March 13, 2023
HONG KONG – The government of the Hong Kong Special Administrative Region will disburse the first batch of electronic consumption vouchers worth HK$3,000 ($382) on April 16, and the second installment of HK$2,000 on July 16.
Eligible Hong Kong permanent residents aged 18 or above and new arrivals to Hong Kong are not allowed to switch to other stored value payment service providers in receiving the first installment. They can switch to other services providers when receiving the second batch.
The administration estimated some 6.4 million Hong Kong residents, who successfully enrolled in last year’s consumption voucher scheme, will get the first installment on April 16.
Both the first and second batch of electric consumption vouchers will be valid for six months after disbursement.
“If the account of the eligible person is lost or invalid, the authorities will provide a specific channel to change the account number,” Financial Secretary Paul Chan Mo-po said at Friday’s news conference.
The HKSAR administration estimated some 6.4 million Hong Kong residents, who successfully enrolled in last year’s consumption voucher scheme, will get the first installment on April 16
He emphasized that the distribution of consumer vouchers is to support domestic consumption and consolidate economic recovery.
“Although the economy is recovering, residents and small- and medium-sized enterprises are still under great pressure after the COVID-19 pandemic,” the finance chief said, adding that this year’s consumption vouchers should boost the economy by 0.6 percent.
The second purpose of the vouchers is to promote the wider adoption of electronic consumer stored value payment tools in the domestic economy.
“In 2022, online sales in Hong Kong registered growth of 67 percent compared to two years earlier, with a total value of HK$34 billion. Since the launch of the program, the six online payment companies have posted an increase of 10 million payment accounts and 190,000 business accounts.”
Chan said it is unlikely that the consumption voucher scheme will become a regular policy initiative, and any possible repeat next year will depend on the economic environment and the government’s financial situation.
New arrivals in Hong Kong who have entered the city through different admission schemes are eligible to receive vouchers worth HK$2,500. They will receive the first HK$1,500 and the second HK$1,000 on April 16 and July 16 respectively. The government estimates that 100,000 non-Hong Kong residents will benefit from the consumption voucher program.