Thailand's Payment System in Detail (Updated 2025)

Thailand Payment System in Detail

I. Overview of Thailand's payment system

Thailand's payments ecosystem has grown rapidly in recent years, blending traditional banking services with modern digital payment solutions. As the second largest economy in Southeast Asia, Thailand's fintech is growing rapidly, especially in the area of mobile payments.

II. Main payment modalities

1. Cash

  • Still the most common form of daily trading in Thailand
  • Small transactions (e.g., street vendors) are almost exclusively accepted in cash
  • ATMs are located all over the country, making it easy to withdraw cash

2. Bank card payments

(1) Debit/Credit Cards (Visa, Mastercard)

  • Higher coverage of POS terminals (shopping malls, hotels, restaurants, etc.)
  • NFC contactless payment is becoming popular (Tap to Pay)

(2) Local card networks

  • Thai Payment Network(TPN): Thailand's local debit card network
  • BAY: Krungsri Bank's ATM and POS network

3. E-wallets and mobile payments (growing rapidly)

(1) Mainstream platforms:

  • PromptPay:: State-supported instant money transfer system (based on mobile phone number or identity card number)

3. Electronic wallets and mobile payments (continued)

(1) Mainstream platforms::

  • PromptPay::

    • National-level instant payment system facilitated by the Bank of Thailand (BOT)
    • Users can transfer funds via mobile phone number, ID card number or e-wallet ID
    • Support for free inter-bank transfers (small transactions)
    • Integrated into the mobile applications of almost all banks in Thailand

  • TrueMoney Wallet::

    • Ascend Money, which is part of the Ant Group investment, has over 30 million users
    • Functions: money transfer, bill payment, code payment, cross-border remittance (e.g. Myanmar, Cambodia)
    • Wide offline coverage, 7-11 and other convenience stores can be topped up

  • GrabPay::

    • Use within the Grab ecosystem (taxi, takeaway), gradually expanding to offline merchants

(2) Bank-based e-wallets::

  • SCB Easy Pay(Siam Commercial Bank)
  • Krungthai NEXT(Government Savings Bank)
  • Kasikorn LINE Pay(Kasikornbank in co-operation with LINE)

4. QR Code payments

QR code payments in Thailand are highly standardised and fall into two main categories:

  1. Thai QR Payment:
    Standardised by the Central Bank of Thailand, it supports inter-agency code-sweeping payments.
    Commonly found in street vendors and small shops.

  2. Proprietary QR code:
    such as the exclusive QR code for Alipay (Alipay) and WeChat Pay.
    It is mainly for Chinese tourists and is more common in tourist areas.

III. Cross-border/international payment methods

  1. Credit card (Visa/Mastercard):
    Commonly accepted in hotels and large shopping malls. Note that a 3% surcharge may apply.

  2. Alipay & WeChat Payment:
    Coverage of duty free shops (King Power), chain restaurants and popular attractions.

  3. foreign exchange:
    It is recommended to operate at a regular exchange point such as SuperRich.
    Airport exchange rates are worse.