According to a MasterCard poll, Thai consumers use digital payment methods more frequently than any other customers in the Asia-Pacific area. The region also showed the most enthusiasm for cashless purchases.
That is good news for economists who want to see Thailand transition to a cashless economy.
Along with the government’s own PromptPay system, there are a broad variety of other digital payment schemes and services available. The 4.0 national development strategy has made digitalization a top goal.
The index was developed by MasterCard based on a survey of more than 35,000 participants in 40 countries. Asia and the Pacific consumers are the world’s most enthusiastic adopters of digital payments, according to its second annual New Payments Index.
Consumers in the area employ digital wallets, QR codes, buy now, pay later services, cryptocurrencies, and biometrics in excess of 88% of all consumer transactions.
“Consumers in Thailand topped the list with 94% having used digital payments in numerous forms, including QR codes and wallet payments,” said Aileen Chew, Country Manager for MasterCard in Thailand. Thailand is a fantastic example of the future of digital payments and how MasterCard views payments, she continued.
Thai banks are beginning to develop in the area of digital payments, according to a Deloitte Consulting survey, ranking among the best for client retention on mobile banking.
As Thai banks look to the future, they must take into account the “moments that matter” to their end-customers and invest in customer experiences to enable a seamless digital experience, according to Metinee Jongsaliswang, Executive Director and Thailand Country Consulting Leader at Deloitte Consulting.