Shaping a Cashless Economy
With the granting of eight virtual banking licenses in 2019, Hong Kong is now one step closer to becoming a cashless economy, with digital wallets and virtual banks increasingly becoming part of our everyday lives.
At a webinar on 16 June, Emily Leung, Senior Analyst at Euromonitor International (Hong Kong), shed light on how digital payment technologies are reshaping Hong Kong’s payment landscape and promoting financial inclusion. She said that Hong Kong had observed a spike in debit card transactions in 2020, driven by the popularity of contactless payments and digital wallets. Other factors included the development of penetration strategies in the virtual bank market, and financial inclusion initiatives that encourage consumer spending.
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