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Learn moreNov 2020
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Debit cards lack popularity in Hong Kong as local consumers fundamentally tend to prefer credit cards and pre-paid cards to debit cards due to several reasons. Firstly, the local debit card system EPS can only be used in Hong Kong, meaning many consumers cannot use their debit cards when travelling abroad.
Despite the challenges posed by COVID-19, the number of debit cards in circulation has continued to rise in Hong Kong in 2020, despite low transaction volume and value. This is largely down to the fact that bank accounts in Hong Kong are typically linked with the issuance of the local EPS debit cards at no cost to the customer.
UnionPay International Co Ltd found success over the review period in its competition with EPS with it having the advantage of not charging any fees on foreign currency transactions and cash withdrawals. This saw UnionPay win share from EPS, with it benefiting from the rise in tourists from Mainland China which boosted demand for its debit cards.
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Discover the latest market trends and uncover sources of future market growth for the Debit Transactions industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
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If you're in the Debit Transactions industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.
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Euromonitor’s industry reports, including Debit Transactions in Hong Kong, China, originate from our database within our Consumer Finance market share and market size database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.