E-Wallets Overtake Bank Cards for the First Time
According to the newly released 2026 Global Payments Report by Worldpay, Hong Kong’s payment landscape has reached a major milestone — e-wallets have overtaken bank cards to become the most widely used payment method among local consumers.
In 2025, e-wallets are expected to account for 41% of e-commerce transactions and 45% of point-of-sale (POS) transactions in Hong Kong, making them the most popular payment option.
Consumers in Hong Kong have a diverse range of e-wallets to choose from, including:
Localised Mainland platforms: Alipay HK, WeChat Pay HK
Global services: Apple Pay, Google Pay, PayPal
Local platforms: Octopus Wallet, PayMe
The rapid adoption of e-wallets is supported by Hong Kong’s well-established contactless payment infrastructure, particularly the Hong Kong QR (HKQR) code, which lowers barriers for both merchants and consumers.
Even as e-wallets gain ground, bank cards continue to play an important role in consumer payments. By 2025, bank cards are projected to account for 36% of e-commerce value and 40% of POS transactions. Notably, consumers use credit cards twice as often as debit cards. Hong Kong’s card market remains competitive and fragmented, with major providers including UnionPay, EPS, Visa, and Mastercard.
At the same time, instant payments via the Faster Payment System (FPS) are steadily growing. Launched by the Hong Kong Monetary Authority (HKMA) in 2018, FPS supports real-time online and in-store payments in multiple currencies via mobile banking or digital wallet apps, including HKQR. By 2030, account-to-account payments are expected to make up 23% of e-commerce value and 13% of POS transactions.
In summary, Hong Kong is moving toward a diversified, real-time payment future. While e-wallets currently lead the way, bank cards and instant account-to-account payments remain essential parts of the ecosystem.