Octopus card
After three years of trials, the Octopus card was launched on 1 September 1997. Three million cards were issued within the first three months of the system's launch. The quick success of the system was driven by the fact that MTR and KCR required all holders of Common Stored Value Tickets to replace their tickets with Octopus cards within three months or have their tickets made obsolete. Another reason was the coin shortage in Hong Kong in 1997. With the transfer of Hong Kong away from British rule, there was a belief that the older Queen's Head coins in Hong Kong would rise in value, so many people hoarded these older coins and waited for their value to increase. The Octopus system was quickly adopted by other Creative Star joint venture partners, and KMB reported that by 2000, most bus journeys were completed using an Octopus card, with few coins used. Boarding a bus in Hong Kong without using the Octopus card requires giving exact change, making it cumbersome compared to using the Octopus card. By November 1998, 4.6 million cards were issued, and this rose to 9 million by January 2002.