Popular Post webfact Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more! 19 Link to comment Share on other sites More sharing options...
Popular Post thaibeachlovers Posted November 15, 2022 Popular Post Share Posted November 15, 2022 The "cashless society". An authoritarian government's wet dream. After all, what could possibly go wrong with that? 63 6 16 25 8 Link to comment Share on other sites More sharing options...
Popular Post daveAustin Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 31 2 10 9 6 Link to comment Share on other sites More sharing options...
Popular Post thaibeachlovers Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 28 1 9 1 10 Link to comment Share on other sites More sharing options...
Popular Post Mac Mickmanus Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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 5 1 1 9 Link to comment Share on other sites More sharing options...
Popular Post thaibeachlovers Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 6 1 Link to comment Share on other sites More sharing options...
Popular Post kotsak Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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.. 28 1 4 11 3 Link to comment Share on other sites More sharing options...
Popular Post Gilligan In Drag Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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? 14 2 4 Link to comment Share on other sites More sharing options...
Popular Post MJCM Posted November 15, 2022 Popular Post Share Posted November 15, 2022 (edited) 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 4 4 Link to comment Share on other sites More sharing options...
Popular Post Jerno Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 16 4 4 2 Link to comment Share on other sites More sharing options...
Popular Post sead Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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 4 1 Link to comment Share on other sites More sharing options...
Popular Post Orinoco Posted November 15, 2022 Popular Post Share Posted November 15, 2022 Need to teach people how to use a smart phone first. Irritating at the check out !!!!!!!!!!!!. Cash works just fine. 26 1 2 2 Link to comment Share on other sites More sharing options...
Popular Post NemoH Posted November 15, 2022 Popular Post Share Posted November 15, 2022 (edited) End of brown envelopes?? ???????????????????????????????????????? maybe there is a digital option? ???????????????? Edited November 15, 2022 by NemoH 1 1 10 Link to comment Share on other sites More sharing options...
Popular Post Muhendis Posted November 15, 2022 Popular Post Share Posted November 15, 2022 All government workers will be issued with a small brown envelope shaped badge in the middle of which will be a QR code. 1 1 1 27 Link to comment Share on other sites More sharing options...
Popular Post jacko45k Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 6 1 Link to comment Share on other sites More sharing options...
Popular Post 10baht Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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!!!!!???? 5 2 Link to comment Share on other sites More sharing options...
Popular Post Expat68 Posted November 15, 2022 Popular Post Share Posted November 15, 2022 Unfortunately this is the way the world is going, us oldies but goldies just have to accept it 2 1 3 Link to comment Share on other sites More sharing options...
Popular Post Swampy999 Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 10 1 9 4 1 Link to comment Share on other sites More sharing options...
Popular Post terryofcrete Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 8 2 2 Link to comment Share on other sites More sharing options...
Popular Post Swampy999 Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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 ???????????????? 2 1 1 1 3 Link to comment Share on other sites More sharing options...
Popular Post Orinoco Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 6 1 3 1 Link to comment Share on other sites More sharing options...
10baht Posted November 15, 2022 Share Posted November 15, 2022 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. 2 Link to comment Share on other sites More sharing options...
Popular Post Bim Smith Posted November 15, 2022 Popular Post Share Posted November 15, 2022 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. 10 2 4 4 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted November 15, 2022 Popular Post Share Posted November 15, 2022 Hopefully the arabs will allow buying oil in other currencies soon and the dollar will collapse through lack of demand 3 1 1 Link to comment Share on other sites More sharing options...
Expat68 Posted November 16, 2022 Share Posted November 16, 2022 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 1 Link to comment Share on other sites More sharing options...
Popular Post Orinoco Posted November 16, 2022 Popular Post Share Posted November 16, 2022 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. 1 1 1 Link to comment Share on other sites More sharing options...
Expat68 Posted November 16, 2022 Share Posted November 16, 2022 Just now, Orinoco said: Bs Can get beer some other place. Hahaha not in our one horse town Link to comment Share on other sites More sharing options...
Orinoco Posted November 16, 2022 Share Posted November 16, 2022 Just now, Expat68 said: Hahaha not in our one horse town So all shops are digital payments only ? in your town ? Link to comment Share on other sites More sharing options...
Popular Post OneMoreFarang Posted November 16, 2022 Popular Post Share Posted November 16, 2022 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! 3 6 Link to comment Share on other sites More sharing options...
Popular Post Orinoco Posted November 16, 2022 Popular Post Share Posted November 16, 2022 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. 1 7 Link to comment Share on other sites More sharing options...
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