Thailand is on the verge of an ecommerce boom – are you ready?
Thailand is a lucrative and exciting market, with a tech-savvy and mobile-first population. Thai smartphone users are active online shoppers, with 71 percent shopping online at least twice a month. (JP Morgan).
Both local businesses and global companies looking to expand must be aware of the most popular payment methods in Thailand. With the average online spend at $1,738, higher than in other south-east Asian countries. (JP Morgan), now is the time to capitalize on this exciting market.
The Top Payment Methods in Thailand
eWallets are fast becoming one of the top payment methods in Thailand, thanks in part to the high smartphone adoption. Both global and local ewallets are popular, the most popular are TrueMoney and PromptPay.
With a growing banked population, bank transfers are also popular. Consumers listed the following as their preferred banks:
Siam Commercial 12%
Bank of Ayudhya (Krungsri) 1.2%
Credit cards: 55% of Thai consumers used a credit card to make payments, 13% cite them as their preferred payment method.
Debit cards: 46% used a debit card to make recent payments
Cash for Digital Transactions
Cash-on-delivery is the preferred payment method of 13.6%, with 60% saying they’ve used it
Keep Up With Thailand’s Rapidly Moving eCommerce Market by supporting all of the country’s payment methods preferred for B2C and B2B transactions.
Learn more about Rapyd’s All-in-One Payments Solution for Thailand