Popular Local Payment Methods in Thailand

It is certain that we are going through a fundamental change in the last ten years from old-fashioned payment to cashless. The whole world, including Thailand, has been adapting to different digital payment methods to conduct transactions that are not only faster but also easier and less troublesome.

For all those who travel to Thailand, the locals, or the most interested party, anyone curious about payment infrastructures would surely be excited to know what this writing has to offer. In particular, here are the local Thai means of payment to let you decide which options you think are most suitable for effortless transactions.

For this reason, we will also be dealing with TransFi, a brand-new payment scheme available all over the world and is meant to change the face of payments in Thailand. This new payment system promises to offer even more convenience and flexibility for people making payments in Thailand, both locally and internationally, with its very advanced features and its user-friendly approach.

Popular Local Payment Methods in Thailand - A Complete Walk-Through

Thailand supports a wide range of payment methods - from bank transfer to traditional cash payments and digital wallets too. Here we’ll discuss a brief overview of the most popular payment methods in Thailand.

Cash

The No. 1 local payment method till date in Thailand in cash. Though in the past years, payment options have changed, in Thailand cash retains its place. The dominance of cash is even more prevalent in rural areas of Thailand. Common people while doing their everyday transactions like paying to shops in the market consider cash as the best payment solution.

If you’re somebody who is visiting Thailand, it’s always advised to have cash as the primary method of payment and any digital payment method as secondary due to the widespread acceptance of cash.

Bank Transfers

The classic method of making payments by transferring money from bank to bank is also one of the most preferred in Thailand. According to a report, bank transfers account for 42% of total e-commerce transactions in the country. Furthermore, such bank transactions are not only limited to local payments or e-commerce but also popular with international transfers.

This in turn is further attributable to an increase in bank transfer usage due to the introduction of a real-time money transfer service called "PromptPay". PromptPay allows users to do money transfer using only their phone number.

For fast, safe, and cost-saving international transactions, TransFi is working towards changing everything. Sending money to employees, vendors, or partners around the world? TransFi makes it simple with reliable hassle-free payouts, the perfect cross border solution for businesses and individuals.

Credit and Debit Cards

Unlike in Western countries, debit cards are more commonly used than credit cards in Thailand. Currently, there are about 70 million debit cards in use for common everyday transactions, like:

Bill payments

• Online and retail purchases
• Payments at supermarkets, restaurants, and other retail outlets
• According to Bank of Thailand, 60% of the population above legal age uses a debit card while accounting for about 25% of digital transactions from debit cards.

Credit cards are less common in Thailand, but still, they are one of the methods of payment. The percentage of the whole Thai population falling under credit cards is around 16-18% because of the attractive rewards systems provided by the banks, like Bangkok Bank, Siam Commercial Bank, and KBank. Most of the transactions take place in urban areas, with Bangkok recording the highest numbers.

Digital Payments in Thailand

Thailand has, indeed, entered a digital payment revolution, and its anticipated transaction worth in this sector is around 39.28 billion USD in 2024. This very rapid growth will be at an annual rate of 7-8%, making it one of the dynamities of its economy.

According to estimates, e-commerce will be the highest contributor to growth in this case, accounting for around 93% of the total transaction value in 2024. By value, this will mean approximately 36.64 billion USD in transaction value. From online shopping to services, digital payments have become an inseparable part of everyday life.

And with continued importance placed on digital payments, cutting-edge technologies like TransFi are making ways to simplify transactions. This allows businesses and individuals who usually handle cross-border payments to effortlessly integrate their services with competitive exchange rates and easy processing as a partner to their increasingly digital economy in Thailand.

Top Digital Payment Platform 

PromptPay

PromptPay, as mentioned earlier, is a government-backed electronic payment system which was launched between 2016 and 2017. Users can quite conveniently make payments through mobile banking apps in Thailand either by entering the mobile phone number of the recipient or by entering their national ID number. Another use of PromptPay is to make international payments. Currently, PromptPay supports international payments in countries like Indonesia, Malaysia, Singapore, Hong Kong, Japan, etc. Here too, all the sender needs to send the money is the mobile phone number of the receiver.

TransFi 

TransFi is into the game, ready to transform the digital payments landscape in Thailand. Planned for global transactions, TransFi is determined to make cross-border payments better for any type of business as well as an individual. Payees are all around the world - vendors, freelancers, or employees. TransFi makes transfer fast, secure, and inexpensive internationally. Real-time tracking, competitive exchange rates, and seamless integration into existing systems are just some features that soon integrate TransFi. Then came the addition of PromptPay by providing more variations and tailor-made solutions with regards to foreign payments.

TransFi is already the new kid in town for purpose building the changing platform of digital payments in Thailand. Built for international transactions, TransFi intends to transform cross-border payments for businesses and individuals. Whether you pay vendors, employees, or freelancers located anywhere around the globe, TransFi's got you covered in fast, safe, and inexpensive international transfers. With real-time tracking, the most attractive exchange rates, and all this folded seamlessly into existing financial systems, TransFi continues to develop as the only platform people have come to rely on for global transactions without complication. Providing a layer on top of PromptPay, it offers more flexibility and customized options addressing international payments.

QR Code Payments in Thailand

From the introduction of PromptPay, QR code payment has been turned into a common transaction feature in Thailand. Scanning a QR code at some shop of a merchant prompts users to instantly transfer money using PromptPay, thus making it a stress-free method for both customers and businesses.

TransFi further improves this innovation by supporting businesses adopting QR code payments. It provides facilities for payment reconciliation through user-friendly dashboards; thus, businesses can manage their transactions efficiently and track them. Whether local QR code payments or international payouts, TransFi ensures businesses streamline operations and keep ahead of the competition.

E-Wallets in Thailand

Fintech in Thailand has reached the pace of taking off after the introduction of PromptPay, and particularly during the COVID-19 pandemic, people's interest in making transactions through e-wallets skyrocketed. These are cashless or less cash payment modes of mobile-based applications, allowing users to perform transactions seamlessly. The top few e-wallets in Thailand are:

• TrueMoney Wallet
• Rabbit LINE Pay
• AirPay
• ShopeePay

TransFi complements such e-wallets in the local market with additional support as a tool for businesses that have to deal with cross-border transactions since it taps into the capability of making international payments for businesses engaged with global partners, integrating local and international payments seamlessly. Whether it be international vendor payments or receiving funds from all over the world, TransFi has ensured that businesses can work both locally and internationally with ease.

TrueMoney Wallet

With over half of the total market shares among all e-wallet apps, TrueMoney Wallet tops the list of the mobile banking apps in Thailand. TrueMoney Wallet provides a simple user-interface to add money to a wallet, transfer money, scan and pay. The TrueMoney Wallet app is available for both Android and iOS. Apart from money transfer, users can also use TrueMoney Wallet to top-up their mobile phone, make utility bill payments, pay gov’t fees, etc. There are also various discounts and coupons available in the TrueMoney Wallet application.

Rabbit LINE Pay

Rabbit LINE Pay is the second-most popular e-wallet app in Thailand with almost 25% market share. Rabbit LINE Pay app was the first integrated online and offline payment app in the country. Users can initiate money transfer, make merchant payments, make utility bill payments, book movie tickets using the app. People from other countries can also use this app - however they need to do a KYC in order to use the app. Rabbit LINE Pay offers various security measures to safeguard user’s accounts and also offers various discounts and rewards for using their app.

ShopeePay

With a market share of around 8-9%, ShopeePay is the 3rd most popular digital payment wallet integrated into Shopee. Users, while purchasing products from Shopee, can use the integrated ShopeePay wallet to make payment directly from the app. ShopeePay also supports offline payments which lets people pay using ShopeePay for offline transactions. Apart from merchant payment and money transfer options, ShopeePay also offers utility payment options, mobile top-up option and pay later options.

Digital Wallets vs Traditional Payments in Thailand

Different people across Thailand still use digital wallets and different traditional payments in their transactions. Cash transits in rural areas, whereas the fast-growing digital wallets with QR-based payment options have proven to be superior in market shares. Examples of platforms transitioning towards the uptake are TransFi, an avenue for facilitating digital payments for businesses and individuals.

Some of the capabilities TransFi offers is the transaction in real-time across 100 plus countries as well as the availability of more than 40 currencies. It also provides for settling in either fiat or stable coins, thus offering unmatched flexibility. TransFi is bound to speedily hasten the path of Thailand into a cashless economy as the digital payment trend picks up speed. It gives users the option to smoothly adopt modern payment methods.

Conclusion 

The post shares Thailand’s popular payment methods, making local transactions easier.Traditional payment types like cash and bank transfers to fintech-driven digital wallets and QR codes are just among the diverse payment practices available to meet the different needs across Thai society. For international clients of businesses in Thailand, these apps offer secure and easy payment options. They enhance convenience for both travelers and local customers.

Whichever way you like to pay-whether cash or digital wallets or bank transfers-the right tools can make all the difference. If you're looking to transact internationally or make cross-border payments more efficiently, check out TransFi, which has the potential to unlock even greater opportunities for the future .It's just an innovative, seamless solution toward a more flexible, secure, cashless now into the future.

Frequently Asked Questions

1. How to pay online in Thailand?

When you comes to online payment in Thailand, you’ve multiple options - 

• Digital Wallets or E-wallets: Apps like TrueMoney Wallet, Rabbit LINE Pay, mPay let’s to send money to people online and pay to merchants using QR codes. Some apps mentioned here also support offline payments.

• Bank transfer:PromptPay has upturned the process of bank transfers in Thailand and made it extremely simple. Account holders in the Bank of Thailand can use the app to make online payments. Other banks in Thailand has their own mobile banking app through which you can make online payments,

• QR Codes: Open your fin-tech app, scan a QR and make the payment - it’s as simple as these steps to make an online payment using QR codes in Thailand.

2. What are the best Thai payment apps for tourists?

Here’s the list of the best payment apps available for tourists in Thailand -

• TrueMoney Wallet
• PayPal
• K Plus
• Rabbit LINE Pay

Though these apps reduce the need for tourists to carry cash, it's always advised to not solely rely on these apps and have cash with you.

3. Are tourists allowed to use e-wallets in Thailand?

Yes, tourists can use e-wallet apps in Thailand - the list of the apps have been mentioned earlier.

4. Are digital payment apps in Thailand secure?

All the popular digital payment apps use various encryption methods and credential based authentication methods which only lets a user use the app when they have entered correct passwords. The top mobile banking and digital payments apps are considered to be much safer than carrying cash as the latter involves risks of getting lost.

5. How does TransFi supplement the local payment schemes in Thailand? 

TransFi is a global payment system providing compatibility of local payment alternatives primarily with international payment transactions supporting more than 40 currencies allowing customers to pay with fiat or stablecoins. It is well-suited to businesses and individuals who have to make cross-border payments efficiently.