HKMA published payment card statistics for Q4 2025 on 20 Mar 2026. Credit cards in circulation reached 28.99 million, up 15.6% from the previous quarter and 38.4% from the previous year. Credit card transactions totaled 393.96 million (up 3.0% QoQ, 16.1% YoY) with a value of HK$311.6 billion (up 9.1% QoQ, 14.8% YoY). Debit card transactions were 53.7 million (up 2.7% QoQ) with a value of HK$69.6 billion (up 11.0% QoQ).
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On Fri, 20 Mar, the Hong Kong Monetary Authority ("HKMA") released payment card issuance statistics for the fourth quarter of 2025. These statistics encompass quarterly data regarding credit and debit cards issued within Hong Kong under the schemes of eight designated payment card operators. This quarterly reporting initiative commenced in June 2010 to align with international standards and improve industry transparency.
Credit Card Performance Analysis
By the close of Q4 2025, the circulating credit card count reached 28.99 million, marking a 15.6% quarter-on-quarter rise and a 38.4% year-on-year increase. Transaction volume for the quarter totaled 393.96 million, up 3.0% from the prior quarter and 16.1% compared to the same period in 2024. The aggregate transaction value amounted to HK$311.6 billion, reflecting a 9.1% increase from the previous quarter and a 14.8% increase against the 2024 baseline. Retail spending accounted for HK$201.6 billion (64.7%), while overseas retail spending comprised HK$100.3 billion (32.2%), with cash advances totaling HK$9.6 billion (3.1%).
Debit Card Activity Overview
Due to overlapping debit card brands on single cards, the total number of debit cards in circulation is not disclosed. However, transaction data indicates a 2.7% quarter-on-quarter increase to 53.7 million transactions for retail sales and bill payments, with a total value of HK$69.6 billion, an 11.0% increase from the prior quarter. Conversely, when compared to Q4 2024, the total transaction count decreased by 3.2%, and the total value declined by 4.6%.
Statistical Methodology and Definitions
Data compilation covers cards issued by authorized institutions ("AIs") and non-authorized institutions (non-AIs) under eight card operators: American Express International, Inc., Discover Financial Services (Hong Kong) Limited, EPS Company (Hong Kong) Limited ("EPSCO"), JCB International (Asia) Ltd, Joint Electronic Teller Services Ltd. ("JETCO"), MasterCard Asia/Pacific Pte. Ltd., UnionPay International Co. Ltd, and Visa Worldwide Pte. Limited.
Definition of Credit Card
A credit card issued in Hong Kong carries a single credit card brand; the circulation count excludes EPSCO and JETCO as they do not operate credit card schemes, though some cards may include debit functions for purchases or ATM withdrawals.
Definition of Credit Card Transactions
Transaction figures refer to credit card accounts under card operator schemes (excluding EPSCO and JETCO), with retail spending breakdowns available since March 2015.
Definition of Debit Card Transactions
Debit card transaction figures relate to retail sales and bill payments via account debiting, noting that not all operators offer debit schemes and caution is advised to prevent double counting when combining credit and debit retail sales figures.
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