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At Extreme Investor Network, we are dedicated to providing our readers with the latest and most valuable information in the world of cryptocurrency and blockchain technology. Today, we are excited to dive into the recently released first-quarter statistics for 2024 on Stored Value Facilities (SVF) schemes by the Hong Kong Monetary Authority (HKMA).
Key Insights from HKMA’s Q1 2024 Statistics
The HKMA’s report reveals some fascinating insights into the usage and transaction volumes of SVF accounts issued by licensed operators. By the end of Q1 2024, the total number of SVF accounts in use had reached an impressive 73.58 million, marking a 3.0% increase from the previous quarter.
Despite a 4.0% decrease in the total number of SVF transactions for the period, the total value of SVF transactions rose by 1.0% to HK$166.1 billion. This data highlights a shift in transaction patterns within the SVF ecosystem, with notable increases in point-of-sale spending payments, online spending payments, peer-to-peer (P2P) funds transfers, and add value transactions.
Year-on-Year Growth and Comparisons
When comparing year-on-year data, we see significant growth in various aspects of the SVF ecosystem. The total number of SVF accounts in use by the end of Q1 2024 experienced a 16.9% increase from the same period in 2023, signaling a growing adoption of SVF schemes in Hong Kong.
Furthermore, the total float and SVF deposit saw a 9.7% rise year-on-year, while the total number and value of SVF transactions during Q1 2024 increased by 5.5% and 19.9%, respectively, compared to Q1 2023.
Transparency and Definitions
It’s important to note that the HKMA’s publication of these statistics is part of its commitment to transparency and providing stakeholders with real-time information on the performance and adoption of SVF schemes in Hong Kong. The terms “float” and “SVF deposit” are defined as per the Payment Systems and Stored Value Facilities Ordinance, ensuring clarity in the reporting of SVF data.
At Extreme Investor Network, we strive to deliver unique and valuable insights into the ever-evolving world of crypto and blockchain. Stay tuned for more updates and analysis on the latest developments in the industry.
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