Trends and Predictions for Hong Kong's Annual Payments in 2024

Payment Asia, a leading payment solutions provider in the APAC region, recently released a report on Hong Kong’s annual payment trends and predictions for 2024.

Key Takeaways

QR code payment methods, driven by mobile phone transactions, are set to become the mainstream payment method in Hong Kong in 2024.
Businesses in the payment industry need to invest in fintech advancements and embrace sustainability strategies to meet the evolving needs of the digital economy while reducing environmental impact.
In Hong Kong, mobile phone payments account for over 60% of the total transactions, with QR code payments representing more than 85% of the total.
The adoption of AI technology, such as the PACO assistant, has significantly improved efficiency and reduced sales costs for Payment Asia.

The report suggests that the increasing adoption of mobile payment methods and the growing popularity of QR code payments will lead to a smoother payment process for Hong Kong users in the coming year. The history of mobile phone payments dates back to 1994, and with the rise of smartphones, QR code payments have gained rapid traction worldwide. In Hong Kong, mobile phone payments account for over 60% of the total transactions, with QR code payments representing more than 85% of the total.

Market Pioneers and Emerging Players in QR Code Payments

Alipay and WeChat Pay are the market pioneers in QR code payments in Hong Kong. They have gained significant traction due to user familiarity and the increased use of e-wallets, especially among mainland tourists. Additionally, other players such as UnionPay have also launched QR code payment services in response to changing consumer habits. The report indicates that as the integration of Hong Kong and the Mainland border continues, UnionPay transactions, especially QR code transactions, are expected to grow rapidly.