Alternative payment methods
Hong Kong's booming gaming market
July 25, 2024
Are you a game developer looking to expand into a new market? Look no further than Hong Kong. Hong Kong's gaming market is growing exponentially, partly due to the region's high adoption of mobile devices and wide internet availability. Ranked as having the third most advanced digital economy globally, it's no surprise that Hong Kong is full of tech-savvy players who pay for games as much as they play them.
Understanding the region's gaming and payment landscape is important to break into Hong Kong's gaming market effectively. The rest of this blog will provide a crash course in everything you need to know about the area's over 7.4 million people and how Xsolla can help you unlock Hong Kong's full potential.
As previously mentioned, Hong Kong's gaming market is hot right now. The mobile gaming market has seen an upward trend, with a CAGR of 7.89% from 2024 to 2027 and a projected revenue of $300.40m in 2027. Hong Kong gamers are also big spenders, with an ARPU of $334.80 from the 0.8 million mobile gamers.
Source: Statistica Hong Kong’s payment landscape It may come as a surprise that despite its high-tech penetration, Hong Kong remains wary of digital payments. Consumers historically preferred cash for most purchases, but the COVID-19 pandemic caused a shift, with more people adopting digital wallets. While credit cards account for most of the market share, at 59%, digital wallets have seen a rise in use. Government initiatives like the Faster Payment System, which enabled instant transfers, online payments, e-wallet top-ups, and Hong Kong's e-voucher program, have helped push this transition. Due to these government efforts, providers like AlipayHK (the most popular), WeChat Pay HK, Octopus, and Tap&Go are now some of the most popular alternative payment methods.
Hong Kong’s market and gaming landscape
Hong Kong's predominantly Chinese population is one of the world's most plugged-in and technologically advanced. With two official languages, Cantonese and English, and an unofficial third, Mandarin, Hong Kong's player base is used to localization and typically consumes content via mobile devices. As of 2022, mobile penetration exceeded 320%, with Android users dominating the device space at 68.5%. They prefer phablets or devices larger than the average smartphone but smaller than a tablet.
As previously mentioned, Hong Kong's gaming market is hot right now. The mobile gaming market has seen an upward trend, with a CAGR of 7.89% from 2024 to 2027 and a projected revenue of $300.40m in 2027. Hong Kong gamers are also big spenders, with an ARPU of $334.80 from the 0.8 million mobile gamers.
Source: Statistica Hong Kong’s payment landscape It may come as a surprise that despite its high-tech penetration, Hong Kong remains wary of digital payments. Consumers historically preferred cash for most purchases, but the COVID-19 pandemic caused a shift, with more people adopting digital wallets. While credit cards account for most of the market share, at 59%, digital wallets have seen a rise in use. Government initiatives like the Faster Payment System, which enabled instant transfers, online payments, e-wallet top-ups, and Hong Kong's e-voucher program, have helped push this transition. Due to these government efforts, providers like AlipayHK (the most popular), WeChat Pay HK, Octopus, and Tap&Go are now some of the most popular alternative payment methods.
Opportunity awaits with Xsolla Payments
While Hong Kong boasts a high internet and mobile penetration rate, foreign game developers face a challenge: navigating the local payments landscape. This is where Xsolla steps in as your trusted partner. We understand the complexities of the Hong Kong market and offer a comprehensive solution, Xsolla Payments.- Local payment expertise: Xsolla seamlessly integrates with popular Hong Kong payment methods, Alipay HK and WeChat Pay HK, providing gamers with diverse payment options.
- Global reach and security: Xsolla operates in over 200 countries and supports over 700 payment methods. Our industry-leading fraud prevention system ensures security for every transaction.
- Seamless integration: With Xsolla Payments, integration is easy. We are constantly expanding our local payment options so you can grow your audience and we make adding our solution to your existing framework a breeze.
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