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There are more than 19 million Octopus cards in circulation, over twice Hong Kong's population of 7 million. Over 95% of Hong Kong citizens between the ages of 10 to 65 use Octopus and there are over 10 million transactions each day.
On the flip side, Oyster may be used anonymously - so there isn't a requirement to link it to your identity, at least for its payment uses.