Felix Pinkston
Mar 20, 2026 09:13
HKMA Q4 2025 data shows 28.99 million credit cards in circulation, up 38.4% year-over-year. Transaction values hit HK$311.6 billion amid strong retail spending.
Hong Kong’s credit card market posted exceptional growth in 2025, with cards in circulation jumping 38.4% year-over-year to reach 28.99 million by the end of Q4, according to data released by the Hong Kong Monetary Authority on March 20, 2026.
The quarterly figures reveal a payment ecosystem in rapid expansion. Credit card transaction values climbed to HK$311.6 billion in Q4 2025—a 9.1% increase from the previous quarter and 14.8% higher than the same period in 2024. Transaction volume hit 393.96 million, up 16.1% year-over-year.
Where’s the money going? Local retail spending dominated at HK$201.6 billion, representing 64.7% of total transaction value. Overseas purchases accounted for HK$100.3 billion (32.2%), while cash advances made up just HK$9.6 billion (3.1%).
The debit card picture looks different. While Q4 saw modest quarterly gains—transaction numbers up 2.7% to 53.7 million and values up 11.0% to HK$69.6 billion—the year-over-year comparison tells another story. Debit card transactions dropped 3.2% in volume and 4.6% in value compared to Q4 2024.
This divergence suggests Hong Kong consumers are increasingly favoring credit over debit for purchases, possibly chasing rewards programs or preferring the float that credit provides.
The HKMA data covers cards issued under eight major payment operators including Visa, Mastercard, UnionPay International, American Express, and JCB. The authority began publishing these quarterly statistics in June 2010 to boost transparency in line with international standards.
For fintech investors and digital payment companies eyeing the Hong Kong market, these numbers signal sustained consumer appetite for card-based payments. The 38.4% annual surge in cards issued—far outpacing typical mature market growth rates—indicates room remains for expansion despite the city’s already high banking penetration.
The HKMA also released separate Q4 2025 statistics on stored value facilities the same day, while its credit card lending survey from February provides additional context on the sector’s risk profile heading into 2026.
Image source: Shutterstock
