Debit cards usage surges threefold, says Citibank HK

Debit card usage has surged nearly three times between 2019 and 2023 amid a surge in travel interest after the Covid pandemic, a Citibank Hong Kong survey shows.

The survey of the bank's wealthy customers also showed that debit card usage has gained momentum in Hong Kong over the past five years, with overall usage up by 90 percent.

Over 70 percent of respondents prefer using debit cards for overseas spending, and more than 90 percent use them to pay for their children's living expenses in foreign countries, it showed.

Vicky Kong Pik-tung, chief executive of Citibank Hong Kong, said Citigold Private Client has also seen an over 50 percent year-on-year increase in the number of debit card foreign currency transactions during the first quarter of 2024, primarily driven by spending in dining, travel and grocery shopping.

Deposits recorded single-digit growth in the first quarter of this year, Kong said.

In the first quarter, typically a period of new client growth, there was a 24 percent year-on-year increase in new clients for Citi Gold and CPC, the highest quarterly level since 2018, while new clients in the international personal banking sector grew by 1.18 times year-on-year, with the majority being mainland Chinese customers, Kong added.

Citi revealed the survey as it launched its new Citigold Private Client World Elite Debit Mastercard. The card has a daily spending limit of up to HK$300,000, which is said to be the highest in town.