The Thailand card payments market is forecast to register a compound annual growth rate (CAGR) of 9.2% between 2024 and 2028 to reach THB3.3trn ($94.5bn) in 2028, supported by a constant consumer shift towards electronic payments, according to GlobalData, publishers of EPI.
GlobalData’s Payment Cards Analytics reveals that card payment value in Thailand registered a growth of 16.7% in 2022, driven by a rise in consumer spending. The value grew further to register a growth of 6.2% to reach THB2.2trn ($62.5bn) in 2023.
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Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “The use of payment cards has been steadily rising, fuelled by the growing awareness of electronic payments and an increase in the banked population. Government efforts to promote electronic transactions and expand payment infrastructure have also played a crucial role in driving the adoption of payment cards. As the country recovered from the impact of the COVID-19 pandemic, the travel and tourism and hospitality sectors are experiencing growth, which is driving the overall economic activities and supporting card usage.”
Credit and charge cards are favoured for payments, accounting for 92.8% of the overall card payment value in 2023
The popularity of credit and charge cards can be attributed to the rewards, discounts, cashback, and interest-free instalment facilities offered by these cards. The rise of the middle class and young working populations in Thailand is also expected to drive the adoption and usage of credit and charge cards.
Debit cards, on the other hand, accounted for only 7.2% of total card payment value in 2023. However, debit card payments have gained popularity in Thailand due to strong banked population and government initiatives to raise consumer awareness. The expansion of payment services in rural areas and the expected rise of digital-only banks are also expected to further drive debit card penetration.
The Central Bank of Thailand has taken steps to promote digital payments through initiatives such as the Payment Systems Roadmap (2022-2024). This roadmap aims to develop digital payments by creating an interoperable payment infrastructure, establishing a biometric standard for identity authentication, developing cross-border payment, and promoting widespread usage of digital payments including card payments.
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By GlobalDataSharma concludes: “Thailand’s card payments market is set to experience robust growth in the coming years, driven by the increasing adoption of digital payments and government initiatives to promote electronic transactions. With the gradual decline of cash usage, the Thai card payments market is poised for continued expansion and expected to grow by 6.3% to reach THB2.3trn ($66.4bn) in 2024.”
