78% of Thais go cashless as confidence in digital payments grows: Visa

By The Nation

 

FILE photo

 

Four in five Thai consumers (78 per cent) tried going cashless in 2018, compared to only 50 per cent in the previous year, as confidence in digital payments grows, according to the 2018 Visa Consumer Payment Attitudes study.

 

The study tracks payment habits and attitudes as well as exploring emerging topics related to payments among 4,000 consumers across eight Southeast Asian countries, including 500 respondents from Thailand. 

 

For Thai consumers, digital payment methods, such as cards, in-app mobile payments and QR payments combined together have a larger preference (57 per cent) over cash (43 per cent).

 

Suripong Tantiyanon of Visa Thailand said: “The higher preference towards using digital payments and the rise of confidence in going cashless are credited to industry players and the government’s e-payments promotion. 

 

According to the study, two in five Thais (42 per cent) said they carried less cash than they did two years ago, compared to 26 per cent in 2017.  The top reasons for the decrease in cash is safety (65 per cent), the higher adoption of digital payments (65 per cent) and the hassle of using cash (39 per cent).

 

The study also showed  that of those who tried going cashless, (60 per cent) could manage a day without cash and 45 per cent could last without cash for more than three days.

 

More Thais are confident about the country becoming cashless. 

 

It said 29 per cent are confident that Thailand can become a cashless society in less than three years, compared to 11 per cent in 2017.  Thirty-nine per cent believed it will take between four to seven years while only 6 per cent said it will take longer than 15 years.

 

Source: http://www.nationmultimedia.com/detail/business/30367098

 

Cashless will put the screws to traffic cops.

How to further put a nation in deeper consumerism debt with credit cards ?

32 minutes ago, observer90210 said:

How to further put a nation in deeper consumerism debt with credit cards ?

And  trace their every  move.

Once the population is lured  into "cashless", Thai banks will drop all the discounts and freebies, then start up with more fees instead!

I have seen none of what is being claimed.  I'm thinking somebody is telling a porky.

What a load of absolute nonsense...... Cashless .

Very few shops/ traders in this area will accept cards, cash only.

Maybe in Bangkok people are trying cashless, but not out in the sticks.

Don't think the news got through the Bangkok Bank, they scrapped their Visa debit card.  Also surprised to learn that if 78% of Thais have gone cashless they must accepting visa in the markets now!

78 % of British ex-pats have gone "cashless" as well .

Although thats due to the plummeting Pound .

14 minutes ago, colinneil said:

What a load of absolute nonsense...... Cashless .

Very few shops/ traders in this area will accept cards, cash only.

Maybe in Bangkok people are trying cashless, but not out in the sticks.

Colin I can tell you it is true. Most of them are usually ahead of me in the queue at DQ or 7eleven. They present their phones to pay for a 5 baht ice cream cone, if for some reason the transaction can't happen, they borrow their friends phone. This happens frequently, my strategy when this occurs is to immediately leave the queue with cash in hand.

2 hours ago, webfact said:

tried going cashless

 

2 hours ago, webfact said:

said they carried less cash

 

2 hours ago, webfact said:

could manage a day without cash 

Wow, a headline that isn't at all representative of the articles content. A massive exaggeration of the actual details. Unless I travel 35kms to the nearest big town where a store accepts a card I couldn't buy one single item without cash in my pocket. Few people out in the country will be putting their faith in plastic or more importantly in banks. It is only recently that these have discovered banks and only then to collect the poverty payments recently provided by govt.

I was held up about 20 mins last weekend at Makro because someome paid total of 8000B with 20B notes. The cashier took nearly 15 mins to count every single note to make sure all 400 pcs are genuine.

Cashless is just the final nail in the privacy coffin. 

2 hours ago, pegman said:

Cashless will put the screws to traffic cops.

There will probably be a massive increase in digital donations to many newly formed 'police charities'.

 

78%.... their 'avin a larf!

 

We go to Makro weekly, & almost always see cash payments.

 

Same when I buy diesel.

 

I expect, for the sake of convenience, & to help, the 5-0 have already got Line Pay set up!  ????

When Thailand enables PayWave (Visa) and PayPass (Mastercard) for debit cards and (with any luck) Apple Pay then I might believe a contactless future awaits

I think I'm the only person to pay by card at the local Tesco-Lotus - just an observation.

3 hours ago, webfact said:

Four in five Thai consumers (78 per cent) tried going cashless in 2018, compared to only 50 per cent in the previous year, as confidence in digital payments grows, according to the 2018 Visa Consumer Payment Attitudes study.

 

A survey taken by Visa, the card issuing company. 

By tried going cashless did they mean actually used a card on at least one occasion?

 

3 hours ago, webfact said:

The study tracks payment habits and attitudes as well as exploring emerging topics related to payments among 4,000 consumers across eight Southeast Asian countries, including 500 respondents from Thailand. 

 

For Thai consumers, digital payment methods, such as cards, in-app mobile payments and QR payments combined together have a larger preference (57 per cent) over cash (43 per cent).

A substantial(?) sample size in Thailand, 500, even the dodgy political surveys ask more people. Was the sample spread across the country or just those who answered a push message on Facebook?

 

3 hours ago, webfact said:

The study also showed  that of those who tried going cashless, (60 per cent) could manage a day without cash and 45 per cent could last without cash for more than three days.

Or until they had to get some food from a street vendor. 7/11 does not satisfy the palate.

8 minutes ago, Chassa said:

I think I'm the only person to pay by card at the local Tesco-Lotus - just an observation.

I'm under the impression that most Thais (50%+) don't have a credit card so debit cards would have to be contactless?

2 hours ago, webfact said:

78% of Thais go cashless as confidence in digital payments grows: Visa

Hogwash!  A puerile marketing trick to get more Thais to try it, based on the ploy of 'don't be the odd man out.' 

My suspicious nature leads me to believe that the numbers they projected are not stacking up and they are desperately trying to massage the numbers to show what a brilliant job they are doing and fully deserving of their bonuses.

Pay peanuts, get monkeys, offer carrots, get donkeys!

4 minutes ago, Chang_paarp said:

A survey taken by Visa, the card issuing company. 

By tried going cashless did they mean actually used a card on at least one occasion?

Yes, this seems to be the definition of going cashless, total nonsense. For larger purchases for sure I pay by credit or debit card, and I use linepay at the BTS and some participating outlets - but the other 95% of the time it's hard cash whether I like it or not. 

From my limited observations I would say half the population are cashless literally ????

1 hour ago, Brigand said:

Cashless is just the final nail in the privacy coffin. 

But a necessity to reduce corruption and criminal activities.

Cash should be banned in Thailand  every person and business should be issued cash cards instead.

Every transaction recorded VAT paid and income tax taken up front.

Not doing anything wrong so no "privacy" concerns about finances.

11 minutes ago, lamyai3 said:

Yes, this seems to be the definition of going cashless, total nonsense. For larger purchases for sure I pay by credit or debit card, and I use linepay at the BTS and some participating outlets - but the other 95% of the time it's hard cash whether I like it or not. 

It states 78% of Thais tried going cashless. Misleading headline again.

 

Thailand's still years behind Europe (and CHina) with regard to cashless options

3 hours ago, observer90210 said:

How to further put a nation in deeper consumerism debt with credit cards ?

Who talked about Credit Card ?

The article is just talking about Cards, and I would bet the huge majority is Debit Card.

 

BYW I think that "real" Credit Card (where purchase means a loan with bank) are not that frequent/popular outside USA & UK. 

Going cashless.....Just say No.......

 

Hey we dont like what that guy posted on Thai Visa.....Well just turn his card off.....That will teach him....

cashless, lol..the rich maybe

 

every single month, beginning or end, the banks or full of people sending money home

 

but nobody does it online as the banks are full of people

The study tracks payment habits and attitudes as well as exploring emerging topics related to payments among 4,000 consumers across eight Southeast Asian countries, including 500 respondents from Thailand. 

 

a sample of 500 to make conclusions on the payment habits of a population numbering nearly 70 million. a pretty meaningless survey.

 

Utter nonsense.

 

Cash is supreme in Thailand..carried around in brown paper bags or envelopes.

 

Who would want all the dosh that Thailand really floats on to be accountable?

 

Wonderland.

2 hours ago, gmac said:

Don't think the news got through the Bangkok Bank, they scrapped their Visa debit card.  Also surprised to learn that if 78% of Thais have gone cashless they must accepting visa in the markets now!

Bangkok Bank do offer a Mastercard Debit Card now though.

Very easy and straightforward to get.