E-payments Replacing Cash Transactions In Thailand

27 Jun 2017

Electronic payments are becoming more popular in Thailand as people now feel more confident in this method, according to the recent Visa Consumer Payment Attitudes Study. The research found that almost 70 per cent of Thais prefer E-payments to cash as paper currency can be a hassle to deal with and unsafe to carry around.

The study, which looks at the current attitudes consumers have towards E-payment and identifies trends in payments behaviour in South East Asia, shows 73 per cent of people asked in Thailand said they use E-payments more often than cash. These methods included paying with cards, mobile devices, and wearable technology.

“As new innovation emerges, consumers are more willing to try new payment technologies. The case in point is how seven in ten Thais prefer to automate payment, eliminating the entire physical process of paying. This came at a time when we are experiencing unprecedented growth in the on-demand economy, particularly in ride-sharing apps. This creates new demand for fast, secure and convenient card-not-present payments,” says Suripong Tantiyanon, Visa Country Manager Thailand, in a press release.

Affluent individuals were the heaviest users of E-payments, as 83 per cent of this group preferred electronic methods to cash. Lack of safety and easy access to withdrawals were the main reasons people no longer want to carry cash around. The new ways to authentic E-payments were a big draw for Thais. A total of 75 per cent of people surveyed said they felt comfortable using biometrics technology like fingerprint and facial recognition to pay for goods and services.

“There is clearly a growing appetite for electronic payments in Thailand. Take for instance existing innovation such as Visa payWave contactless payments, which is widely available at major retailers, supermarkets and restaurants nationwide. We are not surprised to see that 82 per cent of respondents would choose contactless payments over cash, if merchants offer them,” says Suripong.

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