Forbes writes about the recent “boom” in digital payments in Hong Kong, and the magazine says the city is “heading towards a near-cashless society with FIS, a payments processor, forecasting that paper money and coins will account for no more than 1.6% of point-of-sale (POS) transactions by 2024.”
The magazine attributes the near disappearance of cash in part “due to Hong Kong’s burgeoning e-commerce market, which is projected to grow to US$29 billion from US$21 billion in 2019.”
Forbes notes that the pandemic played a part in taking Hong Kong to a near cashless society, similar to mainland China, which is even further along the cashless road than Hong Kong is in Asia.
“The global Covid-19 pandemic contributed to an explosion in e-commerce across several jurisdictions at the expense of physical retail, which is likely to be an irreversible trend,” they write.
