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

[animalmagic]

3 hours ago, Bday Prang said:

             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

The phrase 'race' is something used by online payment providers to suggest it is something that needs to be won; and get more to join.  They charge fees for interchange, assessment, e-wallet and payment; these are generally based on what they think they can get away with and not the cost of providing the service.  These fees are charged to the retailer accepting the payments and will eventually be reflected in the cost of the item.  Every buyer then has to pay more whether using cash or card.

[johng]

6 minutes ago, PumpkinEater said:

lead the human race toward its own demise and obliteration! 

Agree totally  but we still do have a slight window to resist  reject the plan,  refuse CBDC's  use cash at every opportunity   refuse the smartphone app of everything ,stop injecting dubious concoctions etc etc etc.

[Bday Prang]

2 minutes ago, animalmagic said:

Every buyer then has to pay more whether using cash or card.

Not necessarily I can remember several shops having a sign saying there was a surcharge for using a credit card, apparently it was illegal, at least in the UK but it was common practice. 

No reason at all why we shouldn't  have "two tier" pricing,  as well. Why should I pay to wait  for somebody to fumble about with their mobile phone ,  worse than students when they always paid by cheque

[Dazinoz]

13 minutes ago, Surasak said:

And I am 14 years your senior, and yes it is easy to scan for payments. However, I still like to be sure the scan is not a scam and take the appropriate precautions wherever possible. Some older and some younger cannot get their heads around these cashless payments, so this headlong rush to cashless should be delayed or proper training be implemented for the less competent among us.

I used to be a genius, but am much better now.

Heard this before, wait till us oldies die out. News flash, oldies never die out. And they don't want to train us too much as we might understand their ultimate plan.

 

Not really aheadlong rush. Been planned for years. Bitcoin was the physical start of things.

[LukKrueng]

9 hours ago, Lacessit said:

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

Every Thai person over the age of 60 gets a monthly old age pension. That money is transferred to their bank account. That's true to rural Thais as well.

[Lacessit]

50 minutes ago, sandyf said:

Like most on this forum you think the Thais are incapable of learning.

The Chinese went cashless because they couldn't trust cash, every chance the same outcome in Thailand.

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

[Peterphuket]

"In fact, a staggering 97% of Thais report weekly usage of mobile banking apps,"

 

😂😂😂 Ridiculous, who believes that.

I think they only ask the elite, that's probably where it applies.

[Peterphuket]

With all this fear mongering it is better to make sure you have physical gold at home.

You can always pay with that

In that respect the Thai aren't so bad, they do this for years.

[Peterphuket]

5 hours ago, toho said:

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)

 

 

 

Some banks already state the co2 content you have used, can you imagine.

Banks are all BS.

[crazykopite]

They need to sort out shops that won’t accept QR payment unless it’s a certain amount of money I got turned down by 7/11 last month was told it had to be over x amount 

[it is what it is]

2 minutes ago, crazykopite said:

They need to sort out shops that won’t accept QR payment unless it’s a certain amount of money I got turned down by 7/11 last month was told it had to be over x amount 

 

the whole QR code payment system is unnecessarily convoluted and prone to error, other more user friendly and efficient systems exist, cashless payments are so much quicker and more accurate in the uk.

[CygnusX1]

I don’t think Thailand’s leading the way to a cashless society. I still have to sign my name at some supermarkets when paying by credit card, and Bangkok’s still full of ATM machines, including some fancy looking new ones.

Australia’s far ahead. Thought I’d buy an ice cream at the little kiosk staffed by a couple of kids at Coogee beach, and was happy I had some cash in small notes, as they surely wouldn’t take plastic. To my astonishment, they would only take plastic, which I fortunately had, as I wasn’t swimming, just on a long walk. But when I do swim at a beach anywhere in the world, I never have plastic or my phone with me, as having those stolen while I was in the water would be a catastrophe, but losing $10 or $20 in cash is trivial.

[0ffshore360]

According to comment by an in-law in Sth. Carolina a recent widespread power outage caused havoc !

ATMs were offline and cash was a scarcity.

Welcome to the  new glasshouse society!

[new2here]

I DO think the whole “digital” payment universe is here and here to stay.. it won’t go away .. it is only going to get bigger.. to me the larger question is how big and how fast will that be?

 

That said, I think there’s a lot of fairly big “issues” that will need to get addressed before it can really be seen as a primary, long-term and viable payment option on a national basis.. but I do think there’s groundwork has been set…

 

For example, a) system integrity/security (ie what about breaches and losses from a breach?), b) system reliability (what if the larger system goes “down”?), c) speed (you have to be able to complete an e-payment transaction at minimum in the same time - or less - as a cash based transaction), d) data privacy and integrity (how and how will all that transaction data be stored, how long and who will have access?), e) the “unbanked” (you’ll have to provide a channel for those who don’t currently have any qualified bank account, to get one) f) hardware (what about those without a suitable phone or device? and lastly g) education.. you’ll have to invest the time to educate those who are just not familiar with digital payments.

[Puccini]

14 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

 

I don't believe this is true, as long as government agencies, eg immigration offices, are not eqipped to accept cashless payments.

9 hours ago, Gsxrnz said:

I explain the concept of a programmable CBDC (Central Bank Digital Currency) to people and get a blank stare...

 

Is this topic about CBDC?

[john donson]

cbdc... the 10k bribe was the initiation for this scam

 

works great in line at the shopping malls...where somchai cannot make his app work instead of paying cash

[black tabby12345]

Online  payment.

It always comes with extra cost(=fee; on top of the price of goods/services itself).

That's what I really hate about.

When I buy something at B30-, will have to pay 5-7B in addition to its retail price.

And it can add up to quite an amount in a long time.

It is amazing a lot of people(espeicially the poor ones) never look at that issue:

They are wasting part of their hard-earned money to the institutionalized rip-off that only benefits online payment corporations.

That's why I always stick to cash payment as much as possible.

 

The hidden cost of Cashless Payment.

It reminds me of a couple of old sayings related to money:

 

Take care of the pence, and the pounds will take care of themselves.

 

A food and his money are soon parted.

 

Out of debt, out of danger.

 

About a decade ago, I have heard that almost 20% of the Singaporeans (in their 30s), were in the state of bankruptcy due to their overspending on credit card.

 

I wonder if Thailand is doing any Consumer Education at their primary/secondary schools?

 

[black tabby12345]

5 hours ago, RickyJB said:

Need to stop this nonsense, globalist control freaks. Cash is king. Use it 

 

1000% agree.

[black tabby12345]

When people mostly use cash, they can at least know how much money in their wallet/pocket.

 

But when they rely on cashless payment all the time, they often forget it.

 

And the promotion of online settlement  undoubtfully increases  the risk of 

overspending among the people with lower financial literacy.

 

Interesting news.

Thai household debt at record high amid sluggish economy, survey shows | Reuters

 

 

[Lacessit]

4 hours ago, LukKrueng said:

Every Thai person over the age of 60 gets a monthly old age pension. That money is transferred to their bank account. That's true to rural Thais as well.

Valid point, I didn't think of that.

[Hunz Kittisak]

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

[George FmplesdaCosteedback]

16 hours 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).

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.

[digger70]

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.  🙏

[ignis]

18 hours ago, Dazinoz said:

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.

 

Easy for some, maybe got the answer yesterday. long term Thai friend is visiting, they tried with my phone scan the barcode on the PC > worked perfectly, yet when I tried and tried could not login..

They said is my hands that are the problem, had for some years have something called  'familial tremor'  so cannot hold my phone still when trying to scan...  so used to it never thought about it, so maybe is the reason cannot ever log-in  ?? 

 

Worried for years as Parkinson's  runs in the family 

[animalmagic]

14 hours ago, Bday Prang said:

Not necessarily I can remember several shops having a sign saying there was a surcharge for using a credit card, apparently it was illegal, at least in the UK but it was common practice. 

No reason at all why we shouldn't  have "two tier" pricing,  as well. Why should I pay to wait  for somebody to fumble about with their mobile phone ,  worse than students when they always paid by cheque

The fees for using online payment systems have to be borne by the retailer and this will be reflected in the price charged to every customer.  The fees are a cost of business similar to rent, utilities and staff; all of these have an influence on the ticket price of every item.  The retailer will not impose a specific surcharge for each online payment because of the reasons you state, but they will increase prices across the board, and this will affect every purchase no matter what the payment method.

[ross163103]

Canadian truck drivers learned about a cashless society in 2022, bank accounts frozen because they were protesting. Cash is king!

[tomacht8]

If I have cash in my wallet, it is my property. If I buy something with cash it is just a transaction between the seller and me. However, with cashless payments, a bank stands between me and the seller. Ultimately, due to the system, I can lose control over my money. Be it due to a power/internet outage or a government order to block or freeze my bank account. Whoever has control over the allocation and use of money has absolute power. Anyone who believes that the gradual abolition of cash by governments and banks is for the benefit of the population should think again. The governments and banks are only interested in gaining complete control over the private wealth of the population. The final stage will then be a new form of modern slavery.

[Bday Prang]

58 minutes ago, tomacht8 said:

If I have cash in my wallet, it is my property. If I buy something with cash it is just a transaction between the seller and me. However, with cashless payments, a bank stands between me and the seller. Ultimately, due to the system, I can lose control over my money. Be it due to a power/internet outage or a government order to block or freeze my bank account. Whoever has control over the allocation and use of money has absolute power. Anyone who believes that the gradual abolition of cash by governments and banks is for the benefit of the population should think again. The governments and banks are only interested in gaining complete control over the private wealth of the population. The final stage will then be a new form of modern slavery.

       Good post,   I would add that the reluctance  of  older people to embrace the new digital money systems is not because of any inherent learning difficulties,  just the opposite in fact

       Maybe, just maybe, some of us have been around long enough to realise that when organisations like banks and governments tell us  things, they are often, at best  very economical with the truth, and at worst just telling blatant lies,    Furthermore , when they continually insist that its for our benefit, convenience, safety or security ,  the opposite is more likely to be the case.

       Its called experience, and it helps to generate a healthy distrust of authorities , and promotes an essential  cynicism,  this is  something that the younger generations simply don't have yet. and as such they are far more inclined to simply believe what they are told

        There is good reason why political parties are continually trying to engage with younger and younger people, for example in the UK there has been talk for some time about reducing the age at which people can vote to 16. and I am pretty sure its nothing to do with any pollical awareness or knowledge.  It is , in my opinion, simply because young minds are more open to suggestion, and therefore  more easily controlled and manipulated

         Not unlike religion, which is forced upon people at a very early age, simply  because older people with a better developed brain, IQ.  and the common sense that comes with it would simply dismiss such rubbish instantly.  

         Older people, a thorn in the side of authority since the beginning of time,  the only way the authorities can combat this is to discredit their often very genuine concerns, There is no better way to achieve that than by simply  blaming their age and effectively  questioning their sanity

          The younger generations will march us willingly into the coming nightmare, but it is them and their offspring  who will have to live with the long term negative consequences.  We will be long gone

        

        

[Photoguy21]

Going cashless is a very bad decision. Have cashless option of course but also retain cash payments. I say this as cashless means using networks to pay for goods and services. Obviously the people pushing this have not heard about such places as the Dark Web and Hackers. All cashless does is give the hackers more opportunity to steal peoples money. I am sure someone here will say the systems are safe. Ok you use them but the hackers are very intelligent people who will find a way around any safety checks you put in place.

So, do I think cashless is a bad idea? No you should always have the option to go cashless or pay in hard currency.

[hotandsticky]

4 minutes ago, Photoguy21 said:

Going cashless is a very bad decision. Have cashless option of course but also retain cash payments. I say this as cashless means using networks to pay for goods and services. Obviously the people pushing this have not heard about such places as the Dark Web and Hackers. All cashless does is give the hackers more opportunity to steal peoples money. I am sure someone here will say the systems are safe. Ok you use them but the hackers are very intelligent people who will find a way around any safety checks you put in place.

So, do I think cashless is a bad idea? No you should always have the option to go cashless or pay in hard currency.

 

 

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).