Thailand's Cashless Leap: Ahead of the Asean Pack by 2028

[webfact]

 

Thailand is on track to outpace its Southeast Asian neighbours in becoming a cashless society, propelled by a rapid uptake in digital payment methods. A recent survey by Visa, a global payment service giant, indicates that Thailand could transition to a cashless economy as early as 2028, beating the broader ASEAN timeline by a few years.

 

Visa's Consumer Payment Attitude Study highlights that 22% of Thai respondents expect a cashless transition by 2028, higher than the ASEAN average of 16%. Pushing the agenda further, Thailand ranks third in the region for minimising cash use, with only 47% of wallet contents being physical cash, just behind Vietnam and Malaysia.

The national platform, PromptPay, appears at the heart of this shift, having significantly driven digital payment adoption, particularly notable after the pandemic. The increase in electronic transactions has also been facilitated by widespread smartphone use. In fact, a staggering 97% of Thais report weekly usage of mobile banking apps, leading peers in the region.

 

Mr Punnamas Vichitkulwongsa, Visa Thailand's country manager, acknowledged that although PromptPay has enhanced digital financial interactions and supported Visa business, its success has also challenged Visa’s traditional debit card operations. With a post-pandemic rise in debit card cancellations, Visa plans to combat this with new technologies like the Click-to-Pay system, slated for launch next year.

 

Furthermore, Thailand leads the regional charge in real-time payment (RTP) adoption, with 86% of respondents engaging in RTP activities weekly. This reflects a growing trust in digital transactions across the nation, reported Bangkok Post.

 

Despite these advancements, household debt levels and limited access to credit facilities mean debit cards still play a crucial role in many Thai consumers' digital payment landscapes. Visa intends to bridge these gaps while reinforcing card security for the future.

 

TOP Picture courtesy: Sanook 

 

-- 2024-10-05

 

[smedly]

the ultimate control, very disturbing 

 

while it is convenient to pay by card and various electronic methods we should all fight against this, cash is raw and once in your pocket is yours, if you remove cash you money is no longer yours, you are at the mercy of banks and financial entities to control everything without an alternative

[daveAustin]

^^ Well said. Cash is intrinsically not worth anything either, but. Thailand needs to woo Apple to really move on (Apple Pay—for those with iPhones😜—seems to be all over above methods) and outlets like LOTUS need to sort their sht because they have become ridiculously slow when paying any way bar cash. 

[mdr224]

1 hour ago, smedly said:

the ultimate control, very disturbing 

 

while it is convenient to pay by card and various electronic methods we should all fight against this, cash is raw and once in your pocket is yours, if you remove cash you money is no longer yours, you are at the mercy of banks and financial entities to control everything without an alternative

I know right. Thankfully bitcoin was invented, so the world can take control right back from the banks

[patman30]

3 minutes ago, mdr224 said:

I know right. Thankfully bitcoin was invented, so the world can take control right back from the banks

if you are referring to BTC
you need to do some research

[AhFarangJa]

1 hour ago, smedly said:

the ultimate control, very disturbing 

 

while it is convenient to pay by card and various electronic methods we should all fight against this, cash is raw and once in your pocket is yours, if you remove cash you money is no longer yours, you are at the mercy of banks and financial entities to control everything without an alternative

Well said Sir. When I mention it to the ostriches with their head in the sand I am told to adjust my foil cap. Until I explain the analogy of thirty people paying 50 pounds cash for services there is still 50 pounds there. Whereas when people pay with cards etc, the banks take a percentage so eventually the bank owns the 50 pounds. Plus, as you say, once everyone is cashless (as the WEF want), the banks can charge you what they want.

[mdr224]

5 minutes ago, patman30 said:

if you are referring to BTC
you need to do some research

I have. Have you?

[HappyExpat57]

I enjoy the convenience of aiming my phone at the QR code at Makro to pay for my purchase. There are still some things I DON'T want immigration sniffing around in, so I always bring back just under $10k USD cash during my annual family visit. I don't have to report that amount to either country. Like Walz is fond of saying, "Mind your own damned business."

Edited 32 minutes ago by HappyExpat57

[Denim]

Cash is not broken so why try to fix it ?

 

The push for a cashless society benefits the banks and the establishment. 

 

Just imagine how much more profit banks are making by not have a branch in every town and lots of ATM machines. Fewer staff, no rates ,water or electric bills. No property maintenance etc.

 

However much they lose by cyber fraud they are raking in millions every day by going cashless.

 

The trick is to convince the sheeple that it is all being done for them and that they are benefiting from it.

 

[Upnotover]

5 minutes ago, HappyExpat57 said:

so I always bring back just under $10k USD cash during my annual family visit. I don't have to report that amount to either country

What do you do with it?

[Henryford]

I never use anything but cash in Thailand and will continue to do so.

[Lacessit]

Like most initiatives in Thailand, unlikely to happen. Many rural Thais do not have bank accounts.

[ignis]

this Bar Code  Scan me things is beyond me....  friend set me up on my Smartphone, long ago + instructions,  cannot work it out 

 

friend set me up with ''Line'  also long ago + beyond me, no matter how often over the past years have tried just cannot get past or make the scan me Barcode work.

 

Seeing as most people of all ages have there head buried in the phones, amazes me how long some take to try to make the scan me payment at Makro

 

going cashless = NO, is OK for the younger people that understand and can remember what to do,  

 

 

[JimHuaHin]

Where did Visa do their survey?   Bangkok CBD?

[scorecard]

3 minutes ago, ignis said:

this Bar Code  Scan me things is beyond me....  friend set me up on my Smartphone, long ago + instructions,  cannot work it out 

 

friend set me up with ''Line'  also long ago + beyond me, no matter how often over the past years have tried just cannot get past or make the scan me Barcode work.

 

Seeing as most people of all ages have there head buried in the phones, amazes me how long some take to try to make the scan me payment at Makro

 

going cashless = NO, is OK for the younger people that understand and can remember what to do,  

 

 

 

How sad, the only person in Thailand who cannot use scan to make a payment and the only person in Thailand who cannot use LINE (you should try again, using LINE will save you on telephone calls, can be free on LINE to anywhere in the world, also easy to do video chat also can be free to anywhere in the world).