Top Payment Methods Most Used by Thais: 2023 Updated Guide

Foreword: Overview of the Thai Payments Market

Thailand's digital payments market has been growing rapidly in recent years, with the government's "Thailand 4.0" strategy and the popularity of contactless payments in the wake of the epidemic, the use of various electronic payment methods in Thailand has increased significantly. In this article, we will introduce the top 10 payment methods most commonly used by Thais in 2023, and analyse the advantages, disadvantages and scenarios of each method.

1. PromptPay - Thailand's National Instant Money Transfer System

PromptPay is undoubtedly the most used electronic payment method in Thailand today. Launched by the Association of Banks of Thailand, this instant money transfer system has become a daily option for more than 80 million registered accounts.

Core strengths::

• Transfers can be done by mobile phone number or ID number
• 7×24 hours real-time payment
• Zero handling fee for inter-bank transfers
• QR code scanning payment is widely popular

Data shows that PromptPay transactions surpassed 5 billion in 2022, accounting for more than 65% of all electronic payments. PromptPay's blue QR code logo can be seen everywhere from street stalls to large shopping malls.

2. TrueMoney Wallet - the leader in O2O payments

As the leading digital financial services platform in Southeast Asia, TrueMoney Wallet has over 30 million users in Thailand:

key function::
✔️ QR code payment (supports Thai QR standard)
✔️ Bill payments (utilities, internet, etc.)
✔️ game top up
✔️ cross-border remittance service

Particularly noteworthy is its offline coverage - it solves the "last mile" problem of cash top-ups by partnering with convenience stores such as 7-Eleven.

3. Rabbit LINE Pay - the perfect combination of social + payment

LINE has a penetration rate of 90% in Thailand, based on which Rabbit LINE Pay has naturally become mainstream:

Key data::

• MAU over 20 million
• LINE Points system enhances user stickiness
• Deep integration of transport scenarios such as BTS light rail
  About 30% of the daily transactions come from the F&B consumer segment.

4. ShopeePay - E-commerce eco-driven wallet growth

Rely on the strong performance of the Shopee e-commerce platform:

Growth Highlights→Annual Growth Rate of 180%
← Closing the loop with takeaway platforms such as Foodpanda→
Particularly popular with young online shoppers aged 18-35 years old

Note: New subscribers usually receive a 50฿ first order allowance!

5. KBank Mobile Banking (KPlus) - Commercial Bank App Representative

KPlus from Kaitai Bank demonstrates how traditional financial institutions can successfully digitise their transformation:

-Asset management is fully functional
-Supports 120+ payment items
-Enterprise Edition solves B-side needs
Average number of opens per month up to 15/user

Overview of other important payment methods

Emerging Trends Watch
① BNPL (buy now, pay later) like Atome rising fast
② CBDC Digital Currency Enters Testing Phase
③Biometric authentication gradually replaces OTP verification

Practical advice: three essential tools for travelling to Thailand
1️⃣ Install at least one local wallet app
2️⃣ Carry a VISA/Mastercard international card as a backup
3️⃣ Have the right amount of cash on hand for remote locations.

Conclusion: The Future of Diversification
It is expected that by 2025, the proportion of non-cash transactions in Thailand will exceed 801TP3 T. Merchants should have access to at least two payment channels, QR Code and mobile banking, to meet the needs of different segments. Consumers can choose one or two mainstream wallets to enjoy digital convenience according to their habits.

11. SCB Easy - a model for digital payments for commercial banks

Siam Commercial Bank's (SCB) launch of the SCB Easy app represents the digital transformation achievements of Thailand's indigenous banks:

salient features::

• User base of over 18 million
• AI Customer Service System Handling 90% Frequently Asked Questions
• "Easy Split" feature supports multiple AA payments
• Exclusive offers with over 500 merchants

Particularly in the area of financial services for SMEs, SCB Easy offers a complete collection solution, including:

✓ Customised collection QR codes
✓ Real-time trade notifications
✓ Automatic reconciliation function

12. Dolfin - a new generation of integrated platform for investment payments

Innovative products targeting the rise of the young financial community:

Differentiated Advantage
- First e-wallet to integrate securities accounts
- USDT and other digital currencies exchange channel
- P2P transfers are completely free
MAU has now surpassed the 2 million mark

Cross-border payments specialised analysis

As the tourism industry recovers, here are ways to keep an eye on it:

1. Alipay + WeChat PaymentCoverage in popular tourist areas has reached 85%

• Phuket/Pattaya merchant access over 90%
  -Exchange rate is about 3%-5% compared with cash exchange.

2. Visa/MastercardPreferred for high-end consumer scenarios
- Central Group of Shopping Malls Offers 5% Cashback
- EMV chip card with excellent anti-skimming performance

3. SuperRich Exchange Pointsremain competitive:
Real-time exchange rates compare favourably with airports 20%-30%
Support 32 currencies for two-way conversion

Three predicted trends for 2024

① Biometric payments explode: Facial recognition transactions expected to grow by 300%
② Embedded Financial Access: Credit services embedded in super-apps like Grab
(iii) Digitisation of government subsidies: "Wallet payout" policy drives new subscriber growth

List of required capabilities on the merchant side

☑️ Thai QR Standard Unified Access (saves 80% reconciliation time)
☑️ PromptPay Instant Pay feature
☑️ supports at least 2 major e-wallets
☑️ English version of the cashier interface (to serve foreign tourists)

Practical tips for consumers

💡 Bundled mobile phone number and ID card to boost PromptPay single transaction limit to 500,000 baht
💡Double points every Wednesday when you spend with LINE Pay!
💡TrueMoney offline top-ups choose 7-Eleven fee-free

The Ultimate Selection Guide

Recommends the optimal solution based on the usage scenario:

Note: All data as of Q3 2023 from Bank of Thailand (BOT) and companies' financial reports

[Update Alert]
New regulations will be implemented from 2024:

1. QR Code Cross-Border Interoperability Extended to Malaysia/Singapore

2. Mandatory face verification for 100,000 baht transactions

3. CBDC Pilot Incorporates Personal Income Tax Refund Scenarios

It is recommended to check the Bank of Thailand's official website regularly for the latest compliance requirements. For companies planning to expand into the Thai market, it is recommended to prioritise interfacing with the three main infrastructures of PromptPay+TrueMoney+LINE Pay, while retaining the traditional credit card channel to meet the needs of international customers. Individual users, on the other hand, should choose 1-2 main wallets to enjoy the full ecological benefits according to their spending habits.