Want to break into the Thai market? You need to know these payment methods

To enter the Thai market, the choice of payment method is crucial. Thailand's electronic payment is growing rapidly, but cash still accounts for a certain proportion, and needs to be laid out in conjunction with localised habits. Here are the key points and strategy suggestions:

I. Mainstream payment methods and characteristics

  1. PromptPay

    • site coverage: Universal access (bound mobile phone number/ID card), with over 30 million transactions per day.
    • cutting edge: Zero commission, real-time arrival, and support for code-sweeping transfers (e.g. convenience stores, night markets).
    • Access Recommendations: Priority is given to Thai banks or third party service providers (e.g. 2C2P).

  2. electronic wallet (e.g. for money)

    • TrueMoney Wallet: Over 30 million users, supports offline top-up (7-11) and cross-border transfer (Laos/Myanmar). Suitable for small amount and high frequency scenarios.
    • Rabbit LINE Pay: Relying on LINE's social ecosystem, it has a predominantly young user base and is suitable for e-commerce and O2O services.

  3. Bank Cards and Credit Cards

    • Debit card penetration is high (Visa/Mastercard), but credit card holdings are only about 301 TP3T. Note: OTP verification is mandatory for some banks.

  4. Cash and collection points

    • There are still 35% online orders for cash on delivery (COD), especially for second and third tier cities. Can co-operate with logistics companies Kerry Express or Flash Express.

  5. International payments supplement
    Alipay/WeChat Pay mainly cover Chinese traveller scenarios; Google Pay/Apple Pay are less used.

II. Compliance and landing key points

  • Licence requirements : If a local collection account is involved, it is necessary to apply for a Foreign Exchange Permit (BoP Licence) or work through a licensed aggregator.
  • exchange rate settlement : To avoid Dynamic Currency Conversion (DCC) disputes, fixed baht denominations are recommended.
  • Anti-fraud measures : Thailand's central bank requires SMS verification + biometrics for large transfers.

III. Industry Adaptation Programme

  1. E-commerce platform → PromptPay + COD + instalments (e.g. Moca in 3 instalments)
  2. Gaming/SaaS Subscription → TrueMoney Prepaid Card + Carrier Debit (DTAC/AIS)
  3. high-end retail → Credit Card + Alipay (Chinese interface)

IV. Common pitfalls

⚠️ Ignore PromptPay's transfer limit problem (up to 200,000 baht per transaction)
⚠️ WeChat Pay is not available for Thai locals (China wallet only)

It is recommended to choose local aggregator gateways like Omise or Airpay at the initial stage to quickly launch the core channels, and then optimise the combination according to the data at a later stage.

V. User Payment Behaviour Insights and Scene Optimisation

  1. Micro High Frequency Preference

    • The average Thai e-wallet has a single transaction value of around 200-500 baht ($5-15 USD), which lends itself to a "pay with change" feature or a small discount (e.g., 10 off 50 baht).
    • Case ReferencesLazada Thailand's "PromptPay + Cashback" to increase repurchase rate 30%.

  2. Social e-commerce drives

    • Facebook/Line shopping relies on chat transfers and needs to support 'person-to-person' payments (e.g. generating a temporary payment code via PromptPay).
    • take note of: Avoiding the direct sharing of bank account numbers, a move that Thais consider unprofessional.

  3. Strong demand for instalments

    • Over 40% of e-commerce transactions using instalments, especially in the 3C category. Can partner with local financial institutions:
      • Krungsri Bank (up to 12 interest-free instalments)
      • AEON Thana Sinsap (flexible approval)

VI. Technical docking and operational details

  1. API interface selection
    | Service Providers | Benefits | Scenarios |
    |————–|—————————–|———————|
    | Omise | Support for PCI-DSS Level 1 | SaaS Subscription-Based Business |
    | 2C2P Covering 70,000 offline merchants Game Top-Up/OTA Industry |

  2. Failed transaction processing
    Network fluctuations in Thailand may cause delays in OTP SMS and are recommended:
    ✅ automatic retry mechanism (60-second intervals)
    ✅ Alternative validation methods (e.g. authorisation within TrueMoney Wallet)

  3. Reconciliation and Taxation
    Thailand requires VAT invoices to show the name of the payment channel (e.g. "Payment via PromptPay"), and the financial system needs to be configured in advance.

VII. Marketing strategy combined with payment habits

  1. Holiday Promotion Bundle Local Wallet → TrueMoney Cashback Coupon during Songkran Water Festival.
  2. Offline marketing to educate users to pay by scanning the code →The company set up a booth at Bangkok's night market to create a habit of "scanning the code to get a free iced drink".
    3.KOL Collaboration Talking Points:: "No need to tie up your card! Pay with your mobile phone number" (for groups with low bank card ownership).

VIII. Emerging trends and long-term layout

  • 🇹🇭 Central Bank Digital Currency Pilot : CBDC will be expanded commercially in 2024, with early access to partner banks such as SCB for access testing.
  • 📱 Super App Integration for Payments Grab is in the process of integrating PromptPay into its ecosystem, and the crossover scenario of travel + payment is worth watching.
  • 🛒 Social platforms close the loop on transactions : TikTok Shop has embedded Rabbit LINE Pay to shorten the hop loss.

IX. Pit avoidance checklist

❌ Wrong practice: Credit card only support leads to lower conversion rate than 5% (reference data: Codigo.co report)
⭕ Correct Alternative: Stack "PromptPay + eWallet" Combo Button
❌ Mistake: High rejection rate of COD orders without pre-paid shipping charges
⭕ Correct Substitution: COD when charging 20% deposit online to reduce risk