Hong Kong’s towering skyline and high caliber subway system surely represents the technologically advanced country Hong Kong is but is the nation equally as advanced when it comes to payment methods used by the average person? Let’s explore mostly used payment methods in Hong Kong.
A report compiled by Tofugear states that over 97% of the Hong Kongers prefer to use Octopus Card. It is a contactless, smartcard with stored value which can store a set amount of money. The card is native to Hong Kong and has enduring popularity in the area because it can be used for both online and offline payments. There are over 25,000 outlets, convenience stores and supermarkets citywide that accept Octopus Card. Octopus is a fairly practical and convenient method, hence used by many.
Rita Li, the marketing and sales director at Octopus Cards Limited, said in the Tofugear report that, “Consumers are satisfied with the convenience and the ease of use of Octopus cards, so there are perhaps fewer driving forces for them to switch to another payment method.”
47 percent of people in Hong Kong use WeChat Pay according to the report by Tofugear. WeChat Pay is a digital payment platform which is more preferred by the generation Z.
Hong Kong has its fair share of various exclusive e-wallet options and apps. Citizens of Hong Kong usually use applications such as Tap & Go, Alipay, TNG Wallet and WeChat Pay, to make electronic payments. In most e-wallet, customers usually deposit money directly into the e-wallets they are using or link credit cards with their e-wallets so that they can use these e-wallets for purchases.
With over 88 percent of Hong Kongers still using fiat currency to shop in stores and supermarkets, cash continues to be the most common payment method across the world and in Hong Kong as well. Official currency used in Hong Kong is the Hong Kong dollar (HK$), the currency is pegged to the U.S. dollar at the rate of US$1 = HK$7.80.
Around 53 percent of people in the country use credit cards and 25 percent use contactless credit cards. Like most other countries, Hong Kong has its own set of companies offering credit cards. Most businesses accept this popular and worldwide payment option which helps many customers make payments conveniently so it helps out both businesses and customers. This payment method can also be used to buy digital currencies.
PayPal, EPS, bank transfers cheques and e-cheques are some other less popular modes of payment used across the country.
Hong Kong’s payment options future will most likely be a mix of credit cards, cash, Octopus cards, and digital wallets. Most residents may still find solace in the traditional methods but with over 45.6 million travelers from mainland China traveling to Hong Kong in 2018, most businesses have started adopting the new methods of payment.