Digital wallets are on track to become the dominant payment method in Hong Kong by 2030, accounting for nearly half of all online and in-store transactions, marking a significant shift away from traditional credit card payments, according to a new report.
Digital wallets – typically smartphone-enabled payment systems run by technology companies such as Google and Apple – are projected to account for 45 per cent of the city’s online transaction value and 48 per cent of point-of-sale (POS) transactions at bricks-and-mortar shops within the next five years, according to the 2025 Global Payments Report published by Worldpay.
The direct use of credit cards, both online and in-person, is expected to decline to 32 per cent, down from 39 per cent of online spending and 45 per cent of POS transaction value in 2024, the London-based payment processing company said. A decade ago, those figures were 62 per cent and 56 per cent, respectively.
The surge in digital wallet adoption is largely attributed to rising smartphone usage among consumers, according to Daniel So, Hong Kong Manager at Worldpay.
“This trend underscores the inevitability of payment technologies becoming increasingly integrated into our daily lives,” So said. “We see downtrends in credit card usage compared to the growing adoption of digital wallets.”
