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

[Photoguy21]

Just now, hotandsticky said:

 

 

Cash gets stolen/lost, and is target by thieves/scammers as well.

 

 

There will always be a place for cash (unless a vendor uses their right not to accept it).

As I said have the option of both cash and card. As for scammers well if people believe they will get something for nothing then they are open to being scammed.

[animalmagic]

11 hours ago, George FmplesdaCosteedback said:

There is no such thing as "Free". They sell your information and at the very least you will be plagued with adverts but it could be worse, much worse.

Absolutely correct, if you are not charged a fee then you are the commodity.

[thaibeachlovers]

On 10/5/2024 at 11:08 AM, webfact said:

Thailand ranks third in the region for minimising cash use, with only 47% of wallet contents being physical cash, just behind Vietnam and Malaysia.

Despite the obvious bias of the article, 47% is not insignificant.

 

Given that cashless means surrendering your money to a phone company and the government, only fools, IMO, think it's a good idea.

Once the cash option is gone, it's Chinese type total control of the population.

Still, it's obvious that many in society are sheeple, and willing participants in their own subjugation.

Baaaah.

[Lorry]

21 hours ago, kwilco said:

no true - people don't understand cash - tey just think they can avoid tax with it.

It's about avoiding surveillance.

Since Starbucks started tracking every single cup of espresso I buy, I don't go there anymore. 

I consider my espresso my private life.

 

Plus: If Starbucks wants to collect (and sell for good money) my data,  they should pay me for them. Data are not cheap. 

 

 

[LukKrueng]

14 hours ago, Hunz Kittisak said:

Cash or cashless why not have both alongside each other? It’s always good to have options

 

Good for the people, not so for the governments

 

 

12 hours ago, George FmplesdaCosteedback said:

There is no such thing as "Free". They sell your information and at the very least you will be plagued with adverts but it could be worse, much worse.

 

Everything you do, everywhere you go - you leave a trail that can be used to send you ads and offers. It is up to you if you fall for it or not. 

You use gmail? facebook? any other social media? It's all for free BECAUSE the companies that offer the services can cash on your activities in other ways. How many people out there are willing to actually pay for all those free services? and when some services actually cost money - such as netflix, spotify etc' - how many people are trying to work around the limitations and get more than they've paid for?

 

7 hours ago, digger70 said:

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

 

It's the banks /Government / Share Holders that want the  cashless society,  Now  if one has 1000 THB in Cash it is worth in Value always  1000TH  no matter how many times it changes Hands .

Now if one pays with a card 1000THB Reduces Every time  in Value it gets processed and the banks  collect a % of that 1000THB.

So now after a number of Card Transaction ones 1000THB is Declining in favor to the banks .

Just look at the Extra Profit the Banks make per day say for for  millions of Card Transactions.

Is it Clear Now Who and Why they want a Cashless Society?

Clear as mud they say.  🙏

 

I don't have statistics, but pretty sure most transactions in Thailand are by QR payment - directly from 1 bank account to another. At the moment there are ne fees collected from either end.

As for businesses that accept CCs and get charged % for it - the bank's cut is already calculated into the selling price (and in small shops where it isn't, they charge that % in addition to the selling price - so the buyer pays extra but the business gets the full 1000 THB). 

Besides, those big businesses pay their suppliers by cheques, money transfers and maybe even some cash, so no % deductions again and again as you describe.

 

 

[Bday Prang]

                   That  there are people advocating for a cashless society is absolutely astonishing,  there is absolutely nothing to be gained .  At present there are currently just  two options,   cash or digital.   

                   So, How can there possibly be any advantage for anybody  in removing one of those options ? 

                  Anybody arguing for the removal of cash as a payment option needs their head examining,  they also need to basically S.T.F.U  and mind their own business.  Pay with your digital monopoly money all you want  if it makes you feel young and trendy, but  how others choose to pay is really none of your concern, live and let live .

                   As usual one side in this argument is very vocal, I have not yet heard any fans of cash calling for the end of digital payment options.  So why do the fans of digital seek to impose their views on others?

                   Answers on a postcard please

 

[Photoguy21]

2 hours ago, hotandsticky said:

 

 

Cash gets stolen/lost, and is target by thieves/scammers as well.

 

 

There will always be a place for cash (unless a vendor uses their right not to accept it).

I think I would rather get a few Baht stolen than my entire bank wiped out, wouldn't you? I understand you reason but I also understand you have very little knowledge of how hackers and scammers work. If you did I think you may change your mind.

[Skeptic7]

Certainly it's intended to mean "Predominantly Cashless" or "A Leader In Cashless"...not 100% cashless. So everyone just relax and pull some of that cash stash out of the mattress. 🤣

[Lancelot01]

On 10/5/2024 at 5:40 AM, 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

And, in a cashless society, the banks will be free to charge 'transaction' fees on all transactions similar to the current credit/debit card fees.

[stix40]

Cashless society 

This must be down to rising debt ! 

As looking around alot of Thais appear to be cashless 😜

[lapamita]

On 10/5/2024 at 1:40 AM, 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

yes fully agree  and contraoll of goverment   ...and the FEES once cash is gone, will increase , and on every dollar you spend the banks will have a share

Cash have no lobby..e cash have a hudge lobby

 

once people realized it will be to late

 

cashless will have a hudge impact on Gold, in the  lonterm 

[Oink]

Who pays for all these QR code / credit card readers and wifi connections anyway?

No Cash, no going to the market to buy vegetables, no more street food etc.

Never going to happen, especially with poorer people who do not have 5G iphones.

[sandyf]

23 hours ago, Lacessit said:

Most people are capable of learning, it's whether they want to.

But you prefer to jump to conclusions.

Your words

"Like most initiatives in Thailand, unlikely to happen."

[sandyf]

1 hour ago, Oink said:

Who pays for all these QR code / credit card readers and wifi connections anyway?

No Cash, no going to the market to buy vegetables, no more street food etc.

Never going to happen, especially with poorer people who do not have 5G iphones.

When I went to China in 2013, no cash in the markets, traders wouldn't accept it.

Elsewhere was all QR code and they didn't like it if you tried to pay cash, just wasn't worth the wait for change.

We had to cross a river to the town on a small ferry, fare about 3 baht and everyone including the aged were paying by phone. I had to pay a yuan as I never had anything that small. Driver always smiled, 3 passengers in one.

Why do people think the Thais are incapable of getting in the same position. But then the US was about 20 years behind Europe on chip and pin, obviously a reluctance to progress.

 

Why do people 

[Smilin in Thailand]

Cash is yours.   You are in complete control.

 

Do you like money?    Do you like being able to spend it?

 

Give it all to the bank and they will find a way to keep you from it.   Fees, taxes, leans, account freezes, internet down, tech glitches, hackers stealing and worse of all INSIDER CORRUPTION.    This is what awaits you if you believe cashless is the way to go.    

 

Say goodbye to your money.     Become poor.    Be a slave.

 

[Lacessit]

56 minutes ago, sandyf said:

But you prefer to jump to conclusions.

Your words

"Like most initiatives in Thailand, unlikely to happen."

Not that I care, but there are quite a few examples of initiatives in Thailand which have not come to pass. Legalizing prostitution. Majority rule. Reducing air pollution. Eliminating corruption. Enforcing traffic laws.

That's not jumping to conclusions, that's going by past experience.

[smedly]

On 10/5/2024 at 5:08 AM, 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

it is convenient but should never get rid  of cash, they run side by side - the word "cashless" is careless, no surprise coming from thailands government and financial entities - IT WILL NEVER HAPPEN

[PB172111]

22 hours ago, Bday Prang said:

                   That  there are people advocating for a cashless society is absolutely astonishing,  there is absolutely nothing to be gained .  At present there are currently just  two options,   cash or digital.   

                   So, How can there possibly be any advantage for anybody  in removing one of those options ? 

                  Anybody arguing for the removal of cash as a payment option needs their head examining,  they also need to basically S.T.F.U  and mind their own business.  Pay with your digital monopoly money all you want  if it makes you feel young and trendy, but  how others choose to pay is really none of your concern, live and let live .

                   As usual one side in this argument is very vocal, I have not yet heard any fans of cash calling for the end of digital payment options.  So why do the fans of digital seek to impose their views on others?

                   Answers on a postcard please

 

You really do need to listen to other people’s opinions instead of using verbal abuse to put your point forward. So calm down and join the debate in a respectful way.

digital payments IMO will become the future of contactless payments. One can always have cash in their pocket but will eventually see the sense of progress even if you like it or not.

[sandyf]

21 hours ago, Lacessit said:

Not that I care, but there are quite a few examples of initiatives in Thailand which have not come to pass. Legalizing prostitution. Majority rule. Reducing air pollution. Eliminating corruption. Enforcing traffic laws.

That's not jumping to conclusions, that's going by past experience.

Of course you ignore the fact that the 4 previous inititiatives involving QR code payments did come to pass and following teething problems were quite successful.

Another is now under way so past experience does indicate that digital money initiatives do come to pass, but feel free to carry on doubting.

[Sig]

On 10/5/2024 at 12:01 AM, patman30 said:

clearly you have not done much at all
it is virtually impossible for BTC to become a globally used peer to peer electronic cash

You quoted somebody else, tagging me as though I said that. I did not.
Although, I agree with the sentiment, of course BTC is not about to replace the banks.
But, I'm not sure if I'm understanding your statement re BTC being impossible to become a globally used peer to peer electronic cash. Either you have no idea what BTC is, or somehow I'm misunderstanding your statement. BTC is exactly a globally used peer to peer electronic cash! I did a transaction today, as a matter of fact, with a friend thousands of miles away.... Sounds like maybe a miracle happened? I experienced the "impossible"?? This friend travels all over the world (digital nomad), frequently paying for his flights, meals, and hotels with BTC. Seems like the impossible happens regularly! Amazing....

[patman30]

3 minutes ago, Sig said:

You quoted somebody else, tagging me as though I said that. I did not.
Although, I agree with the sentiment, of course BTC is not about to replace the banks.
But, I'm not sure if I'm understanding your statement re BTC being impossible to become a globally used peer to peer electronic cash. Either you have no idea what BTC is, or somehow I'm misunderstanding your statement. BTC is exactly a globally used peer to peer electronic cash! I did a transaction today, as a matter of fact, with a friend thousands of miles away.... Sounds like maybe a miracle happened? I experienced the "impossible"?? This friend travels all over the world (digital nomad), frequently paying for his flights, meals, and hotels with BTC. Seems like the impossible happens regularly! Amazing....

how many transactions can BTC process in a single day?

check mate.

[Sig]

On 10/5/2024 at 12:53 AM, OJAS said:

 

How much might you receive from Bitcoin for being their PR consultant?

 

Bitcoin is not a company that pays anyone or has consultants....🥸

[Sig]

27 minutes ago, patman30 said:

how many transactions can BTC process in a single day?

check mate.

No idea what you think you are checkmating about.... I never made any claims about numbers of transactions processed in a single day. I never made any claim about numbers of transactions AT ALL. Or did you perhaps intend to comment to someone else?

That said... BTC is often used as a generic term for cryptocurrency. Solana is a cryptocurrency that is newer and more advanced than the original Bitcoin. There are many coins that have developed to be better, in various ways for various purposes, than Bitcoin. Solana, for example, is known to be able to process 65,000 transactions per second (carried out to a whole day, it would be over 5 billion). I believe that is fairly substantial. It is significantly more than the combination of what SWIFT, ACH, RTGS systems, all large banks of the world (JPMorgan, HCBS, etc), Visa, and Mastercard handle in any given day.
I believe Bitcoin is in the range of 400-500,000/day, which would be enough to handle all of TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) transactions. That is significant, but of course, the original coin (Bitcoin) has been far outdone by others  thathave come along, (like Solana, Polygon, XRP, Ethereum, etc). There is no need to be dependent solely on Bitcoin.

I'm not intending on playing chess, but if we were, it doesn't appear that your idea would equate to a checkmate. But then again, I'm not really sure what you are trying to prove.

Edited 8 hours ago by Sig
grammar

[patman30]

1 hour ago, Sig said:

No idea what you think you are checkmating about.... I never made any claims about numbers of transactions processed in a single day. I never made any claim about numbers of transactions AT ALL. Or did you perhaps intend to comment to someone else?

That said... BTC is often used as a generic term for cryptocurrency. Solana is a cryptocurrency that is newer and more advanced than the original Bitcoin. There are many coins that have developed to be better, in various ways for various purposes, than Bitcoin. Solana, for example, is known to be able to process 65,000 transactions per second (carried out to a whole day, it would be over 5 billion). I believe that is fairly substantial. It is significantly more than the combination of what SWIFT, ACH, RTGS systems, all large banks of the world (JPMorgan, HCBS, etc), Visa, and Mastercard handle in any given day.
I believe Bitcoin is in the range of 400-500,000/day, which would be enough to handle all of TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) transactions. That is significant, but of course, the original coin (Bitcoin) has been far outdone by others  thathave come along, (like Solana, Polygon, XRP, Ethereum, etc). There is no need to be dependent solely on Bitcoin.

I'm not intending on playing chess, but if we were, it doesn't appear that your idea would equate to a checkmate. But then again, I'm not really sure what you are trying to prove.

thank you for validating my point.

[Hockeybik]

On 10/5/2024 at 6:49 AM, patman30 said:

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

Precisely what does your research tell you about Bitcoin? 

[Lacessit]

6 hours ago, sandyf said:

Of course you ignore the fact that the 4 previous inititiatives involving QR code payments did come to pass and following teething problems were quite successful.

Another is now under way so past experience does indicate that digital money initiatives do come to pass, but feel free to carry on doubting.

Well. you ignore the fact cash is untraceable, whereas every digital transaction can be tracked by nosy governments. Privacy is non-existent.

 

Nobody has ever robbed me of cash, I have been scammed a couple of times when I went digital. IMO phone payments are the biggest vulnerability to hackers yet seen in the realm of digital transactions.

 

You say traders in China do not accept cash anymore. No skin off my nose, visiting China is not on any bucket list I may have. As for Thailand, I think cash will be around for quite a while yet.