webfact Posted August 30, 2017 Share Posted August 30, 2017 Cashless society seen in three years By JIRAPAN BOONNOON The Nation BANGKOK: -- THE Thailand E-Payment Trade Association (TEPA) believes Thailand will go cashless within three years. E-money accounts would grow this year by 10 per cent from 40 million or about 60 per cent of the population last year and online payments by 20-30 per cent from Bt170 billion, according to TEPA. Punnamas Vichitkulwongsa, chairman of TEPA and chief executive of Ascend Group, said the association now counts 16 e-payment service provider members, such as TrueMoney, mPay and Thai Smart Card. The factors driving customers to open e-money accounts to support their daily routines are the competition by banks and non-bank providers to meet the demands of customers and the potential for more customers to pay for products and services via online channels. The association will help develop the e-payment and e-commerce industry in the country by adopting the Thai QR Code and PromptPay. The Thai QR Code employs a common standard for e-payments in the country. PromptPay services will include PromptPay e-wallet services on September 15. TEPA will upgrade the country’s e-payment industry to global standards and boost confidence in e-payment among Thai consumers and retailers. E-transactions will be part of the Thailand 4.0 initiative, which will help businesses reduce operating costs, create confidence for consumers and provide greater convenience for consumers to pay for products and service fees. Ascend Group has 3 million active TrueMoney accounts now and expects 4 million by the end of the year. Each account-holder spends an average of Bt220 per time to buy products or services Somwang Luangphaiboonsri, country lead at PayPal Thailand, said e-transactions continue to grow because customers have confidence to spend money via e-payment channels in the country, due to the government’s support for e-payments. PayPal has 210 million active accounts and 17 million active business accounts globally. It enables businesses and customers to make secure cross-border transactions while affording protection to buyers and sellers. Source: http://www.nationmultimedia.com/detail/Economy/30325327 -- © Copyright The Nation 2017-08-31 Link to comment Share on other sites More sharing options...
kotsak Posted August 30, 2017 Share Posted August 30, 2017 I'll have what they are having.. Link to comment Share on other sites More sharing options...
canuckamuck Posted August 30, 2017 Share Posted August 30, 2017 You can't even use your debit card for purchases here in most places, and quite a few will also not take a credit card. I really can't see our village shops using smart pay when a toothless grandpa idles up for a Pepsi bottle of gasohol. Link to comment Share on other sites More sharing options...
BigBadGeordie Posted August 30, 2017 Share Posted August 30, 2017 29 minutes ago, kotsak said: I'll have what they are having.. Will you be paying by cash or card for that Sir? Link to comment Share on other sites More sharing options...
kotsak Posted August 31, 2017 Share Posted August 31, 2017 1 hour ago, BigBadGeordie said: Will you be paying by cash or card for that Sir? Bitcoin Link to comment Share on other sites More sharing options...
Thaiwrath Posted August 31, 2017 Share Posted August 31, 2017 Seen some expats here who have been living in a 'cashless' society for quite a while now ! Link to comment Share on other sites More sharing options...
ksamuiguy Posted August 31, 2017 Share Posted August 31, 2017 using my card, any card usually incurs 2 - 3 % added to the total. OR pay Cash, untraceable and no record of transaction, i have noted that many purchases do not correspond to the shop or company i made the purchase from, strange! Link to comment Share on other sites More sharing options...
inThailand Posted August 31, 2017 Share Posted August 31, 2017 Is it April's Fools day already? I think they mean corruption will be taking all the cash within 3 years? Link to comment Share on other sites More sharing options...
watgate Posted August 31, 2017 Share Posted August 31, 2017 The great thing about a cashless society is with interest rates at historic lows and almost at zero, when the next recession hits, the central bankers can push rates into negative interest rate territory and the banks can then turn around and charge their customers fees to keep their deposits in the bank. With no cash, the depositor will have little recourse to withdraw their funds since their is no more cash. This will be another way the globalists can get at your money and can bleed you dry at their enrichment. Link to comment Share on other sites More sharing options...
Dave67 Posted August 31, 2017 Share Posted August 31, 2017 (edited) I think this is a drastic measure to stop police corruption Edited August 31, 2017 by Dave67 Link to comment Share on other sites More sharing options...
BuaBS Posted August 31, 2017 Share Posted August 31, 2017 (edited) 6 hours ago, watgate said: The great thing about a cashless society is with interest rates at historic lows and almost at zero, when the next recession hits, the central bankers can push rates into negative interest rate territory and the banks can then turn around and charge their customers fees to keep their deposits in the bank. With no cash, the depositor will have little recourse to withdraw their funds since their is no more cash. This will be another way the globalists can get at your money and can bleed you dry at their enrichment. And that's why there is Gold and bitcoin. Well , if it were true , I'd start looking at plane tickets out of here in 3 years. Edited August 31, 2017 by BuaBS Link to comment Share on other sites More sharing options...
GreasyFingers Posted August 31, 2017 Share Posted August 31, 2017 4 hours ago, canuckamuck said: You can't even use your debit card for purchases here in most places, and quite a few will also not take a credit card. I really can't see our village shops using smart pay when a toothless grandpa idles up for a Pepsi bottle of gasohol. Yes, it is not Bangkok up here. I do not think that any of the immediate family even have a bank account, let alone a credit card. Imagine buying a 40 baht noodle soup with a card. Link to comment Share on other sites More sharing options...
janclaes47 Posted August 31, 2017 Share Posted August 31, 2017 5 hours ago, webfact said: THE Thailand E-Payment Trade Association (TEPA) believes Thailand will go cashless within three years Please allow me to make a small correction, with the way the current government is been run, it will be more like THE Thailand E-Payment Trade Association (TEPA) believes Thailand will go cashless moneyless within three years. Link to comment Share on other sites More sharing options...
Krataiboy Posted August 31, 2017 Share Posted August 31, 2017 (edited) The ultimate control tool tailor-made for autocratic governments. Once money is deposited in a bank, it no longer belongs to the depositor. In effect savers end up totally at the mercy of banks and governments for the means to survive. The effects of eliminating real money - as opposed to the digital variety - are potentially devastating in countries like Thailand with a majority of low-wage earners and a massive "black" economy which is all that enables millions of them scrape a living. Anybody who doubts this should consider what happened to India recently when the Modi government arbitrarily withdrew some popular banknotes from circulation in a bid to tighten state control of the money supply. There was total chaos, with mile-long queues queues outside banks, millions going hungry because they could not buy food and a big jump in the suicide. Added to which the economy took a sudden nosedive. There ARE some pros to eliminating cash. But these are arguably outweighed by the cons. At the very least, the Thai people (currently led by a military ruler who apparently considers he can do anything he likes with impunity) should not be led down this potentially slippery slope without their prior consultation and agreement. Edited August 31, 2017 by Krataiboy Link to comment Share on other sites More sharing options...
12DrinkMore Posted August 31, 2017 Share Posted August 31, 2017 2 hours ago, watgate said: The great thing about a cashless society is with interest rates at historic lows and almost at zero, when the next recession hits, the central bankers can push rates into negative interest rate territory and the banks can then turn around and charge their customers fees to keep their deposits in the bank. With no cash, the depositor will have little recourse to withdraw their funds since their is no more cash. This will be another way the globalists can get at your money and can bleed you dry at their enrichment. Yep, I am completely against a cash free society. Not only will it lead to more financial repression, as you have stated, but all income and outgoings will have a traceable electronic trail. Certain transactions in, for example, Pattaya, , I do NOT want to have coming back at me in the future. Probably Lek, Noi, Moo, Nung do not want have accounts showing that Tom, Dick and Harry have been regular visitors. I do not want to be financially profiled. The tax man would love to have access to all these records. The finance companies will also take a percentage slice of all purchases. No thanks. I want to have a choice, and that includes trace-free money in my wallet. Link to comment Share on other sites More sharing options...
connda Posted August 31, 2017 Share Posted August 31, 2017 EMP, Coronal Mass Ejection, or just run of the mill power outages. The commerce stops and dies. What a wonderful idea! Link to comment Share on other sites More sharing options...
BuaBS Posted August 31, 2017 Share Posted August 31, 2017 But it will be good for Silver ( small purchases ) and gold ( big purchases). Link to comment Share on other sites More sharing options...
Beats56 Posted August 31, 2017 Share Posted August 31, 2017 Ĺisten it will not happen in three years. Still can't use you debit card at most stores and most old people haven't a clue. Here is a country that still.uses carbon paper and dot matrix printers. This country has a long way to go to catch up to other countries. Link to comment Share on other sites More sharing options...
gandalf12 Posted August 31, 2017 Share Posted August 31, 2017 The rest of the world has had degrees of success with the concept but cash still rules supreme Link to comment Share on other sites More sharing options...
Oxx Posted August 31, 2017 Share Posted August 31, 2017 The people going on about debit cards seem to be forgetting "PromptPay" whereby anyone with a bank account can send/receive cash based upon either their mobile 'phone or their national ID card. I do wonder how tourists are going to fit into this cashless society, though, and migrant workers. Link to comment Share on other sites More sharing options...
rak sa_ngop Posted August 31, 2017 Share Posted August 31, 2017 Nothing worse than standing in line watching your coffee go cold while the person in front is trying to pay with his loyalty card/credit card/cashless payment card. So much easier and quicker to pay cash! Link to comment Share on other sites More sharing options...
Jip99 Posted August 31, 2017 Share Posted August 31, 2017 14 minutes ago, rak sa_ngop said: Nothing worse than standing in line watching your coffee go cold while the person in front is trying to pay with his loyalty card/credit card/cashless payment card. So much easier and quicker to pay cash! You have obviously never stood behind the old lady kwitiow vendor in the queue in Makro. First she waits until everything has been scanned through THEN she hunts for her purse THEN she takes out 7,480 Baht's worth of 20 Baht notes that the cashier then counts 2 or 3 times..... Link to comment Share on other sites More sharing options...
ChiangMaiLightning2143 Posted August 31, 2017 Share Posted August 31, 2017 Best idea for Thailand EVER.Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
shamrock09 Posted August 31, 2017 Share Posted August 31, 2017 On 8/21/2017 at 6:37 AM, Bluespunk said: Didn't realise that's how diphtheria's spread. 4 hours ago, 12DrinkMore said: Yep, I am completely against a cash free society. Not only will it lead to more financial repression, as you have stated, but all income and outgoings will have a traceable electronic trail. Certain transactions in, for example, Pattaya, , I do NOT want to have coming back at me in the future. Probably Lek, Noi, Moo, Nung do not want have accounts showing that Tom, Dick and Harry have been regular visitors. I do not want to be financially profiled. The tax man would love to have access to all these records. The finance companies will also take a percentage slice of all purchases. No thanks. I want to have a choice, and that includes trace-free money in my wallet. Exactly, but I don't see this at all. Last week I tried to make my monthly car payment via credit card and was told it was impossible. Link to comment Share on other sites More sharing options...
Oxx Posted August 31, 2017 Share Posted August 31, 2017 (edited) 7 minutes ago, shamrock09 said: Exactly, but I don't see this at all. Last week I tried to make my monthly car payment via credit card and was told it was impossible. Of course it was. If you pay by credit card the credit card company takes a chunk of the cash. The financing company wants to get all of the money it's due. The use of credit cards is nothing to do with a "cashless society"; credit cards are not a substitute for cash. Edited August 31, 2017 by Oxx Link to comment Share on other sites More sharing options...
topt Posted August 31, 2017 Share Posted August 31, 2017 2 hours ago, Oxx said: credit cards are not a substitute for cash. They were for me when I was living in England.................... But they were giving me a share of every penny I spent so it was more than worth it....... (Agreed in the example you were quoting a finance company probably isn't going to take it however). Link to comment Share on other sites More sharing options...
Enoon Posted August 31, 2017 Share Posted August 31, 2017 8 hours ago, 12DrinkMore said: Yep, I am completely against a cash free society. Not only will it lead to more financial repression, as you have stated, but all income and outgoings will have a traceable electronic trail. Certain transactions in, for example, Pattaya, , I do NOT want to have coming back at me in the future. Probably Lek, Noi, Moo, Nung do not want have accounts showing that Tom, Dick and Harry have been regular visitors. "Dick" being the most regular of all. Link to comment Share on other sites More sharing options...
manarak Posted August 31, 2017 Share Posted August 31, 2017 a cashless society requires such a high level of security and protection of personal data that I don't see any country in the world able to make it a reality anytime soon. Link to comment Share on other sites More sharing options...
Oxx Posted August 31, 2017 Share Posted August 31, 2017 47 minutes ago, manarak said: a cashless society requires such a high level of security and protection of personal data that I don't see any country in the world able to make it a reality anytime soon. We already entrust enormous amounts of money to computer systems: our bank accounts, our investments, our pensions, our social security entitlements. We trust the security and protection of these things. A cashless society is but a step further. And technological advances such as blockchain potentially make such systems even safer. (Whether Thai institutions can actually implement a secure computer system, however, is somewhat questionable. The PromptPay implementation has been farcical.) Link to comment Share on other sites More sharing options...
manarak Posted August 31, 2017 Share Posted August 31, 2017 1 hour ago, Oxx said: We already entrust enormous amounts of money to computer systems: our bank accounts, our investments, our pensions, our social security entitlements. We trust the security and protection of these things. A cashless society is but a step further. And technological advances such as blockchain potentially make such systems even safer. (Whether Thai institutions can actually implement a secure computer system, however, is somewhat questionable. The PromptPay implementation has been farcical.) investments, pensions and social security payments are not transactions we want to protect from unwanted scrutiny. in a cashless society, a person's full payment history will be accessible to some people with privileged access and to others who will access that data in an unauthorized manner, in addition to all goofs, security holes and whatever. a short search didn't turn up the references I wanted, but in the past few years I have read multiple press articles that described how employees of intelligence agencies and law enforcement abuse their function to dig up other people's personal information for their personal use. Link to comment Share on other sites More sharing options...
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