Payment methods in Hong Kong
Hong Kong's e-commerce market is worth US$22 billion — over US$3,000 per shopper per year.
Market takeaways
- Hong Kong's e-commerce market is worth US$22 billion — over US$3,000 per shopper per year.
- 62% of online purchases are completed on mobile devices, up from 57% in 2020.
- Card payments account for 44% of transactions, with a highly fragmented "Other" scheme category (69%) reflecting local card dominance.
- 77% of Hong Kong shoppers have made cross-border purchases, spending US$3.7 billion internationally (19% of total e-commerce).
- E-wallet adoption is strong at 31% of transactions, driven by Octopus, Alipay HK, WeChat Pay HK, and PayMe.
Population
7.5M
Online population
6.9M
B2C e-commerce
$22B
Banked population
95%
Credit card population
74%
E-commerce of total retail
14%
Payment method breakdown
- Card44%
- Cash3%
- Bank Transfer15%
- E-Wallet31%
- Other7%
Card scheme breakdown
- Visa16%
- Mastercard9%
- American Express6%
- Local Schemes0%
- Other69%
Cross-border e-commerce
Cross-border shoppers
77%
Share of e-commerce
19%
Cross-border value (est.)
$3.7B
Featured payment methods in Hong Kong
All payment methods available in this market, sorted by prominence.
UnionPay SecurePay
UnionPay is the world's largest card network by issued cards, and has deep penetration in Hong Kong alongside China's broader payment ecosystem. UnionPay SecurePay is the online payment authentication service enabling UnionPay cardholders to transact securely at e-commerce merchants globally. It is widely accepted by both local and international merchants serving Hong Kong consumers.
Octopus
Octopus is Hong Kong's iconic contactless stored-value card, originally designed for public transport. It has expanded into retail, dining, and online payments via the Octopus app and Octopus Online Payment service. It is one of the highest-adoption payment instruments in Hong Kong with near-universal awareness.
FPS (Faster Payment System)
HKMA's real-time payment system linking banks and wallets via phone, email or QR for instant payments. Operator: Hong Kong Interbank Clearing Limited (HKICL). Est. users: 14 million+ registrations (2024).
PayMe
HSBC's popular Hong Kong wallet for P2P transfers and online/in-app merchant payments. Operator: HSBC (Hongkong and Shanghai Banking Corp.). Est. users: 3 million users (2024).
AlipayHK
Hong Kong localized Alipay wallet for QR, online and cross-border payments. Operator: Alipay Payment Services (HK) Ltd.. Est. users: Millions of users (2024).
BoC Pay
Bank of China (HK)'s wallet for local and cross-border QR and online payments. Operator: Bank of China (Hong Kong) Limited. Est. users: Millions of users (2024).
O! ePay
Octopus's mobile wallet app for P2P transfers, Octopus reloads and online payments. Operator: Octopus Cards Limited. Est. users: Millions of users (2024).
Tap & Go
HKT's prepaid mobile wallet supporting contactless, QR and online payments in Hong Kong. Operator: HKT Payment Limited (HKT Group). Est. users: Millions of users (2024).
WeChat Pay HK
Hong Kong edition of WeChat Pay for local and cross-border QR and online payments. Operator: WeChat Pay Hong Kong Limited. Est. users: Millions of users (2024).
Alipay HK
Alipay HK (operated by Ant Group in partnership with CK Hutchison) is the Hong Kong version of mainland China's Alipay. It supports QR code payments, online purchases, bill payments, and P2P transfers. While linked to the global Alipay ecosystem, it operates with a separate wallet and currency from the mainland version.
PayMe by HSBC
PayMe is HSBC's peer-to-peer and merchant payment app, which has become one of the most popular local e-wallets in Hong Kong. It supports bank-linked transfers, QR code payments, and online checkout through API integrations. While primarily a P2P tool, merchant acceptance has grown significantly.
Featured banks in Hong Kong
All banks operating in this market, sorted by prominence.
Industrial and Commercial Bank of China (ICBC)
Beijing, China
ICBC is the world's largest bank by total assets and the largest of China's 'Big Four' state-owned banks. It offers retail, corporate, and investment banking globally.
JPMorgan Chase
New York, United States
JPMorgan Chase is the largest US bank and one of the world's largest financial institutions, offering consumer banking, investment banking, commercial banking, and asset management globally.
DBS Bank
Singapore
DBS Bank is Singapore's largest bank and Southeast Asia's leading bank, recognised globally for its digital innovation and strong retail, SME, and corporate banking.
HSBC Holdings
London, United Kingdom
HSBC is one of the world's largest banks by assets, headquartered in London with a dominant presence in Asia. It offers retail, commercial, and investment banking in over 60 countries.
HSBC Hong Kong
Hong Kong
HSBC is Hong Kong's largest bank and the note-issuing bank of the territory, offering retail, commercial, private, and investment banking.
UBS Group
Zurich, Switzerland
UBS Group is Switzerland's largest bank and one of the world's premier wealth managers. Following its acquisition of Credit Suisse in 2023, UBS now manages over $5 trillion in invested assets globally.
BNP Paribas
Paris, France
BNP Paribas is France's largest bank and a global top-10 financial institution, providing retail, corporate, and investment banking, insurance, and asset management across 65 countries.
Bank of America
Charlotte, United States
Bank of America is the second-largest US bank by assets, providing consumer banking, wealth management (Merrill Lynch), and global banking and markets services worldwide.
Citigroup (Citi)
New York, United States
Citigroup (Citi) is a global diversified financial services holding company, operating in 160+ countries. It is known for its institutional banking, treasury services, and consumer banking across emerging markets.
Royal Bank of Canada (RBC)
Toronto, Canada
Royal Bank of Canada (RBC) is Canada's largest bank by market cap and assets, providing personal, commercial, corporate, and investment banking in 36 countries.
China Construction Bank (CCB)
Beijing, China
China Construction Bank is China's second-largest bank, specialising in infrastructure lending, housing finance, and corporate banking. It is one of the four largest banks in the world.
Bank of China (BOC)
Beijing, China
Bank of China is China's most internationally active bank, specialising in foreign exchange and cross-border trade finance. It is one of the Big Four state-owned banks.
MUFG (Mitsubishi UFJ Financial Group)
Tokyo, Japan
MUFG is Japan's largest bank and one of the world's largest financial groups, offering retail, corporate, investment, and trust banking globally.
OCBC Bank
Singapore
OCBC Bank is Singapore's second-largest bank, offering retail, commercial, investment, and Islamic banking through Bank OCBC Al-Amin in Malaysia.
Commonwealth Bank of Australia (CBA)
Sydney, Australia
CBA is Australia's largest bank by market capitalisation and retail deposits, offering retail, SME, corporate, and institutional banking.
Morgan Stanley
New York, United States
Morgan Stanley is a global investment bank and wealth management firm, providing institutional securities, investment management, and wealth management services worldwide.
Agricultural Bank of China (ABC)
Beijing, China
Agricultural Bank of China is China's third-largest bank by assets, with the largest rural and agricultural banking network in the country.
First Abu Dhabi Bank (FAB)
Abu Dhabi, UAE
FAB (First Abu Dhabi Bank) is the UAE's largest bank and one of the largest in the Middle East, formed from the 2017 merger of FGB and NBAD.
China Merchants Bank (CMB)
Shenzhen, China
China Merchants Bank is China's top joint-stock bank, known for its retail banking innovation, credit cards, and wealth management.
ANZ Banking Group
Melbourne, Australia
ANZ is Australia's third-largest bank, with a strong institutional banking franchise and significant presence across Asia-Pacific and New Zealand.
SMFG (Sumitomo Mitsui Financial Group)
Tokyo, Japan
SMFG is Japan's second-largest banking group, with operations in retail, corporate, investment, and consumer finance.
Westpac Banking Corporation
Sydney, Australia
Westpac is Australia's oldest bank, offering retail, SME, corporate, and institutional banking with a strong presence in New Zealand.
Goldman Sachs
New York, United States
Goldman Sachs is a leading global investment bank, providing investment banking, securities, asset management, and consumer banking (Marcus). It is a premier advisory firm for corporations and governments.
Bank of Nova Scotia (Scotiabank)
Toronto, Canada
Scotiabank is Canada's most international bank with major operations in Latin America, the Caribbean, and Asia.
Bank Mandiri
Jakarta, Indonesia
Bank Mandiri is Indonesia's largest bank by assets, a state-owned institution offering retail, SME, corporate, and Sharia banking.
Wells Fargo
San Francisco, United States
Wells Fargo is the third-largest US bank by assets, focused on retail banking, commercial banking, and wealth management with a coast-to-coast US branch network.
Mizuho Financial Group
Tokyo, Japan
Mizuho is Japan's third-largest banking group, offering corporate, investment, and retail banking, with strong trade finance and capital markets operations.
Standard Chartered
London, United Kingdom
Standard Chartered is a British multinational bank focused on Asia, Africa, and the Middle East. Headquartered in London, it operates in over 50 markets providing corporate and retail banking.
Bangkok Bank
Bangkok, Thailand
Bangkok Bank is Thailand's largest bank by assets, offering retail, SME, and corporate banking with a strong regional network across ASEAN.
Bank of China (Hong Kong)
Hong Kong
Bank of China (Hong Kong) is one of the three note-issuing banks in Hong Kong, offering retail, commercial, and investment banking.
Bank of Communications (BoCom)
Shanghai, China
Bank of Communications is China's fifth-largest state-owned bank, offering retail, corporate, and investment banking services.
Hang Seng Bank
Hong Kong
Hang Seng Bank is a subsidiary of HSBC and one of Hong Kong's largest locally incorporated banks, focused on retail and commercial banking.
Public Bank Berhad
Kuala Lumpur, Malaysia
Public Bank Berhad is Malaysia's third-largest bank, known for its consistent profitability, retail lending, and SME banking.
Deutsche Bank
Frankfurt, Germany
Deutsche Bank is Germany's largest bank and a leading global investment bank, offering corporate finance, capital markets, transaction banking, and wealth management.
BNI (Bank Negara Indonesia)
Jakarta, Indonesia
BNI is Indonesia's third-largest state-owned bank, offering retail, commercial, and international banking services.
Vietcombank
Hanoi, Vietnam
Vietcombank (Bank for Foreign Trade of Vietnam) is Vietnam's largest bank by market capitalisation and a leading state-owned commercial bank.
Natixis
Paris, France
Natixis is the corporate, investment, insurance, and financial services arm of Groupe BPCE. It provides capital markets, investment banking, and asset management globally.
Julius Baer
Zurich, Switzerland
Julius Baer is one of Switzerland's leading pure private banking and wealth management groups, managing assets for high-net-worth individuals globally.
Pictet Group
Geneva, Switzerland
Pictet is a Swiss independent private bank founded in Geneva, operating as a partnership. It specialises in wealth and asset management with a global presence.
Lombard Odier
Geneva, Switzerland
Lombard Odier is a Swiss private bank and asset manager founded in Geneva in 1796, one of the oldest private banking partnerships in the world.
LGT Group
Vaduz, Liechtenstein
LGT is a private banking and asset management group owned by the Princely House of Liechtenstein, managing assets for ultra-high-net-worth individuals globally.
Other Banks — Hong Kong
Hong Kong, Hong Kong
Aggregate of remaining banks in Hong Kong, collectively ~37.5% of domestic banking assets.
Explore other countries
Discover payment methods in other countries from Asia