81% of Thai consumers now manage their personal finances digitally, according to Mastercard
According to Mastercard, Thai consumers are generally more enthusiastic about using digital forms of payment than the Asian average.
Most Thai consumers have now gone digital when it comes to managing a range of personal financial matters, including paying bills, banking, opening new bank accounts and financial planning, according to a survey from MasterCard.
According to the Mastercard New Payments Index 2022, 81% of consumers nationwide have used digital tools for at least one financial task in the past year, with paying bills (78%), banking (75%) and the opening of new bank accounts (64%) forming the first three.
The latest data on payment habits, attitudes and preferences comes from a survey of 40 markets in five regions, including seven in Asia-Pacific: Australia, China, India, Japan, New Zealand, Thailand and Vietnam.
Interestingly, when it comes to personal financial management, the survey found that Thai consumers were generally more enthusiastic about using digital forms of payment than the regional average.
This same enthusiasm extended to the wider use of payments by Thai consumers, with 94% having used at least one digital payment method such as digital wallets, QR codes, Buy Now Pay Later (BNPL), cryptocurrencies, biometrics and others over the past year, compared to the Asia-Pacific average of 88%.
Additionally, 80% of Thai consumers have increased their use of at least one digital payment method over the same period, showing momentum.
“Although digitization brings a wide range of benefits – better access to e-commerce, greater economic transparency, more security – in many ways, it is in everyday tasks that it makes a big difference” , said Aileen Chew, country manager for Thailand and Myanmar at Mastercard.
“In recent years, Thai consumers have increased their use of digital payment options, often showing a strong commitment to new and emerging technologies. Survey results indicate that this convenience extends beyond payments and includes now day-to-day personal financial management, demonstrating the ubiquity of digital technology in their daily lives.
“This change is a positive sign for the continued digitalization of the economy and will help drive long-term sustainable growth in Thailand.”
When asked why they use digital methods to pay their bills, convenience was the top answer (85%) of Thai consumers, followed by being considered safer or safer (61%) , and that it gave consumers more control over their money (56%).
However, concerns remain about safety, indicating an opportunity for service providers to offer consumers additional education and reassurance.
Thai consumers are also among the most enthusiastic in the region about using emerging payment technologies, with digital wallets leading the way (63%), followed by account-to-account payments (55%) and QR codes ( 54%), according to the survey.
It’s also worth noting that Thai consumers have been big adopters of cryptocurrencies, with 25% having used them to pay in the past year, compared to a regional average of 13%.
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