Thailand is Asia’s tops in digital payments

Thai consumers led all others in the Asia-Pacific region in using digital payment methods, according to a survey by MasterCard, which also found that the region is the most enthusiastic when it comes to cashless transactions.

That is good news for the Kingdom’s economic planners who would like to see Thailand become a cashless society.

A wide range of digital payment programs and services are available in the Kingdom along with the government’s own PromptPay system. Digitalization is a priority under Thailand 4.0, the government’s 20-year national development strategy.

MasterCard created the index based on its survey of more than 35,000 respondents in 40 countries. According to MasterCard’s second annual New Payments Index, consumers in Asia and the Pacific are the most enthusiastic adopters of digital payments in the world.

More than 88 percent of consumers in the region have used technologies such as digital wallets, QR codes, buy now and pay later services, cryptocurrencies, and biometrics.

“Consumers in Thailand topped the list with 94 percent having used digital payments across multiple forms, including QR codes and wallet payments,” said Aileen Chew, MasterCard’s Country Manager for Thailand. “Thailand is a leading example of the future of digital payments and how MasterCard thinks about payments.”

According to a survey Deloitte consulting conducted, it showed that in the field of digital payments, Thai banks are beginning to mature. Thai banks score among the best for customer retention on mobile banking.

“As Thai banks look to the future, they must consider the ‘moments that matter’ to their end-customers and invest in customer experiences to enable a seamless digital experience,” said Metinee Jongsaliswang, Executive Director and Thailand Country Consulting Leader at Deloitte Consulting.

Photo courtesy of https://www.mastercard.com/