Data from the Hong Kong Monetary Authority shows Hong Kong credit card sales have increased 10.3 per cent year on year.
And there are more cards in circulation – up 2.8 per cent year on year.
The HKMA releases data on a quarterly basis gathered from the eight credit and debit card payment scheme operators. It says quarter on quarter data can be misleading because spending is influenced by seasonal factors, such as festivals and holidays.
So the best monitor of trends is the year on year changes.
At the end of June, there were 19 million cards in circulation in Hong Kong
The total number of credit card transactions was 128.6 million, an increase of 2.7 per cent on the first quarter and 7.6 per cent year on year.
The total value of credit card transactions was HK$143.7 billion for the quarter, representing a 5.7 per cent decrease from the previous quarter but a 10.3 per cent increase year on year.
Of the total transaction value, HK$110.3 billion (77 per cent) was spent in Hong Kong, HK$24 billion (17 per cent) was spent overseas and HK$9.5 billion (seven per cent) was paid out in cash advances.
The HKMA says figures for the total number of debit cards in circulation is not available due to overlapping of debit card brands in a single card. On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments increased by 5.2 per cent year on year and the total value by 11.3 per cent.
The eight card operators in Hong Kong are American Express, China UnionPay, Diners Club, EPS Company, JCB, Joint Electronic Teller Services, MasterCard and Visa.