Cash
Offline cash payments remain common in traditional shops and among older shoppers. In online channels, usage is minimal at around 2%. People choose cash for budgeting, or when shopping in wet markets and independent stores.
Buy now, pay later
BNPL also represents roughly 2% of e‑commerce volume. Younger shoppers use BNPL to manage larger purchases. BNPL in Hong Kong often connects back to cards or wallets.
Preferences by channel and context
In‑store/POS
Contactless credit cards remain dominant for in‑store shopping. Octopus holds a strong position for smaller purchases. Mobile wallets supplement these for everyday items.
Common sectors include supermarkets, fashion retail, food and beverage, as well as convenience stores.
Online and mobile e‑commerce
Digital wallets represent about 45% of online payments. Cards make up around 42%, while other methods stay smaller. Mobile traffic drives behaviour, with 63% of e‑commerce volume coming through mobile devices.
Social commerce
Social commerce continues to grow. With 75% of shoppers making purchases through social platforms and 59% using mobile payment tools, merchants see strong demand for in‑app payments, QR links, and stored cards.
Transportation and everyday mobility
Octopus remains essential for public transport. Wallet usage also appears in many transport scenarios. A new rule requires all taxis to support at least two e‑payment options from April 2026. This change will further reduce the role of cash across everyday mobility.
What Hong Kong shoppers want from payment methods
Top decision drivers
- Convenience and speed.
- Rewards and loyalty incentives.
- Confidence in the security of established providers.
Cart abandonment when preferred methods are missing
Around 68% of shoppers abandon their purchase if their preferred payment method is absent. This is especially visible in mobile and social commerce purchases.
Demographic differences
- Younger shoppers: wallet‑first, social commerce comfortable, occasional BNPL.
- Older shoppers: cards and cash for familiar routines.
Demographics help explain why merchants need a range of payment options rather than relying on a single method.
What this means for merchants
The must‑have payment mix in Hong Kong
To accept payments effectively in Hong Kong, merchants need coverage across:
- Local and international credit cards.
- Leading mobile wallets (AlipayHK, WeChat Pay HK, PayMe, Octopus App, Apple Pay, Google Pay).
- FPS for bank transfers and QR payments.
Optimising checkout for conversion
Shoppers expect to see their preferred options immediately. Clear presentation of the top three or four methods tends to lift conversion. You also gain from checkout flows that reduce friction, such as deep links, QR flows, or one‑tap wallet experiences.
Working with a reliable PSP for Hong Kong
A reliable payment service provider or PSP helps you manage the full mix of payment methods Hong Kong shoppers expect. You gain predictable performance, straightforward reporting, and guidance when the market shifts. Many merchants also look for a partner who can reduce operational work while supporting cards, mobile wallets, and FPS without separate integrations.
A PSP with strong local experience brings value in several areas:
- Coverage of the leading payment methods Hong Kong shoppers rely on.
- Consistent authorisation performance across cards and wallets.
- A clear settlement process that fits your finance team’s routines.
- Account-level support during launches and key sales periods.
Conclusion
Hong Kong shoppers rely on a broad mix of payment methods. Cards remain strong, mobile wallets shape everyday habits, Octopus handles frequent small purchases, and FPS supports the growing shift toward real‑time bank payments. Merchants who support this range can serve shoppers with confidence. Antom can help you offer these popular payment methods in Hong Kong through a single connection, giving you the flexibility to enter the market with clarity and speed.
