What is the payment system in Thailand?

17 Jan 2024 By PAYCEC

With an online representative sample of approximately 2000 Thai residents, a study by YouGov Surveys reveals a fascinating portrait of payment systems in Thailand.

E-Wallets and Cash on Delivery:

E-wallets and the classic charm of cash on delivery emerge as the protagonists in this digital narrative.

A staggering 50% of consumers opt for fintech services like TrueMoney Wallet, Rabbit LINE Pay, Lazada Wallet, ShopeePay, and PayPal to settle online purchases, showcasing the growing reliance on digital wallets.

Simultaneously, 49% prefer the tangible exchange, handing Thai baht notes when their online treasures arrive.

In the bustling Bangkok Metropolitan Region, where the pulse of modernity beats strongest, e-wallets (55%) and credit cards (33%) claim their throne as the preferred payment systems in Thailand.

However, in other regions, a different narrative unfolds. E-wallets dominate but yield the crown to cash in popularity. The Southern region, in particular, embraces cash on delivery with a notable 57%, highlighting the enduring appeal of tangible transactions.

Bank Transfers and Mobile Banking:

Bank transfers, a stalwart in Thailand's payment system, claim their space as the most popular method, with 39% turning to the seamless avenue of mobile banking.

The interbank PromptPay system, a testament to Thailand's digital evolution, is tapped by one in three online shoppers (33%), embodying the nation's tech-savvy stride.

Credit/Debit Cards:

Surprisingly, credit and debit cards play a relatively subdued role, embraced by less than a fifth of online shoppers. The preference for tangible cash or the swift efficiency of digital wallets seems to overshadow the allure of plastic transactions.

PromptPay:

PromptPay, an emblem of Thailand's payment system, finds varied reception across regions. It thrives in the Northern region, with 39% embracing its efficiency.

However, in the Central region, encompassing the Bangkok Metropolitan hub, its popularity slightly wanes at 30%, highlighting the diverse preferences within the nation's borders.

In short, payment systems in Thailand showcase a mosaic where traditional methods dance alongside cutting-edge fintech services.

E-wallets, bank transfers, and the age-old allure of cash converge, offering a nuanced reflection of the diverse preferences that shape the nation's online commerce landscape.