Bank of Thailand moves against cash and the US dollar in a plan to reduce cash in half by 2026

[webfact]

New policies and guidelines from the Bank of Thailand aim to increase the use of digital payments in Thailand with a plan to reduce the amount and value of banknotes in circulation in half by 2026.

 

by James Morris and Son Nguyen

 

The new policy to halve the amount of cash in circulation by 2026 comes as the Bank of Thailand joined four other Southeast Asian central banks in creating a cross-border payment zone that uses QR codes and avoids converting and reconverting to US dollars.

Thailand’s central bank is pushing forward with a plan to reduce cash in circulation by 50% by 2026 when compared to the end of 2021. The move comes in a week when the bank published a new policy statement in which it argues that more electronic payments will increase economic activity and when it signed a memorandum of understanding with the central banks of Malaysia, Singapore, Indonesia and the Philippines to use a QR code system to make international payments across the 5 Southeast Asian countries without using the US dollar.

 

The Bank of Thailand is pushing forward with the agenda of making Thailand a cashless society as it plans to unveil a new PromptPay system to make it easier to make payments and transfer money from one party to another in Thailand.

 

The central bank plans to have 42% of all payments in the kingdom made by digital means by the end of 2024 with each person making 800 such payments in the course of a year.

 

Full story: https://www.thaiexaminer.com/thai-news-foreigners/2022/11/15/bank-of-thailand-to-curb-cash-and-dollar-use/

 

-- © Copyright Thai Examiner 2022-11-16

 

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[thaibeachlovers]

The "cashless society". An authoritarian government's wet dream.

After all, what could possibly go wrong with that?

[daveAustin]

If you want to go cashless, PLEASE introduce Applepay and similar at stores in Thailand. The current system with people fiddling around, entering numbers etc etc ad nauseam is a joke. Along with security & convenience with digital payments should be time saved. Getting stuck behind someone for 5 minutes trying in vain to pay for their groceries is absolutely baffling. 

[thaibeachlovers]

3 minutes ago, daveAustin said:

If you want to go cashless, PLEASE introduce Applepay and similar at stores in Thailand. The current system with people fiddling around, entering numbers etc etc ad nauseam is a joke. Along with security & convenience with digital payments should be time saved. Getting stuck behind someone for 5 minutes trying in vain to pay for their groceries is absolutely baffling. 

I agree. Cash is so simple. I never had to wait for people using cash- only those using electronic.

I'll be PO if they manage to bring in cashless before I pass over, as I'd be forced to buy one of those horrid not so smart phones and learn how to use it.

[Mac Mickmanus]

1 minute ago, thaibeachlovers said:

I agree. Cash is so simple. I never had to wait for people using cash- only those using electronic.

I'll be PO if they manage to bring in cashless before I pass over, as I'd be forced to buy one of those horrid not so smart phones and learn how to use it.

What is the most amount of times that the cashier has counted your change out before giving it to you ?

   Mine is 5 

Counted my change out five times before handing it over 

[thaibeachlovers]

Just now, Mac Mickmanus said:

What is the most amount of times that the cashier has counted your change out before giving it to you ?

   Mine is 5 

Counted my change out five times before handing it over 

Once.

[kotsak]

1 hour ago, thaibeachlovers said:

The "cashless society". An authoritarian government's wet dream.

After all, what could possibly go wrong with that?

Exactly.. Rendering people cashless with a push of a button if they are naughty ???? We are in for a fun ride..

[Gilligan In Drag]

Hopefully they will screw it up and it won't work or they will forget about it or something or we will have a nuclear holocaust which might be less painful than being on a social credit system which is probably where this is going. And forgive me my financial illiteracy but wouldn't having half the amount of cash in circulation  tend to increase its value rather than halve it?

[MJCM]

1 hour ago, thaibeachlovers said:

I agree. Cash is so simple. I never had to wait for people using cash- only those using electronic.

I'll be PO if they manage to bring in cashless before I pass over, as I'd be forced to buy one of those horrid not so smart phones and learn how to use it.

I guess you have never been to Makro and a tradesman pays his bill (5k THB) with lots of 20's and even 10 THB coins ????

Edited November 15, 2022 by MJCM

[Jerno]

Ya right.  Thailand cashless society.  How will all the brown envelopes be converted to cashless that won't be trackable. And how did they come up with 800 transactions per person?  More stupid ideas with not a chance of happening.

[sead]

Finally. What Russia and China always wanted. As it is now all crude oil is bought from Baht to USD and then converted to euro. It's ridiculous and let's USA make money on purchased oil between 2 countries not affiliated with USA

[Orinoco]

Need to teach people  how to use a smart phone first.

Irritating at the check out !!!!!!!!!!!!.

 

Cash works just fine.

[NemoH]

End of brown envelopes?? ????????????????????????????????????????
maybe there is a digital option? ????????????????

Edited November 15, 2022 by NemoH

[Muhendis]

All government workers will be issued with a small brown envelope shaped badge in the middle of which will be a QR code.

[jacko45k]

2 hours ago, daveAustin said:

If you want to go cashless, PLEASE introduce Applepay and similar at stores in Thailand. The current system with people fiddling around, entering numbers etc etc ad nauseam is a joke. Along with security & convenience with digital payments should be time saved. Getting stuck behind someone for 5 minutes trying in vain to pay for their groceries is absolutely baffling. 

It appears they want to move away from the USA's influence wrt to converting money, which has been around for a long time. We don't need Applepay.. there are many working alternatives around. 

[10baht]

3 hours ago, webfact said:

The Bank of Thailand is pushing forward with the agenda of making Thailand a cashless society

The USA was trying to do this in the 70's. that's 50 years ago. Some progress has been made, but my wallet has both cash and credit cards in it. And every country  ???? I visit has an exchange kiosk which only takes CASH!!!!!????

[Expat68]

Unfortunately this is the way the world is going, us oldies but goldies just have to accept it

[Swampy999]

Regardless of what country I have been in the only problem I have experienced whilst paying with cash has been insufficient change in a till which has been quickly rectified.

Digital payments? At best, just as quick as paying with cash but that rarely occurs. I have lost count of the times when a customer in front of me has a problem with their phone, not enough credit in their bank and the worst is when they produce a fist full of 'money off' vouchers and a 26 baht digital refund is required. 

Digital currency, a hackers dream, and they can spend your hard earned anonymously in the dark web, trying to recover money from the banks in the UK is relatively easy if your card has been cloned but here? Not the banks fault, you need to take the matter up with the atm manufacturer etc.

Best of luck with the money of the future but for me, if I cant see it, I can't count it, I ain't interested.

[terryofcrete]

Hard to pay your credit card in lots of places and some try to charge extra to cover the fees they must pay. 
that has to change if they are serious. 

[Swampy999]

22 minutes ago, Muhendis said:

All government workers will be issued with a small brown envelope shaped badge in the middle of which will be a QR code.

Best comment I have read in ages ????????????????

[Orinoco]

2 minutes ago, Expat68 said:

Unfortunately this is the way the world is going, us oldies but goldies just have to accept it

You don't have to except it, at present.

If something is digital payment only, I just don't buy it.

 

[10baht]

2 hours ago, daveAustin said:

Getting stuck behind someone for 5 minutes trying in vain to pay for their groceries is absolutely baffling. 

This happens more with QR codes than cash. 

[Bim Smith]

Looks like Thailand have also sold out to the WEF 2030 agenda. Not really a surprise as they signed up in 2016 but the Thai people were kept in ignorance. Use cash and never pay by any other means is the only way to stop this. 

[RichardColeman]

Hopefully the arabs will allow buying oil in other currencies soon and the dollar will collapse through lack of demand

[Expat68]

22 minutes ago, Orinoco said:

You don't have to except it, at present.

If something is digital payment only, I just don't buy it.

 

My mate in UK (62 year old) has to pay for his beer cashless with his card

[Orinoco]

Just now, Expat68 said:

My mate in UK (62 year old) has to pay for his beer cashless with his card

Bs

Can get beer some other place.

 

[Expat68]

Just now, Orinoco said:

Bs

Can get beer some other place.

 

Hahaha not in our one horse town

[Orinoco]

Just now, Expat68 said:

Hahaha not in our one horse town

So all shops are digital payments only ?

in your town ?

[OneMoreFarang]

Will the girls have in the future QR codes with their bank details instead of numbers on their bikinis?

And how should I explain that to the wife?

Difficult times!

 

[Orinoco]

Just now, OneMoreFarang said:

Will the girls have in the future QR codes with their bank details instead of numbers on their bikinis?

And how should I explain that to the wife?

Difficult times!

 

Could be interesting, where to swipe the card.