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SATURDAY, October 01, 2022
nationthailand
BOT eyes cashless society with discussion on fee structure

BOT eyes cashless society with discussion on fee structure

WEDNESDAY, February 02, 2022
165

The Bank of Thailand (BOT) has come out with a consultation paper to guide the country into the digital world.

BOT will open for discussion the structure of service fees. It will discuss and summarise the structure with related organisations this year to set fees for cash or cheque transactions.

The objective is to reduce the amount of money and cut down the number of paper cheques to less than 50 per cent of current usage within five years for Thailand to become a cashless society.

For the country to become a cashless society quickly, BOT must accelerate the process to reduce money transactions because every transaction with cash has a cost.

The fees will be an important determinant, indicator and stimulus for citizens to use less cash, the bank said.

The BOT-organised discussion, to be held until the end of February, will see if citizens agree with the change or not.