What is the market share of e-wallets in Thailand?

17 Jan 2024 By PAYCEC

In recent years, Thailand has experienced a remarkable boom in e-wallet usage, fueled by the convergence of smartphone proliferation, digital literacy, and a concerted effort by financial institutions to modernize payment methods.

Valued at USD 32.75 billion in 2022, with an anticipated CAGR of 14%, the e-wallet market in Thailand is projected to reach USD 72.49 billion in the next five years, reflecting the rapid adoption of mobile payment applications by retailers and service providers.

The e-wallet market in Thailand is characterized by dynamic competition among several key players. Notable participants include local and international entities, each vying for a larger slice of the rapidly expanding digital payment pie.

As the harbinger of e-wallets in Thailand, True Money took the pioneering step in 2013, introducing the nation to stress-free digital transactions.

With a user base of around 24 million, True Money Wallet facilitates money transfers, utility bill payments, and online shopping.

Extending its influence across borders, True Money has woven its digital tapestry into the fabric of six ASEAN countries, namely Burma, Laos, Cambodia, Vietnam, Indonesia, and the Philippines.

Distinctively, True Money Wallet is the exclusive e-wallet embraced by Thailand's 7-Eleven stores, solidifying its omnipresence in daily life.

Notable actions include LINE Corporation and PayPay Corporation's announcement in July 2023 about the PayPay Linkage Service.

This service enables users to leverage PayPay Money for purchasing virtual assets, further expanding the integration of mobile payments into diverse financial realms, including crypto asset trading on LINE BITMAX.

In the same month, KBank took a bold step by launching an intensive course aimed at empowering Thai startups.

The initiative, focusing on tech startups in FinTech, ESG and green technology, AI and ML, HealthTech, and enterprise solutions, not only imparts knowledge but also offers substantial benefits and a platform for participants to showcase their projects.

Moreover, the foresight of the Bank of Thailand augurs a triple-fold surge in e-wallet usage by 2025, underscoring the inexorable march towards a cashless future in the Kingdom.

The e-wallet market in Thailand reflects not only significant current value but a promising future, with projections pointing toward substantial growth.

As primary players introduce innovative offerings and the market witnesses strategic collaborations, the role of mobile payments expands beyond conventional transactions.

With its commitment to facilitating seamless online transactions, PayCEC adds a global perspective to Thailand's mobile payments landscape.

In an era of transformative financial technologies, PayCEC is ready to play a vital role in Thailand's journey toward greater integration into the global digital commerce network.