Blockchain
HKMA releases Q1 2024 statistics on stored value structure 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 information on the usage and transaction volumes of SVF accounts issued by authorized operators.
Key statistics and growth
As of the end of the first quarter of 2024, the total number of SVF accounts in use reached 73.58 million, marking an increase of 3.0% compared to the previous quarter. The total number of SVF transactions for this period was approximately 1.9 billion, a decrease of 4.0% compared to the fourth quarter of 2023. Despite the decline in transaction volume, the total value of SVF transactions increased by ‘1.0% to HK$166.1 billion.
The breakdown of the total transaction value is as follows:
- Point-of-sale expense payments: HK$42.8 billion
- Online shopping payments: HK$25.2 billion
- Peer-to-peer (P2P) fund transfers: HK$14.2 billion
- Value-added transactions: HK$83.9 billion
Furthermore, total free float and SVF deposit stood at HK$17.5 billion at the end of Q1 2024, an increase of 1.4% from the previous quarter.
Year-over-year comparisons
Comparing data on a year-over-year basis, the total number of SVF accounts in use at the end of Q1 2024 saw an increase of 16.9% compared to Q1 2023. Total float and SVF deposit also saw an increase by 9.7%. The total number and value of SVF transactions during the first quarter of 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 in operation at the end of the reporting period. The terms “float” and “SVF deposit” are defined under the Payment Systems and Deposited Value Structures Ordinance.
The publication of these statistics by the HKMA is part of its ongoing efforts to maintain transparency and provide stakeholders with up-to-date information on the performance and uptake of SVF programs in Hong Kong.
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