Explore Thailand’s diverse e-commerce payment landscape in 2024, where traditional and digital payment methods converge to enhance consumer experiences. As digital wallets rise, driven by extensive mobile use, they now significantly impact online transactions. Meanwhile, innovative BNPL services are growing, propelled by the demand for flexible payment options. Bank transfers remain crucial, with systems like PromptPay ensuring quick and efficient transactions. This blend of payment methods underscores Thailand’s movement towards a sophisticated digital economy.

 

Payment by card in Thailand

In Thailand, credit cards are used by 55% of consumers for various transactions, while 13% specifically prefer them for e-commerce. Debit card usage is also notable; 46% of consumers use them, but only 3.6% favor them for online purchases. These statistics may change due to new digital regulations encouraging debit card use as a replacement for cash transactions​​. Thailand does not have its own local card scheme; instead, it relies on international card networks and cards issued by local banks for online shopping.

Local actors : Bangkok Bank, BigC

Bangkok Bank BigC

 

Payment by cash in Thailand

In Thailand, cash is used for 10% of online transactions, indicating its resilience in the e-commerce landscape​. While digital payments are on the rise, cash usage persists, particularly outside major urban centers​. This continued use of cash reflects a segment of the population’s preference for traditional payment methods. The transition from cash to digital payments has been expedited by global events like the pandemic, which pushed more consumers towards online and mobile payment options. As a result, the trend away from cash towards more secure and convenient digital payment methods continues to grow​​. This shift is part of a broader movement within the region towards enhancing payment security and convenience for consumers​​.

Local actors : Thailand post, Tesco Lotus

Thailand post Lotus logo

 

Payment by bank transfer in Thailand

In Thailand, bank transfers are a highly popular payment method for e-commerce, with a significant portion of the population opting for this mode over others. A notable system, PromptPay, which is part of Thailand’s push towards instant payments, has been particularly successful. In 2022, PromptPay accounted for 42% of all e-commerce transaction values in the country, marking it as the leading online payment method.

Real-time payments (RTP) in Thailand are processed immediately and continuously, offering a seamless transaction experience that’s available 24/7. This instantaneity is ideal for e-commerce environments where quick payment processing is essential. RTP systems, such as those used by PromptPay, facilitate instantaneous fund transfers from one account to another, making funds available to recipients without delay​​. This system reflects a broader trend in the Asia-Pacific region where real-time payment methods are becoming increasingly crucial for both businesses and consumers​.

Local actors : PromptPay, K+ KBank, Krung Thai Bank, Krungsri Bank

PromptPay K-KBank logo  KrungsriBank

 

Payment by BNPL in Thailand

Thailand’s BNPL market is rapidly growing, with projections showing an increase from $3.68 billion in 2023 to $4.28 billion in 2024, reaching up to $7.13 billion by 2029. This growth is fueled by the rise in e-commerce and consumer demand for flexible payment options. As BNPL becomes integral to the financial landscape, Thai banks are adapting, incorporating these services to meet consumer preferences and enhance competitive edge.

Local actors : Monix, Pay Next (by True Money), Rabbit, SPayLater (by Shopee Pay), K Pay Later

Monix Pay Next Rabbit Care SPayLater K-KBank logo

 

Payment by digital wallet and X-Pay in Thailand

Digital wallets in Thailand are becoming increasingly popular in the e-commerce landscape, reflecting the country’s shift towards more digital and convenient payment methods. As of 2024, digital wallets account for a significant share of online transactions​. This trend is driven by the high penetration of smartphones and the growing internet accessibility across the country.

Several key players dominate the digital wallet market in Thailand. TrueMoney Wallet leads with a comprehensive range of services that go beyond simple transactions to include payments for bills, insurance, and even loans​. Rabbit LINE Pay, integrated with the widely used LINE messaging app, offers seamless payment solutions, enhancing user convenience for a variety of payment needs from shopping to bill settlements​​.

ShopeePay, linked with the Shopee e-commerce platform, provides users with additional benefits such as discounts and loyalty rewards, making it an attractive option for online shoppers. Similarly, mPay and GrabPay cater to a broad user base with services that extend beyond typical wallet functions, supporting everything from mobile top-ups to comprehensive lifestyle services​.

Local actors : TrueMoney Wallet, Rabbit LINE Pay, mPay, ShopeePay (fomerly Airpay)

TrueMoney logo RabbitLinepay logo Mpay logo ShopeePay logo

 


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