News Forum - Thailand No.3 in the global electronic payment hit parade

[Thaiger]

A new study by ACI Worldwide, Global Data, and Centre for Economics and Business Research, revealed Thailand is in the world’s top 3 nations in terms of electronic payment transactions. Thailand last year recorded 9.7 billion real-time electronic payment transactions, putting it in 3rd position globally after India (48.6 billion times) and China (18.5 billion times). Deputy government spokesperson Ratchada Thanadirek yesterday revealed real-time e-payments have helped boost Thailand’s GDP in 2021 by almost 2.5%, the 2nd largest GDP increase out of 30 countries covered in the report. “In 2020 and 2019, Thailand had recorded only 5.24 billion and 2.57 […]

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[Guest1]

Compared to India and China, both have about 20 times more people: It is Thailand as no.1 in electronic payment transactions, methinks!

Just thinking on the Chinese, Alipay, wechat pay, I can't really believe, they just have double as many transactions. Or aren't they real time, in China?

[Fanta]

1 hour ago, Thaiger said:

 

Ratchada says the government will continue promoting Thailand’s e-payment policy by covering more applications.

 

Of course they will. More traceable financial transactions means more tax revenue. Boosted GDP by 2.5% - I greatly doubt that.  

[Cabra]

Not too surprising... I never carry cash anymore. Everything can be paid for using your banking app via transfer or promptpay, everything from siam paragon to street vendors 

[Soidog]

I’m no expert in this area, however I think the claim is slightly confusing or misleading. Most people think of e-payments as the ability to pay for goods and services without cash. Things like Apple Pay or some other form of e-wallet for example.
 

I believe this report is about “Real time Payments” which is related to instant payments or transfer of money without having to pass through clearing banks etc. 

Perhaps someone with more knowledge can clarify. But when I read the headline I simply could not believe it. I never carry cash or even credit cards in the U.K. or most countries in Europe. You can pay for taxis, drinks and food in bars, postal services, transport, just about everywhere you go using an e-wallet payment. In Thailand you need cash for a whole series of reasons and expecting to pay for day to day items without cash is not always easy. 
 

I’ve attached a link to what I believe is the report this claim is related to  it’s not time to leave your paper money at home in Thailand  

https://go.aciworldwide.com/Global-Payments-Report