The Hong Kong Monetary Authority (HKMA) has released its first-quarter statistics for 2024 on Stored Value Facilities (SVF) schemes, according to HKMA. These statistics provide valuable insights into the usage and transaction volumes of SVF accounts issued by licensed operators.
Key Statistics and Growth
By the end of Q1 2024, the total number of SVF accounts in use reached 73.58 million, marking a 3.0% increase from the previous quarter. The total number of SVF transactions for this period was approximately 1.9 billion, representing a 4.0% decrease from Q4 2023. Despite the drop in transaction volume, the total value of SVF transactions rose by 1.0% to HK$166.1 billion.
The breakdown of the total transaction value is as follows:
- Point-of-sale spending payments: HK$42.8 billion
- Online spending payments: HK$25.2 billion
- Peer-to-peer (P2P) funds transfers: HK$14.2 billion
- Add value transactions: HK$83.9 billion
Additionally, the total float and SVF deposit amounted to HK$17.5 billion at the end of Q1 2024, which is a 1.4% increase from the previous quarter.
Year-on-Year Comparisons
Comparing year-on-year data, the total number of SVF accounts in use by the end of Q1 2024 saw a 16.9% increase from Q1 2023. The total float and SVF deposit also experienced a 9.7% rise. The total number and value of SVF transactions during Q1 2024 increased by 5.5% and 19.9%, respectively, compared to the same period last year.
Notes and Definitions
The HKMA clarifies that the “total number of SVF accounts in use” refers to the total number of SVF accounts operational at the end of the reporting period. The terms “float” and “SVF deposit” are defined as per the Payment Systems and Stored Value Facilities Ordinance.
The HKMA’s publication of these statistics is a part of its ongoing efforts to maintain transparency and provide stakeholders with up-to-date information on the performance and adoption of SVF schemes in Hong Kong.
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