Thais getting more interested in cashless society

Economy September 03, 2014 01:00

By The Nation

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Thai consumers are showing greater comfort with electronic payments, as one in three is willing to do away with cash altogether, according to Visa.



Thailand is trending towards going cashless, with 80 per cent of people carrying at least one credit card in their wallets, with an average of two cards per person. 
Visa’s “Consumer Payment Attitudes Study” surveyed 2,000 people across four Southeast Asian countries to gauge changing payment habits and attitudes.
Somboon Krobteeranon, manager for Thailand, said yesterday that attitudes towards eliminating cash were changing among local consumers and more people now valued the convenience and security of electronic payments. 
The study revealed that people now carry about Bt1,500 on a day-to-day basis and many choose electronic or card payments as their preferred method.
“With more people carrying cards than 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 at ease paying electronically.”
The main reasons given by respondents for preferring electronic payments were convenience (58 per cent), lack of need to carry cash (25 per cent) and safety and security (20 per cent). 
About 64 per cent felt safe making purchases online, reflecting the growth of e-commerce in the country. And 64 per cent purchase goods or services online at least once a month. 
Thai consumers also showed a strong appetite for new payment methods, with 55 per cent interested in using the Visa payWave contactless payment technology now being rolled out across the country. 
Consumers here are confident about their personal finances, with 81 per cent believing their financial situation will improve over the next 12 months, compared with just 51 per cent describing their finances as better than they were last year.

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