Thailand Profile: Thailand Moving Towards Cashless Habits

20 Oct, 2020 . 4 minutes

Thailand’s population was estimated at 69.7 million in 2020. The average highest online spending is from the 25-years-to-34-years age group at 31.4 percent last year. Ecommerce has been growing at a steady pace since 2019. B2C ecommerce users are growing 10.8 percent year on year and are expected to increase to 25.1 million users in 2020.

Internet penetration is at 53 percent while smartphone penetration is 63.9 percent. B2C ecommerce users' average transaction value is expected to be US$343.6 per user and total transaction value US$8.63 billion by the fourth quarter of 2020. B2C cross-border spending makes up half of all ecommerce spending. Cross-border shoppers mostly purchase from China, Japan and the U.S.

Since the pandemic the increasing demand for seamless payments has increased the need for the government to build a cashless nation. Recently, contactless payments on mobile devices achieved a 42 percent market share. Contactless card payments have 37 percent. Sixty-nine percent of shoppers use digital payment methods.

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