What's with the fear of credit cards, Hong Kong?

It's easy to see how in sync Hong Kong is with capitalism. Why, then, is it so difficult to pay for anything with a credit card in this city?

Run out of cash or of money on your Octopus card and it is downright impossible to get around Hong Kong. Try to pay with a credit card at any fast-food restaurant or 7-Eleven, and you will immediately be met with blank stares and a “Sorry! Cash or Octopus only” refrain. But why?

Common sense tells us that when a store makes buying things convenient, customers will come. The entire credit card business model is built on the idea of convenience: when customers can just flash a piece of plastic instead of having to dig through their wallets for dollar bills, they will find it easier to spend more money, and both the store and the consumer win.

Yet in Hong Kong, this logic seems to escape many store owners. Yes, the Octopus smart card system is widespread and, in many cases, even more convenient than credit cards. But the Octopus card itself cannot be refilled with a credit card – cash is a must, or you may apply for and set up one of the special, Octopus-affiliated debit cards. There simply aren't any other methods of refilling the card, yet the card is an undeniably integral part of every Hong Konger's life. Given that, would it really be that hard to install credit card machines in the customer service booths of each MTR station? And in response to the argument that banks have been slow to disburse credit card transactions to vendors over the last few months: wouldn't a corporation as big as Octopus, or 7-Eleven, be able to absorb the cost of waiting a few weeks for a credit card payment to come through? In the end, they benefit, so why are they so reluctant to take up this technology?

It just seems counterintuitive that one of the most business-friendly cities in the world is so averse to taking credit cards. This is Hong Kong – a city synonymous with capitalism and free trade – and yet, one of the most globally accepted forms of payment is oddly absent from many stores and service providers in this city, including 7-Eleven and the Octopus card system. What gives?