In 2023, Thailand shifted away from cash just as Sweden asked to see it protected

[webfact]

A new report from the Bank of Thailand shows Thai consumers in 2023 shifting from cash towards digital payments. Only 66% of payments last year were in cash. Meanwhile, Sweden, the country that pioneered a cashless society, is moving in the opposite direction. In November 2023, the Riksbank or Swedish Central Bank called for cash payments to be protected by legislation despite cash transactions falling to only 1% of GDP.

Thai cash usage plummets as Sweden turns around and seeks cash protection. Thailand embraces digital payments as cash transactions drop to 66%, signalling a shift in consumer behaviour. Meanwhile, Sweden’s central bank pushes for cash protection, highlighting global concerns over a cashless future.

A new report shows Thai consumers drifting increasingly towards digital payments. The Bank of Thailand report studying payments throughout 2023 shows that cash transactions had fallen to 66%. Previously, Thai consumers were seen as strongly wedded to cash. This news has just been released and warmly welcomed by the central bank. However, it comes as Sweden’s central bank, where only 2% of payments are now in cash, is moving in the opposite direction. In November 2023, the Nordic country called for the right to use cash for payments as legal tender, to be enshrined and protected by legislation.

 

In 2022, a shocking survey for central bank chiefs showed a marked reluctance by Thai people to switch to digital payments.

 

That survey came just after the pandemic era when millions registered for government digital applications to receive financial benefits.

 

At that time, only 27% of people continued to make online or digital payments while 50% vowed never to move from cash. However, in the last two years, there has been a change.

 

by Joseph O' Connor

 

Full story: Thai Examiner 2024-04-06

 

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[Jingthing]

I like a healthy balance.

I hate businesses that won't accept cash and I'm reluctant to travel to countries (China) where you absolutely need digital.

Edited April 5 by Jingthing

[BritScot]

One thing I have realised over the past few years is how stupid people are. Accepting lockdowns and in the uk publicly telling people they were using Phyops against their own people a fact that still disgusts me (being ex army). Then watch people sleep walking into digital currency  with the power banks and governments already welding. I tokenly carry an oz silver coin in my pocket to remind myself its real value and not made up. Everyone should read about the Bradbury pound (it scared the hell out of the Bank of England because it had real value).

[spidermike007]

Nothing worse than standing in a line behind some guy or gal, fooling around with their phone trying to get the payment app to work so they can pay for a 20 or 40 baht item at 7-Eleven. Or an 80 baht coffee. There have been times I've been so frustrated with the four or five minutes that this person is fooling around with their phone that I pulled out 20 or 40 baht and handed it to them. Here, take it, pay for it move on please.

 

In my opinion real man always carry cash. I hope that digital currency never takes over. I love having a wad of cash in my pocket. Always have and always will. 

[Tropicalevo]

4 hours ago, webfact said:

shows Thai consumers in 2023 shifting from cash towards digital payments.

Easy when the banks do not allow real on line banking - saying apps only.

Some of the worst software ever written is on your phone in Thailand.

Thirteen Thai staff here and only three use phone apps for payment. They all want their salaries in cash.

Not many hi-so's in the cleaning business.

Edited April 6 by Tropicalevo

[dinsdale]

27 minutes ago, Tropicalevo said:

Easy when the banks do not allow real on line banking - saying apps only.

Some of the worst software ever written is on your phone in Thailand.

Thirteen Thai staff here and only three use phone apps for payment. They all want their salaries in cash.

Not many hi-so's in the cleaning business.

Isn't using the bank's app real online banking? As for @spidermike007 can only agree 100% about waiting for some dozy person to go through their phone and then work out all over again how to work the app. It's like watching someone scrolling through their photos. Of course another thing is the app might be down or the internet might be down and then you're screwed. Cash is my go to but I do use QR codes sometimes.

[Tropicalevo]

31 minutes ago, dinsdale said:

Isn't using the bank's app real online banking?

Technically - but there is a difference.

Software for back office banking systems and the web tends to be real programs. Usually tested well (we called it destruction testing back in the day).

Apps is a 'dinky' term mostly used for the Mickey Mouse stuff on your phone.

This is often written and sent out with minimal testing on the basis that the 'users will tell us when and where it does not work'.

Apps is a recent abbreviation. (Application software.)

 

[garygooner]

I think 3 times last year the supermarket I frequent often was accepting cash only coz the system was down. No cash meant an hour or more wait. People should always have more than one payment option which includes cash. 

[bkk6060]

It is a time vacuum joke. People paying 20 b items with what seems very poor technology.  The other day the lady in front of me 20 b looking for the app input on phone oh, that does not work.  Talk to the cashier, try again, nothing is working.  I threw down 20 b and told her to move on. In fact, I will probably keep a wade of 20 b in my pocket just in case. Ridiculous. 

[Mike Lister]

13 minutes ago, bkk6060 said:

It is a time vacuum joke. People paying 20 b items with what seems very poor technology.  The other day the lady in front of me 20 b looking for the app input on phone oh, that does not work.  Talk to the cashier, try again, nothing is working.  I threw down 20 b and told her to move on. In fact, I will probably keep a wade of 20 b in my pocket just in case. Ridiculous. 

I think that was very rude and fails to consider where you are. Just because you think 20b is an insignificant amount, doesn't mean the person paying the bill does.

[BritManToo]

4 hours ago, spidermike007 said:

Nothing worse than standing in a line behind some guy or gal, fooling around with their phone trying to get the payment app to work so they can pay for a 20 or 40 baht item at 7-Eleven. Or an 80 baht coffee. There have been times I've been so frustrated with the four or five minutes that this person is fooling around with their phone that I pulled out 20 or 40 baht and handed it to them. Here, take it, pay for it move on please.

 

In my opinion real man always carry cash. I hope that digital currency never takes over. I love having a wad of cash in my pocket. Always have and always will. 

What's your rush?

I'm retired, plenty of time, standing in line in air-con isn't the worst thing in the world.

Edited April 6 by BritManToo

[Lacessit]

Can someone please educate the writer of this article in basic math?

 

In 2022, only 27% of people used digital payment. Therefore, 73% were paying in cash.

That figure is now down to 66%, a change of 7%.

 

IMO not a big change.

[Lacessit]

7 minutes ago, BritManToo said:

What's your rush?

I'm retired, plenty of time, standing in line in air-con isn't the worst thing in the world.

Wait until you have disc problems in your back, standing in line waiting for some moron to get their phone synchronized won't be so pleasant then.

[Fujionrye]

I've read how China is moving to 100% digital payment apps and the use of them is proportional to a person's social credit score. Not towing the party line or criminal convictions resulting in a lower score will limit access to restaurants, theaters and ultimately basic needs. 

[farang51]

9 minutes ago, Lacessit said:

Can someone please educate the writer of this article in basic math?

 

In 2022, only 27% of people used digital payment. Therefore, 73% were paying in cash.

That figure is now down to 66%, a change of 7%.

 

In basic math, the change is some 9,59 %. Or 7 percent point. 😁

 

 

[James105]

5 hours ago, spidermike007 said:

Nothing worse than standing in a line behind some guy or gal, fooling around with their phone trying to get the payment app to work so they can pay for a 20 or 40 baht item at 7-Eleven. Or an 80 baht coffee. There have been times I've been so frustrated with the four or five minutes that this person is fooling around with their phone that I pulled out 20 or 40 baht and handed it to them. Here, take it, pay for it move on please.

 

In my opinion real man always carry cash. I hope that digital currency never takes over. I love having a wad of cash in my pocket. Always have and always will. 

 

Only over here is it so difficult.  In the UK with Apple pay or whatever there is not a chance someone using cash will be faster than someone using their phone to pay as it literally is just a tap that is needed - it's people who use cash who are now the ones holding up queues as they fish it out of their pockets and then wait for change.  The problem here is that every shop does something different, they don't want to pay the fees for Visa/Mastercard transactions or even debit card transactions so there is a mess of scanning QR codes to directly transfer from banking app or using one of several different apps to pay.

 

I prefer cashless (typically) as everything time I buy something from 7/11 it always ends up being something like 21/41/61/81 bahts so I end up with useless annoying small coins rattling around in my pockets.

[Lacessit]

11 minutes ago, farang51 said:

 

In basic math, the change is some 9,59 %. Or 7 percent point. 😁

 

 

I tend to favor the principle of Keep It Simple, Stupid. ( KISS )

[bkk6060]

37 minutes ago, Mike Lister said:

I think that was very rude and fails to consider where you are. Just because you think 20b is an insignificant amount, doesn't mean the person paying the bill does.

You don't get it Mike.

It is not about the money, it is about the failed technology and time consumption of the digital payment.

She had 20 b in her account, it would be much more efficient to have 20 b in her pocket to pay.

Also, you weren't there and have no idea how pleased she was that I paid for her. 

Edited April 6 by bkk6060

[Liverpool Lou]

3 hours ago, Tropicalevo said:

the banks do not allow real on line banking -

But they do!...UOB, Kasikorn, Bangkok Bank, Krungsri, for example. 

[lapamita]

Cashlses means  ,a complete controll of banks  and incresing fee due to lack of alternatives.

 today many people say i get cash back when i pay with card. NO the dealer pay the fees, and as more cardpay as more priced in.

Atm i see country charging even for debitcard  cash adavance up to 10% , i see countrys where only 4 digiit card work on atm , i see countrys where limit is less 100§ a day, i see countrys where the system was down, i see countrys where not accept e payments  and so on , and as well complete goveremnt controll on top

Cash is king  ,,,,and for holidAYS A CASH  belt............ and gold is better than cash on LT basis

[Liverpool Lou]

1 hour ago, bkk6060 said:

I threw down 20 b and told her to move on. In fact, I will probably keep a wade of 20 b in my pocket just in case. Ridiculous.

Ridiculous, indeed...ridiculously rude of you.

[Liverpool Lou]

47 minutes ago, Mike Lister said:

1 hour ago, bkk6060 said:

what seems very poor technology.  The other day the lady in front of me 20 b looking for the app input on phone oh, that does not work.  Talk to the cashier, try again, nothing is working.  I threw down 20 b and told her to move on. In fact, I will probably keep a wade of 20 b in my pocket just in case. Ridiculous. 

Expand  

I think that was very rude and fails to consider where you are. Just because you think 20b is an insignificant amount, doesn't mean the person paying the bill does.

Hear, hear!  Well said.

[Andrew65]

I moved back to the UK from Thailand 6 years ago, and I would say the vast majority of my transactions in the UK are now with a debit card, and no problems with it.

[Tropicalevo]

2 minutes ago, Andrew65 said:

I moved back to the UK from Thailand 6 years ago, and I would say the vast majority of my transactions in the UK are now with a debit card, and no problems with it.

There are more people in Thailand without a phone or internet than there are in the UK.

[Liverpool Lou]

45 minutes ago, Lacessit said:

Can someone please educate the writer of this article in basic math?

 

In 2022, only 27% of people used digital payment. Therefore, 73% were paying in cash.

That figure is now down to 66%, a change of 7%.

 

IMO not a big change.

"Can someone please educate the writer of this article in basic math?"

No one's maths needs to be checked, but someone needs to educate you about basic English comprehension, all the report said about Thailand was, "...in the last two years, there has been a change", that is 100% accurate.

Edited April 6 by Liverpool Lou

[Rampant Rabbit]

Be  happy  when every transaction you do is  known, wait till they start ring fencing  your  car where you can drive, were heading into an Orwellian nightmare, laugh all you like when everything you do, go, say is  known forever.

[Guderian]

I just wish the supermarkets would have a "cash only" checkout, I'm fed up of waiting behind gormless people trying to focus their crappy phone cameras on a QR code, and then try to remember what their password was, and then try to figure out how to work the payment app. I worry about what a future of digital money will mean for our privacy, freedom and personal choice, so I always use cash when I can.

[Andrew65]

5 minutes ago, Tropicalevo said:

There are more people in Thailand without a phone or internet than there are in the UK.

You don't need those things to use a debit card.

[Modern Coding]

5 hours ago, spidermike007 said:

Nothing worse than standing in a line behind some guy or gal, fooling around with their phone trying to get the payment app to work so they can pay for a 20 or 40 baht item at 7-Eleven. Or an 80 baht coffee. There have been times I've been so frustrated with the four or five minutes that this person is fooling around with their phone that I pulled out 20 or 40 baht and handed it to them. Here, take it, pay for it move on please.

 

In my opinion real man always carry cash. I hope that digital currency never takes over. I love having a wad of cash in my pocket. Always have and always will. 

Same experience at Starsucks:
- cash payment -> not even 2 seconds

- cashless payments -> ages

[Jonathan Swift]

5 hours ago, BritScot said:

One thing I have realised over the past few years is how stupid people are. Accepting lockdowns and in the uk publicly telling people they were using Phyops against their own people a fact that still disgusts me (being ex army). Then watch people sleep walking into digital currency  with the power banks and governments already welding. I tokenly carry an oz silver coin in my pocket to remind myself its real value and not made up. Everyone should read about the Bradbury pound (it scared the hell out of the Bank of England because it had real value).

"Phyops"? What is that, a Greek monster? Like the Cyclops? You know, there are medications that can help with hallucinations, voices, and delusions.