Credit card transactions climb in 2Q

Business | 20 Sep 2019 6:55 pm

The total number of Hong Kong's credit cards in circulation was 19.59 million by the end of the second quarter this year, representing a 0.5 percent increase from the previous quarter and a 2.2 percent increase from the previous year, said the Hong Kong Monetary Authority.

The number of credit card transactions amounted to 204.94 million for the quarter ended June 30, rising 7 percent from the previous quarter or 14.3 percent from the same period of last year. Total value of credit card transactions for the second quarter was HK$189.8 billion, falling 1.7 percent from the previous quarter but climbing 6.3 percent from the same period in 2018.

Among the total transaction value, 76.6 percent was related to retail spending in Hong Kong, while 16.9 percent was in retail spending overseas and 6.5 percent in cash advances.

On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments decreased 1.4 percent to 35.07 million while the total value decreased by 8.1 percent to HK$82.9 billion in the second quarter. When compared to the same period in 2018, the total number increased by 2.3 percent and the total value rose by 4.2 percent, said HKMA.

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