Digital wallets have surpassed cards for the first time in the city’s payments landscape, according to the Global Payments Report 2026 by Worldpay.
In 2025, digital wallets accounted for 41% of e-commerce value and 45% of point-of-sale (POS) transactions, making them the most widely used payment method.
Consumers in Hong Kong have access to a broad range of wallet options, including local versions of mainland platforms such as Alipay HK and WeChat Pay HK, global services like Apple Pay, Google Pay, and PayPal, and local players including Octopus Wallet and PayMe.
An extensive contactless payment infrastructure, notably the Hong Kong Common QR Code (HKQR), supports the widespread adoption of wallets.
Despite this shift, cards continue to play a significant role in consumer payments. In 2025, card transactions accounted for 36% of e-commerce and 40% of POS value.
Consumers used credit cards within wallets at twice the rate of debit cards. Hong Kong’s card market remains competitive and fragmented, with UnionPay, EPS, Visa, and Mastercard among the leading providers.
Instant payments through the Faster Payment System (FPS) are also on the rise. Account-to-account payments are projected to represent 23% of e-commerce and 13% of POS value by 2030.
Launched by the Hong Kong Monetary Authority (HKMA) in 2018, FPS enables instant online and in-store payments in multiple currencies via mobile banking or digital wallet apps, including through HKQR.
Featured image credit: Edited by Fintech News Hong Kong, based on image by sajabhossain and bloodua via Freepik
