An online survey by UnionPay International and Nielsen found that while cash is still the preferred method of payment for many Thai consumers, QR code scanning is also overtaking cash as the most popular online payment method.
According to relevant data, the number of digital payment transactions per person in Thailand will triple to 150 per person per year. The growth of digital transactions depends on the promotion of cashless payments such as mobile banking and QR code payments.
Pakee Charoenchanaporn, consumer Watch director at Nielsen Thailand, said 87% of respondents in the Union-Nielsen online survey used cash, while 75% used QR codes to make payments.
Pakee Charoenchanaporn also points out that Thai consumers have a positive attitude towards a cashless society and are very willing to recommend cashless payments to family and friends.
The data also found that 71 percent of respondents want the country to move towards a cashless society. At the same time, 61 percent of respondents said they were confident about life in a cashless society.
However, the majority of respondents believe it will take a long time for Thailand to achieve a completely cashless society, at least for 12 years.
"As Thailand gradually becomes more cashless inclusive, more and more people will use cashless payments. 91% of respondents in this survey actively recommended mobile payments to friends, family and colleagues" said Mr Pakee.
Vincent Ling of UnionPay International said the use of mobile payments by Thai consumers has increased significantly. With the efforts of the government, financial institutions, payment networks and merchants, the public's awareness of the use of cashless payments has been greatly improved.
"The average mobile payment user in Thailand uses three phones. "More than half (53%) of respondents in this survey have used a smartphone or tablet to make online payments in the past three months."
Vincent Ling also stressed that Thailand will not become a cashless society in the short term. One of the key factors preventing consumers from using QR codes is the limited number of merchant connections.
QR code payments play an important role in achieving a more inclusive cashless society, as they can be easily adopted by consumers and merchants without expensive devices.
Post time: Feb-09-2022