Countries Covered: Thailand
Publication Date: 02/12/2020
Questions Covered in the report:
- How did the COVID-19 crisis affect the e-wallet payment services in Thailand?
- What are the payment methods in Thailand?
- What is the impact of the COVID-19 pandemic on TrueMoney wallets activity in Thailand?
- How is the E-Commerce market value expected to change in Thailand?
- What is the user base of Rabbit Line Pay in Thailand during the pandemic?
Thailand’s online payments boosted by COVID-19
The virus pandemic resulted in substantial growth in users and sales volume on the top three e-payment platforms in Thailand
The most used e-payment service providers in Thailand have experienced a significant increase in user base amid the coronavirus pandemic. Although the number of E-wallet subscribers was already quite high the previous year, it has grown by millions since the COVID-19 hit in 2020. Moreover, these platforms continued boosting contactless payment methods among their consumers by collaborating with merchants and other financial organizations, resulting in the launch of various campaigns that awarded cashback for an electronic purchase or some other benefits that stimulated buyers to go cashless. Besides the traffic increase, these players have seen the transaction value rising by up to 25%, as revealed by different sources in the new yStats report.
Thailand’s electronic payments value is forecasted to surge by the end of 2020
As of the COVID-19 outbreak, Thai E-Commerce has experienced positive changes, particularly, in customers’ shopping behavior and preferences, the volume of digital transactions and others. As per some sources, the E-Payments value is expected to increase considerably by the end of 2020. Besides, even before the pandemic, Thailand’s E-Commerce was quite advanced, that is, the average per capita annual online spending in the country was the highest compared to its Southeast Asian neighbors, according to a source cited in the new yStats report.
Top payment service providers in cooperation with banks in Thailand to assist consumers
Amid the pandemic, the top payment service providers of Thailand worked closely with the Thai banks to support users in a “New Normal” era, according to the various sources cited in the new yStats.com report. Due to the lockdown and imposed social distancing, Thai consumers shifted to contactless types of transactions, thus, the banks and online platforms released supporting measures including the simplification of payment operations, such as the reduction of documents number required for opening a bank account, an opportunity to settle utility or credit card bills via an E-Wallet and more seamless ways to transfer/receive funds or withdraw money.