Tuesday, June 22, 2021

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Thais can go without cash for up to 8 days as digital payment usage rises: Visa


More than four in five Thais (82 per cent) have tried going cashless, on average succeeding at living for more than a week (8 days) without using cash, the Visa Consumer Payment Attitudes study showed on Wednesday.

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The pandemic has also prompted non-users to choose contactless payments over cash, with these payments being most used among first-timers at 26 per cent, followed by contactless cards (23 per cent) and QR code (21 per cent).

“Over recent years there has been a steady increase in people using digital payments, and the events of the past year have only accelerated the progress,” Visa Thailand country manager Suripong Tantiyanon said.

“This is evident throughout the world and here in Thailand. We believe these consumer preferences are not temporary and are here to stay.”

According to the study, the top three benefits of a cashless society are it helps in restricting the spread of infection (61 per cent), it means no more queues at banks (60 per cent) and it enables people to track financial records easily (59 per cent).

When it comes to awareness, Thai consumers are most familiar with QR code payments (94 per cent), followed by mobile contactless payments (92 per cent) and contactless cards (89 per cent). In terms of usage, mobile contactless payment is the most used among all types of contactless payments at 45 per cent, followed by QR code (42 per cent) and contactless card (41 per cent).

Thais believe the pandemic has accelerated the time it will take for the country to become a cashless society with payment innovation playing an increasingly important role in people’s daily lives.

In the current circumstances, they believe a cashless society could be a possibility by 2026, whereas before the pandemic respondents thought this wouldn’t be possible until 2030, the study showed.

“This year will be a year of recovery despite the persistence of uncertainty. It is essential for businesses to ensure they are prepared to meet changing consumer demands as they become more familiar with alternative payment methods,” Suripong added.

Thais can go without cash for up to 8 days as digital payment usage rises: Visa

Published : March 25, 2021

By : THE NATION