Thailand unveils digital payment plan in 3-year push for cashless economy

The plan is Thailand’s response to the challenges of digital disruption, said Ronadol Numnonda, BOT deputy governor of financial institutions stability, on Thursday.

He added that digital finance is rising in Thailand and across the world, as seen in the popularity of digital payments and currencies.

"The number of digital payments globally increased five times last year," Ronadol remarked.

He outlined three aspects of Thailand’s three-year payment system plan:

Openness: connecting data to create an ecosystem conducive to competition using new technologies and innovations.

Inclusivity: developing the system to cover all groups of users, as well as creating digital literacy among them.

Resiliency: ensuring that all businesses can operate smoothly and combat risks by developing new tools and cybersecurity cooperation.

"This will enable all groups of people to access digital payment, improve their quality of life and drive Thailand towards the digital economy," he said.

Bangkok Bank executive vice president Sudsanguan Chusacultanachai said digital payment was essential to drive Thailand towards a digitised economy, adding that traditional transactions add costs for financial institutions.

"If we can reduce the use of traditional financial transactions, we can use the leftover cash to develop other services," she said.

She said that though most people are now familiar with smartphones, old behaviours pose a challenge to Thailand's digital development. However, a digital economy would relieve burdens for businesses and reduce errors in their operations.

"Digital payment will be key to streamlining processes, enabling Thailand to move towards a digital economy," she added.