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Digital wallets to overtake credit cards in Hong Kong by 2025

The use of digital wallets or online payments in Hong Kong is expected to overtake credit cards by 2025, according to the 2022 Global Payments Report published by US financial technology firm FIS. The report said 40% of the city’s online transaction value by 2025 will be by digital wallets. Digital wallets are considered more convenient to use amid the Covid-19 pandemic and its popularity will help accelerate the city’s efforts to expand online retail transactions. Among the popular e-wallets in Hong Kong are Alipay, WeChat Pay, Tap & Go, and Octopus. The four digital wallets collectively attracted more than 4.7 million new users and 96,000 new merchants in Hong Kong by the end of 2021.

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