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."

[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).

[HappyExpat57]

17 minutes ago, Lacessit said:

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

My ex's village didn't have a 7/11, and there are many such places. Cashless is a less-than-ideal concept for them.

[Yagoda]

Cambodia is cashless to the point that virtually everyone is equipped to pay with phones to ABA or ACLEDA Banks, among others. Scan QR and bingo. 

[dinsdale]

No cash in pocket. Ok. Never mind I'll scan. DAMN!!!!!!!!!!!! My internet is down. Ok. Never mind I'll go to an ATM to get CASH.

[Lacessit]

1 hour ago, HappyExpat57 said:

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."

I don't enjoy the inconvenience of some half-wit at the register who takes several minutes to work out how to pay with their phone.

 

The problem with smartphones- there are a lot of dumb people using them.

[Tropicalevo]

2 hours ago, mdr224 said:

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

Ah yes. Bitcoin.

Invented by criminals - for criminals.

[mdr224]

1 minute ago, Tropicalevo said:

Ah yes. Bitcoin.

Invented by criminals - for criminals.

Cash is preferred by criminals, tested thru time

[Tropicalevo]

1 hour ago, Yagoda said:

Cambodia is cashless to the point that virtually everyone is equipped to pay with phones to ABA or ACLEDA Banks, among others. Scan QR and bingo. 

Except visitors, tourists and older folk.

But the scam centres in Cambodia love those that pay with phones.

No 1 target.

[Tropicalevo]

Just now, mdr224 said:

Cash is preferred by criminals, tested thru time

For sure tested thru time.

Cash has been around for centuries.

[ignis]

1 hour ago, scorecard said:

 

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).

No not the only one, friend in the Village much younger than me is only 60 has no idea, or his wife retired yesterday has a problem try to make it work, there Son 20's can but has a problem when trying to use my phone... 2 others in the Village that I know both in there 80's also have no idea

Likewise trying to pay bills with SCB, [scan bill] even taken phone into the Bank and they cannot make it work, Works on Bangkok Bank, but use SCB for everyday uses...  maybe is my phone ? but is Android 10

 

Maybe the phone ? don't use much as far to small cannot see - much easier on my 32" PC Monitor

 

[Yagoda]

20 minutes ago, Tropicalevo said:

Except visitors, tourists and older folk.

But the scam centres in Cambodia love those that pay with phones.

No 1 target.

Well the fact that there are idiots that get scammed shouldnt affect how I run my life. After all, there are cash scammers too.

[Lacessit]

3 minutes ago, Yagoda said:

Well the fact that there are idiots that get scammed shouldnt affect how I run my life. After all, there are cash scammers too.

I guess you won't be letting us know if you happen to get scammed.

 

What makes you think you are invulnerable?

[JBChiangRai]

I am currently in Hong Kong and surprised to see a lot of shops and restaurants saying no cash.

 

I was also surprised to see that using my Kasikorn debit card I can just touch it on the receptacles in places like McDonald’s and 7-Eleven and pay direct from my bank. Uber taxi from my bank too, I think you could live cashless here quite easily.

 

You probably think when you make a digital transaction in Thailand to pay for something that the exchange is simply between your bank and the vendor, that’s not the case, your data is also stored centrally by the government in a data lake that can be analyzed by AI.

[Gsxrnz]

I explain the concept of a programmable CBDC (Central Bank Digital Currency) to people and get a blank stare. Almost nobody understands the concept the WEF and many governments are about to force on us. Everyone thinks it's just a debit card or a phone app to make life easier.

 

A CBDC is the ultimate form of totalitarian control. Your programmable "money" will be far worse than prison scrip or WWII ration cards.

 

They won't need any type of physical or legislative force to control you.

 

The first thing they'll do is attach carbon credits to every purchase. You'll try to buy a steak or diesel - sorry, you've used up this month's allocation. Or try to buy an airline ticket - sorry you've already used up your credits, but they can be "banked", so in seven years you will have enough for that trip to Thailand.

 

They'll also make your credits appreciate or depreciate depending on fiscal need - sir, you're not spending enough and we need to boost consumption. We'll devalue your credits by 10% each month if you don't meet the spending requirements.

 

CBDC's and the 15 minute city. Welcome to dystopia. 

[Hunz Kittisak]

Cash is king. Call me old school but I like my cash physical where I can see and touch

[Lacessit]

9 minutes ago, JBChiangRai said:

I am currently in Hong Kong and surprised to see a lot of shops and restaurants saying no cash.

 

I was also surprised to see that using my Kasikorn debit card I can just touch it on the receptacles in places like McDonald’s and 7-Eleven and pay direct from my bank. Uber taxi from my bank too, I think you could live cashless here quite easily.

 

You probably think when you make a digital transaction in Thailand to pay for something that the exchange is simply between your bank and the vendor, that’s not the case, your data is also stored centrally by the government in a data lake that can be analyzed by AI.

In Australia, nearly all transactions are cashless. Most shops have touch and go stations. The only reason I draw cash when I am there is to take it back to Thailand.

 

I am comfortable with a debit card for cashless transactions. The cards are in a Faraday cage most of the time.

 

I would be most uncomfortable with phone banking, because IMO it is wide open to be hacked.