Bt126B in benefits for Bangkok switch to digital pay: Visa study

[webfact]

Bt126B in benefits for Bangkok switch to digital pay: Visa study

By The Nation

 

Residents, businesses and the government of Bangkok could realise Bt126 billion-worth of economic benefits by transitioning from physical money to digital payments, according to an independent study conducted by Roubini ThoughtLab and commissioned by Visa.

 

Visa said the results examine the economic impact of increasing the use of digital payments in major cities around the world. As a “digitally transitioning” city, Bangkok is among the six global metropolises selected for the study, representing one of the five different stages of digital payment maturity.

 

“As more people move from rural to urban areas, cities become the nexus for the adoption of electronic payments,” said Suripong Tantiyanon, country manager for Visa Thailand. 

 

The study was the first to examine net benefits from adopting digital payments at a city level.

 

The research found that a shift to electronic payments “will benefit people, businesses and government not just in big cities like Bangkok, but other urban centres such as Phuket and Khon Khaen as well,” said Suripong.

 

For Bangkok, widespread use of electronic payments could generate an estimated increase of Bt126 billion to the city’s economy – with consumers, businesses and government realising net benefits of B3 billion, Bt73 billion, and Bt50 billion, respectively, according to a Friday press release from Visa.

 

Estimated net benefits are derived from factors including time savings while conducting and processing banking, retail and transit transactions; increased sales revenues from an extended customer base both online and in-store; increased tax revenues and economic growth; cost savings; and reduced cash-related crime, among others.

 

The many existing and emerging payment technologies will drive wider adoption of electronic payments, said Suripong.

 

Cities like Bangkok, we will see the emergence of choices among electronic payment options, “giving consumers and businesses the choices on how to pay and get paid,” said Suripong. Standardised QR Code, for example could be adapted beyond its current role as a money transfer tool. Mainstream methods, such as the debit chip card will also likely see increased use and acceptance, he added.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30332953

 

-- © Copyright The Nation http://www.nationmultimedia.com/detail/breakingnews/30332953

[shady86]

After using Samsung Pay for nearly 1 year, I guess Thailand needs another 5 years to start embracing digital payment...

 

 

[BigBadGeordie]

55 minutes ago, webfact said:

Bt126B in benefits for Bangkok switch to digital pay: Visa study

 

55 minutes ago, webfact said:

according to a Friday press release from Visa.

Well I never, who would have thought.

[lordblackader]

In related news, Prayut government releases poll that says 99.9999% of all Thai's love him and the job the government is doing. 

[timendres]

Those who will benefit the most are the likes of Visa...

[Artisi]

16 minutes ago, timendres said:

Those who will benefit the most are the likes of Visa...

Really, who would have thought that? 

[cmsally]

  " commissioned by Visa "

 

One has to wonder though , (on my last trip to BKK in Starbucks), having been stuck behind a Chinese person trying to pay for their coffee on a Mobile app for rather a long time. Would have been much quicker if she handed over a few notes in cash!

[naboo]

Other news.

 

In a survey conducted by Naboo, it has been discovered that ThaiVisa members could get rich by investing in Naboo Christmas Alcohol Consumption Industries. Details of how to invest available via PM.

[martinhp]

6 hours ago, shady86 said:

After using Samsung Pay for nearly 1 year, I guess Thailand needs another 5 years to start embracing digital payment...

 

 

I would not it is a lie 

It's convenient for you to pay like that but it is not a good idea as it will tell all you do with your money and where they come from and as it is now they might want tax from this which I guess you don't want to give. 

As a reminder nobody get anything out of tax in Thailand except the one who pockets it so the best is to keep cash it would be the best in Europe too

Use the banks as to a minimum and leave little tracks and you can get around a lot and keep your money or show and loose some %

[Sir Dude]

I like cash tbh. The idea of some faceless bank or company selling the info that I buy 2 liters of milk each week at a mall or 7/11 is way too much info for them to know about imo. These young people have no idea that this will destroy every last vestige of privacy of what sorry amount of it that is left. Another thing is, that everything gets hacked or ends up off-line sometime, so what are you going to do when your smart phone swipe says "no" or there is a solar storm that fries the payment system? Still need cash and unless they make it illegal and no longer tender then I'll be keeping it around.