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Thai consumers lead all others in the Asia-Pacific region when it comes to using digital payment methods, according to a survey by MasterCard, which also found that the region is the most enthusiastic when it comes to cashless transactions.
That is good news for economic planners who would like to see Thailand become a cashless society.
A wide range of digital payment programs and services are available alongside the government’s own PromptPay system. Digitalization has been a key priority under the 4.0 national development strategy.
MasterCard based the index on its survey of more than 35,000 respondents in 40 countries. According to its second annual New Payments Index, consumers in Asia and the Pacific are the most enthusiastic adopters of digital payments in the world.
More than 88% of consumers in the region have used technologies such as digital wallets, QR codes, buy now and pay later services, cryptocurrencies, and biometrics.
94% of Thai consumers are using digital payments
Aileen Chew, MasterCard’s Country Manager for Thailand, said, “Consumers in Thailand topped the list with 94% having used digital payments across multiple forms, including QR codes and wallet payments.”
“Thailand is a leading example of the future of digital payments and how MasterCard thinks about payments.”Aileen Chew, MasterCard’s Country Manager for Thailand
According to a survey conducted by Deloitte consulting, Thai banks are beginning to mature in the field of digital payments – scoring among the best for customer retention on mobile banking.
Metinee Jongsaliswang, Executive Director and Thailand Country Consulting Leader at Deloitte Consulting said that “As Thai banks look to the future, they must consider the ‘moments that matter’ to their end-customers and invest in customer experiences to enable a seamless digital experience.”
Consumers in the Asia Pacific region remain among the most enthusiastic adopters of digital payments in the world, with 88 percent having used technologies like digital wallets, QR codes, Buy Now Pay Later (BNPL), cryptocurrencies, biometrics and others in the last year.
“Consumers in the Asia Pacific region have consistently shown a willingness to adopt innovative new technologies—and payments are no exception.”Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific at Mastercard
What’s more, 69 percent of APAC consumers increased their usage of at least one digital payment method during the same period, demonstrating momentum. In comparison, only 52 percent of consumers in North America and just 48 percent in Europe, (regions where consumers tend to be more guarded and cautious about emerging payment technologies) increased their usage in the same way.