We've noticed a two-fold increase in our customers paying by phone apps/ QR codes for our business

[jack71]

The wife and I have a successful small business in Thailand and I was looking at the 6 monthly income figures because she has to pay tax every 6 months. 

Basically, compared to last year we have noticed a two-fold increase in bank deposits because customers are not paying by cash anymore. They all want to use the mobile phone and scan QR codes. Also, I noticed that the number of customers using credit cards is down a lot. 

When we opened our business near 3 yrs ago everyone was paying by cash. Obviously this makes it easier to do ones tax return. 

But now massive bank transfers have occurred in the past 12 months. The Thais have really embraced this technology.  The government must be happy bc effectively this eliminates the black cash market.  Obviously there are ways around this if one abides by the 1.5mill limit/500 transaction rule etc on a subsequent bank account. 

Have any other business owners noticed this trend?

 

[piewarmer]

like it because there's stuff all fees involved (yet)

[FritsSikkink]

Your shop has less cash and results in that "The government must be happy bc effectively this eliminates the black cash market."

The black cash market won't be eliminated. 

[CharlieH]

MOVED to Banking/business

[Crossy]

As a customer I use TrueMoneyWallet or LinePay wherever they are accepted, credit card elsewhere. The SCB "scan to pay" app for utility bills.

Cash is pretty much exclusive to the Don Mueang tollway and the office canteen (Madam pays the maid and gardener cash too).

I like the QR systems as they are totally non-contact and you retain control of your payment vehicle at all times.

[Thailand]

They are the ones I usually get stuck behind in the queue nowadays trying to work out how to use the apps!

Taken the place of people trying to find their wallets/purses after all their items have been through the till.

[userabcd]

More and more mobile tel payments are taking off. See all the time in malls the youngsters transferring money to their mobile phones at the ATM. Just yesterday in Bangkapi food market I observed one of the small food sellers taking payment for food by phone to phone transfer.

It is a little annoying in the 7eleven when people fiddling with and paying by phone hold up the queue.

Edited March 19, 2021 by userabcd

[Pib]

Paying by QR is definitely increasing at checkouts, but many times the the customer takes significantly longer to pay that way than with cash or credit card.....some seem to struggle with getting the bank app to work. 

Just yesterday I was in a Lotus checkout lane where a person was trying to pay via QR code but was struggling to get the app to work properly I guess....after about two minutes and the customer getting the idea people behind her in the checkout lane was beginning to talk about her, she pulled out her  credit/debit card and paid within 15 seconds.  

[Crossy]

1 minute ago, Pib said:

Paying by QR is definitely increasing at checkouts, but many times the the customer takes significantly longer to pay that way than with cash or credit card.....some seem to struggle with getting the bank app to work. 

This is definitely an issue as it requires some preparation on the part of the customer (which some just can't get their head around) and it can get out of hand if the customer is also loading bags.

How many times have you queued at an ATM only for the person in front of you (who has also been queueing for several minutes) to start rummaging in bag or pocket for their ATM card. Didn't they know they would need it?

Don't even get me started on the queues for the ticket machines on the BTS/MRT...

[mtls2005]

13 hours ago, jack71 said:

They all want to use the mobile phone and scan QR codes.

 

The "Let's Go Halves" scheme is probably driving a portion of the increase in contactless transactions?

 

People see it as a safe form of payment now.

 

 

 

 

[Pib]

For me I'll continue to use my home country credit cards which pay me 2% or 1.5% cash back....a QR payment doesn't earn me any cash back.  Card bills I pay in full each month. Or said another way, reduce the cost of what I buy by 2 to 1.5% which adds up fast.   Plus it lowers the amount of money I need to transfer periodically from the home country to Thailand to top-up my Thai bank accts which results in lower money transfer fees.  Yea, I'll predominately sticking with credit cards for purchases.

However, I do use QR codes to pay/scan monthly reoccurring bills with my banking app like my electric, water, phone, etc., bills....fund an occasional DeeMoney transfer, and do an occasional "Cardless" ATM withdrawal.   For me, I stumbled/had to retry my first few ATM Cardless withdrawals as I did things out of sequence between the ATM and app....kinda like how customers in checkout lines sometimes seem to get confused in getting their banking app to make the QR payment....or maybe their banking app is simply not making a connection....working slowly.

Edited March 19, 2021 by Pib