The most popular payment methods in Hong Kong

The digital payments market in Hong Kong is growing rapidly, with e-commerce sales increasing by 27% in 2020. This boom shows no signs of slowing down, as users are projected to reach 6.6 million by 2027 (a penetration rate of 84.1%).

For merchants looking to expand into this section of Asia, adopting popular Alternative Payment Methods (APMs) is key to enhancing customer satisfaction and increasing sales.

The rapid expansion of digital payments in Hong Kong is projected to reach a total transaction value of $111.70 billion in 2025. With an expected compound annual growth rate of 5.66%, the Hong Kong payments market size is projected to reach $203.39 billion by 2030.

This e-commerce boom is driven by changing consumer preferences and technological advancements. Hong Kong ranks highly in global logistics capabilities and quality, with the ability to ensure efficient order fulfilment and shipping. The region attracts local e-commerce businesses due to its beneficial tax regime, such as low corporate income tax, no capital gains tax, and no VAT or sales tax. It’s also simple, quick, and affordable for e-commerce businesses to set up in Hong Kong.

Creating a business-friendly environment and encouraging local e-commerce companies to thrive has accelerated the adoption of digital payments in Hong Kong, opening new opportunities for e-commerce businesses around the world to penetrate this welcoming market.

50% of consumers in Hong Kong prefer shopping online to physical stores. This preference has led to a mass uptake in digital payments, with over 4.7 million new consumers adopting digital payment platforms.

The most popular digital wallets in Hong Kong are Alipay, PayMe, WeChat Pay, OlePay, and Apple Pay.

A survey in 2023 found that 87.9% of respondents had a form of mobile wallet and had actively used it to shop in the past 12 months, so incorporating these digital wallets into your payment strategy is vital when expanding into Hong Kong.

Hong Kong holds a strategic position as a global financial hub, with priority placed on implementing new multi-currency payment solutions to facilitate seamless cross-border transactions. Financial institutions are actively developing infrastructure in this area, with many banks offering integrated specialised solutions for cross-border payments.

In 2022, 53% of the cross-border e-commerce market share in Hong Kong was with mainland China. Japan and the USA were close behind, with a 38% and 34% market share respectively..

The preferred payment methods in Hong Kong are cards, digital wallets, A2A, and other payment methods.

Alongside cash, credit and debit cards are the most popular ways to pay in Hong Kong, but digital wallets, like Alipay and WeChat Pay, are not too far behind. QR code payments Adopting a range of popular APMs is key to satisfying this diverse e-commerce market, and offering multiple ways to pay can help reduce cart abandonment and increase conversion.

Integrating APMs into your business can drive tangible benefits. By offering familiar, trusted payment options, you can streamline transactions, reduce cart abandonment, and meet the heightened demand for digital payments in Hong Kong.

Our range of Hong Kong APMs are ideal for businesses operating within the retail, FinTech, travel, hospitality, mobility, transport, and digital goods and services sectors.

A reliable and secure payment method, widely used for high-value transactions. It’s favoured by SMEs and corporate clients, with 76% of Hong Kong’s SMEs relying on bank transfers for daily operations.

This real-time payment method supports instant person-to-merchant (P2M) payments, allowing seamless transactions via QR codes. This solution has quickly gained popularity for its ease and speed, especially among younger consumers and in retail sectors.

At Ecommpay, we enable our merchants to expand globally, boosting revenue with the lowest costs. Our payments experts are on hand to help you identify the right payment methods to optimise your checkout for conversion, and our single integration allows you to launch these payment methods with ease.

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