Overall, there is a trend in Thailand towards going cashless with 80% of Thais carrying at least one credit card in their wallets, with an average of two cards per person. The Study surveyed 2,000 people across four Southeast Asian countries to gauge changing payment habits and attitudes.
Somboon Krobteeranon, Visa Country Manager, Thailand said: “Attitudes towards eliminating cash are changing among Thai consumers and more people now value the convenience and security of electronic payments. The Study revealed that today, people carry small amounts of cash or about 1,500 Baht on a day-to-day basis and a significant number of consumers choose electronic or card payments as their preferred payment method.
“With more people carrying cards compared to five years ago, and many more confident in using cards to pay online, there is a growing willingness among Thai consumers to go cashless. It shows how the payments landscape has improved as people feel safer and more comfortable paying electronically.”
According to the Study, the main reasons given by Thai respondents for preferring electronic payments were convenience (58%), lack of need to carry cash (25%) and safety and security (20%). Over half of the respondents (64%) felt safe when making purchases online, reflecting the growth of eCommerce in the country. Moreover 64% of respondents said they purchase goods or services online at least once a month. Thai consumers also showed a strong appetite for new payment methods with more than half of those surveyed (55%) interested in using Visa payWave contactless payment technology currently being rolled out across the country.
Overall, Thai consumers are confident about their personal finances, with more than three quarters of respondents (81%) believe their financial situation will improve over the next 12 months, compared to just over half (51%) describing their finances as better than they were last year.