In 2019, pre-paid cards continued to grow both in terms of number of cards in circulation and transaction volume and value. Open loop pre-paid cards were the main drivers of growth.
Since 2016, the Hong Kong Monetary Authority (HKMA) has been granting Stored-Value Facility licences (SVFs) in an attempt to better regulate the expanding payment services sector. The SVF licence requires minimum capital, risk management and data privacy among other things.
Since 1999, Octopus has been an essential part of the lives of Hong Kong consumers, being the first contactless payment card. However, with the recent rise of contactless credit cards and mobile wallets, Octopus has been under pressure to innovate, modernise and offer new features to its customers.
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Discover the latest market trends and uncover sources of future market growth for the Pre-Paid Transactions industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
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