HKMA Releases Q1 2024 Statistics on Stored Value Facilities Schemes

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.

Image
source:
Shutterstock