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

[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.

 

 

 

 

[topt]

5 hours ago, webfact said:

A recent survey by Visa

This, from memory, is the second "recent" survey article from Visa in the last 6 months. Not that they don't have a stake in pushing this message as far and fast as they can.........

[huangnon]

2 minutes ago, topt said:

This, from memory, is the second "recent" survey article from Visa in the last 6 months. Not that they don't have a stake in pushing this message as far and fast as they can.........

 

Yep. A so-called "survey" by an invested company.. Stinks

[Yagoda]

1 hour ago, Lacessit said:

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

 

What makes you think you are invulnerable?

Well a Viet hooker once distracted me with some extra while picking my pocket, but I caught her. Ive always been open about that. But if one takes steps, one is OK. I took the proper steps with my ABA account.  and have no fear of the QR. Im more likely to get my cash scammed by some hardbody.

 

 

Edited 2 hours ago by Yagoda

[Patong2021]

4 hours ago, mdr224 said:

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

 

And your bitcoin alternative  offers no guarantees, no oversight, and no consumer protection. There is a reason why it is favoured by criminal organizations.

 

 

5 hours 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

 

One is also at the  mercy of the financial institutions if one  relies on cash.  The banks are holding our money and they are the  entities which supply the ATMS.

Fortunately, your opinion is only popular with a minority of the age 65+ demographic, and Father Time will ensure that the  opinion will be addressed appropriately. 😁  I once resisted using a debit card and then credit cards,  but then I realized how much easier it was to maintain electronic records and to manage transactions electronically. 

The only place where I still have to make cash transactions for small transactions is in Thailand. Fortunately, I can do online invoice payments, and pay with debit or credit cards at Lotus, Tops, Villa,  upper end and international restaurants restaurants and at international retailers. Even my hired cars  to the airport  rely on credit card payment.  I don't want to walk  round with 10-30,000 baht.   

 

3 hours ago, AhFarangJa said:

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.

 

Ok, so the bank takes a percentage on the credit card transaction, They are being paid for the services rendered to the merchant. The credit and debt cards reduce the exposure to holdup and to cash shortfalls. They reduce the need for  manual book keeping and trips to make deposits at the bank. When I go to the ATM I  have to pay 200 baht each time. My use of a CC  has the cost baked into the retail cost of goods, whether I use the card or not.

[helloagain]

6 hours ago, webfact said:

 

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

 

Stop lying, only 22% are interested. It takes longer at Marco to pay by card, cash is quicker. Convergent is pushing so they can see where people are spending their nit noy money, plus where that person is.

[DPKANKAN]

6 hours ago, webfact said:

 

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

 

They have 2 'Hopes' and one of them is 'Bob' the other is 'no' !!!! So many of the poorer people have no bank account, no mobile phone and no WiFi. 

[IndomitableSpirit]

I like cashless payment, but I still carry around some cash just in case. It's because I went out one time with totally no cash, not even coins then when I was about to pay my data was acting up!It was quite embarrassing.🥴 

[animalmagic]

2 hours ago, mdr224 said:

Cash is preferred by criminals, tested thru time

Online payment fraud in 2021 was 20 billion USD, a 14% year on year increase.  For ease of reference - 

1.   The largest ever cash robbery from a vault is recorded to have been in 1972 where 30 million USD was stolen from a vault in California.  At today’s values, 30m USD in 1972 is equivalent to 225m USD.

2.   The diamond and jewellery part of the industry lost 117 million USD from a vault in Antwerp in 2003. At today’s values 117m USD is 2003 is equivalent to 199m USD.

3.   For bullion the largest recorded loss was from a vault in Heathrow in 1983 where 26 million Sterling (approximately 35 million USD) was taken.  At today’s values 26m STG in 1983 is equivalent to 110m USD.

Basically, the cash, bullion and DnJ industry would have to suffer their 3 biggest historical losses 4 times a month before they exceeded the losses to online payment fraud.

Cybercrime losses, in 2021 were estimated at 6 trillion USD, as a whole are much, much worse as it includes online payment fraud plus the financial losses caused by denial-of-service attacks to shut down critical infrastructure and commercial activity, the damage and potential losses caused by the theft of data; and every other way in which the internet impoverishes our lives.  The three worst days listed above listed above would have to occur 11,236 times a year to equal total annual cyber-crime losses. 

Cash is not the criminal's choice!

[animalmagic]

3 hours ago, mdr224 said:

Cash is preferred by criminals, tested thru time

 

Edited 1 hour ago by animalmagic
Double post

[animalmagic]

3 hours ago, mdr224 said:

Cash is preferred by criminals, tested thru time

 

Edited 1 hour ago by animalmagic
Double post

[Dazinoz]

4 hours 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,  

 

 

I am 69 and use "scan" most of the time now, very easy. I also use Line to chat to most people, again for easy for me at least.

[Choochai]

2 hours ago, mdr224 said:

Cash is preferred by criminals, tested thru time

You're obviously not a (present day) criminal, because they do love BTC

[harryviking]

THIS IS VERY BAD NEWS FOR THE COUNTRY! Totalism on its way to take full control of every person in tha land. Thailand will not be the place you should even think about retiring to! This is sad. It is also dangerous. Imagine a collapse of the net! Also, I hate staying in a que where people using cards. Takes like for ever to do the damn payment. STOP THIS DAMN NONSENSE!!! 

Edited 1 hour ago by harryviking

[Purdey]

Cash is easy to carry and can't be hacked. Pick pocketed maybe.

Too many news stories about hacked accounts on google.

Thai banks have a reputation for denying responsibility .

[Dazinoz]

7 minutes ago, harryviking said:

THIS IS VERY BAD NEWS FOR THE COUNTRY! Totalism on its way to take full control of every person in tha land. Thailand will not be the place you should even think about retiring to! This is sad. It is also dangerous. Imagine a collapse of the net! Also, I hate staying in a que where people using cards. Takes like for ever to do the damn payment. STOP THIS DAMN NONSENSE!!! 

You think Thailand is the only country doing this?

 

And you are in Thailand but hate the queue when other people paying with cards. Supposed to chill out. People now so impatient now and in a hurry to get home to watch TV.

[toho]

Way back in time we got our salary in envelopes. 100% privacy.

Now the banksters know all details. In my bank account they automatically update charts: how much I spend on different things like rent, food, insurance.  They even sell this private information to other banks and third parties.

Tax office has full power to ask for our private bank details and they share it with other authorities.

On an international scale national tax offices exchange our private info with tax offices abroad.

So big brothers are watching you everywhere. There is no privacy any more.

 

Authorities and banks working together to eliminate cash. They say it is because of fighting criminality and black money. Not everybody is a criminal!

Just an excuse to have full insight in our personal spending.

People say: I have nothing to hide. Well, this is the beginning of a kind of China syndrome, where you are fully controlled by the state.

And suppose their official servers are hacked?

Russia, China, N. Korea (and others) can do it.

 

In my country cash payment is limited to a few thousand EUR. Payments above that limit are illegal.

Export of money above 10.000 EUR has to be declared at customs. Including proof of origin (withdrawals).

 

We have become slaves of banks and governments: they can do with us what they want.

No competition between banks, every year higher service fees (what service?, less offices, everything online or by phone enjoying long waiting times), interest rates on saving account even lower than inflation. Tax on saving money. Bottom line losing money and purchase power.

 

Personally I withdraw cash from my bank account regularly. Every month, I divide the amount in 4 or 5 portions, that is the cash money that I can spend these weeks; easy and less danger to spend more than planned.

 

And to prevent spoofing/hacking/losing money: the money that I dont need goes to a AAA savings account in a country that gives a better interest rate than the banks in my own country (without exchange risk and including guarantee of paying back if bank goes broke)

 

 

 

Edited 50 minutes ago by toho

[scorecard]

4 hours ago, dinsdale said:

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.

You defeat your own argument:

 

No cash in pocket is about equal to internet down. 

 

And some ATMs need to have an internet connection to be able to process  / dispense your cash.

Edited 51 minutes ago by scorecard

[soalbundy]

5 hours ago, AhFarangJa said:

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.

Yes indeed, as the bard once said 'fvck this for a game of soldiers'

[Sydebolle]

Big brother is watching everything - cash is anonymous. 

All the while PayPal (a cashless payment system for online transactions) got blocked for all those dirty farang and alien - like me 😉 Meanwhile got it up and running through the wife again - what a joke all this is! 

[scorecard]

Just now, scorecard said:

You defeat your own argument:

 

No cash in pocket is about equal to internet down. 

 

 

[hotchilli]

7 hours ago, webfact said:

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

Ain't going to happen.

[thesetat2013]

6 hours 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

Yeah... and one small EMP blast will destroy all society with no physical money to use if they achieve a cashless society here. 

[CallumWK]

If I want to buy something and pay cash, that is my choice.

 

It is my money, not that from the bank or the government.

 

MY MONEY

 

Wake up

[Bday Prang]

             I don't think this is necessary a positive, and its the first time I have heard any mention of a "race" to become cashless amongst other south east  asian nations.  So has Thailand really "beaten" its neighbours, or has it in reality just  succumbed to this cashless narrative prematurely 

              People should of course always have the choice of using cash. those who wish to pay digitally can do so if they wish,  but could they please just do it quietly, and stop preaching the "amazing advantages" to everybody else

               These people are becoming as boring as those who drive electric cars, just get on with your own lives and leave the rest of us alone

[Bday Prang]

1 hour ago, DPKANKAN said:

They have 2 'Hopes' and one of them is 'Bob' the other is 'no' !!!! So many of the poorer people have no bank account, no mobile phone and no WiFi. 

Who are "they" 

[Sig]

5 hours ago, mdr224 said:

5 hours ago, patman30 said:

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

I have. Have you?

 

38 minutes ago, Choochai said:

You're obviously not a (present day) criminal, because they do love BTC

 

3 hours ago, mdr224 said:

3 hours ago, Tropicalevo said:

Ah yes. Bitcoin.

Invented by criminals - for criminals.

 

And there's Blackrock...  They just started a BTC ETF last year. In that extremely short time period, they now own about 2% of all BTC. Convince me that a company that is the largest asset management firm in the world, managing around $9.5 TRILLION USD, is wrong about the value of BTC! Good luck with that.

The ignorance people so proudly wave about to the world about BTC is staggering. Just keep right on following along with the talking heads in the mass media and other entities controlled by the banks. They obviously have your best interests at heart, right along with all of the politicians...🙄 They are all here to help you. So, keep right on funneling your money to them in their system. BTC is obviously a scam.

You can lead a horse to water, but you can't make it drink. And when they are as stubborn and arrogant as many BTC deniers, I'm sort of glad they don't drink. They don't deserve the refreshing fulfillment that water gives to one that is on the edge of fatal dehydration.
It makes me think of Plato's Allegory of the Cave (in Book Seven of "The Republic "). These ignorant deniers are just like those prisoners preferring to stay in the familiar darkness of the cave than be rescued and come out into the light and learn what their rescuer is trying to explain to them!

 

 

[rocketboy2]

Yes, Cash is king.

 

 

[jossthaifarang]

This can get out of control quickly, it used to be you could only print as much currency as you had gold reserves. With electronics, there is no real currency, just numbers on a screen. Plus, your money is no longer in your control. Scary stuff.

[dinsdale]

42 minutes ago, scorecard said:

You defeat your own argument:

 

No cash in pocket is about equal to internet down. 

 

And some ATMs need to have an internet connection to be able to process  / dispense your cash.

It seems you didn't understand my comment. It was not self defeating. I would need cash to pay for something if my internet was down as I could not access my bank app with no internet. No way I could scan to pay for something. I would need to draw out CASH. As I stated if I didn't have the cash on me. This is a given which I would assume everyone can comprehend. I thought that was pretty clear. BTW, yes,  bank ATM's do go down sometimes but banks have their own intranet systems.

Edited 10 minutes ago by dinsdale