Why isn’t Hong Kong ready to embrace digital payments?

Hong Kong lags behind many other global cities when it comes to the adoption of digital payments. Most businesses in Hong Kong still prefer cash, the locally developed Octopus payment system or credit cards. There are digital options, such as the Faster Payment System (FPS) and PayMe, but small businesses balk at having to pay extra fees and worry about security issues like data breaches. Despite government efforts to encourage merchants to embrace cashless systems, many businesses remain hesitant.