Thailand Mobile Payments Market - Growth, Trends, COVID -19 Impact, Forecasts (2022 - 2027)

Thailand Mobile Payments Market is segmented by Type (Proximity Payment, Remote Payment)

Market Snapshot

Thailand Mobile Payments Market Size
Study Period: 2020-2027
Base Year: 2021
CAGR: 14.1 %
Thailand Mobile Payments Market Key players

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Market Overview

The Thailand mobile payments market is expected to grow at a CAGR of 14.1% over the forecast period (2022 - 2027). The stores and services are rapidly adopting mobile payment applications, such as TrueMoney, RabbitLINE Pay, AirPay, mPay, GrabPay, and others to accept and transfer payments. With increasing internet penetration and rapid growth in online retailing, this trend is expected to continue over the forecast period.

  • With the rapid growth of Thailand's economy, mobile phones (particularly smartphones) have become a vital component of each individual's life. Furthermore, the internet has become an essential component of most people's daily lives around the world, including in Thailand. As a result, smartphone and internet user penetration grew in Thailand, leading to a major expansion in the mobile payment sector.
  • In November 2021, Boku, a mobile payments fintech based in the United States, announced the development of its M1ST mobile payments network in Thailand. M1ST debuted in the Thai market by incorporating two of the country's most popular mobile wallets, Rabbit LINE Pay and TrueMoney.
  • According to JP Moran, mobile devices account for more than 80% of total online sales in Thailand, with mobile wallets accounting for 23% of all transactions. Its total mobile wallet adoption is expected to reach 63% by 2025, providing users with their preferred online payment options.
  • According to the Bank of Thailand, e-payment has recently gained popularity in Thailand due to a more than 72 percent growth in internet and mobile banking transactions, with the number of PromptPay transfers reaching a daily maximum of 28.6 million transactions (as of April 2021). Because of the continuous pandemic and consumers' growing familiarity with e-payment in the current context, the use of e-payment is expected to rise in the near future.
  • With the increasing adoption of the M-commerce market, which involves online commercial transactions using wireless devices like smartphones, the mobile payments market is poised to grow over the forecast period.
  • Increasing data breaches and security issues in the mobile payment limit the growth of the mobile payments market. Furthermore, many customers are reluctant to adopt the new technologies due to security concerns and unauthorized use of personal data.
  • The Covid-19 outbreak has resulted in a significant adjustment in payment practice, including a reduction in cash payments, a shift from in-store to online payment choices, and the adoption quick settlements. These changes have created new opportunities for Thailand's Mobile payment providers.

Scope of the Report

Mobile payment is a payment made for a product or service through a portable electronic device such as a tablet or cell phone. The study tracks mobile payment applications based on transaction type: Proximity and Remote payment. The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting Thailand’s mobile payments market estimates and growth rates throughout the anticipated period. This report looks at COVID-19's overall influence on the Country’s payment ecosystem.

BY TYPE (Market share in percentage based on relative adoption)

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Key Market Trends

Thailand's emerging e-commerce market is expected to grow by double digits.

  • Thailand's e-commerce delivery infrastructure is still being developed to remain competitive in the market. International courier companies such as UPS, FedEx, and TNT have created domestic delivery networks, and the number of warehouses and local providers offering express services is growing. As a result, the demand for the mobile payment sector will rise.
  • Most first-time digital buyers on E-commerce websites are now doing transactions through mobile devices, specifically smartphones. With the increasing number of data analysis techniques, vendors are empowered to customize their offerings to increase sales. As E-commerce purchases become frequent, the amount spent through mobile transactions increases.
  • Kerry Logistics is the most frequently offered delivery service provider by online stores in Thailand. Kerry Logistics was mentioned by 50% of the stores that indicated which service they employ to transport their goods. Furthermore, EMS and TNT are among the top three shipping service providers offered by online retailers in Thailand, with rates of 50% and 12%, respectively.
  • The E-commerce industry has seen a major increase due to the global lockdown during the COVID-19 epidemic. Customers were hesitant to buy from offline establishments because they feared contracting COVID-19 through actual money. People pay for goods and services via electronic payment, including mobile payment.
  • Many companies are developing mobile payment solutions in this country. For instance, in December 2021, According to NTT DATA (Thailand), the company offers payment solutions for businesses, including a front-end system that supports contactless payment in all forms, including mobile payment, PromptPay cashless transfer, and cross-border QR payment.
  • The leading player in the Thai eCommerce market is The store's sales is expected to be USD 1.2 billion in 2021. It is followed by, which earns USD 139 million, and, which earns USD 115 million. The top three stores account for 15% of Thailand's online revenue.
Thailand Mobile Payments Market Trends

Internet Penetration Witnessing a Significant Growth in the Thailand Mobile Payments Market

  • Huawei Technology (Thailand) Co., Ltd. demonstrated its vision, including specifics of cooperation in the use of 5G technology, with the public health industry, manufacturing industry, and smart city projects in Thailand, during the 'Thailand 5G Summit 2022', held on June 2022. The goal was to boost Thailand's potential and competitiveness in all areas, including driving Thailand to become an ASEAN digital powerhouse, which led to a rise in demand for the mobile payments market.
  • The smartphone market has seen significant technical improvements in terms of features offered, including NFC, 5G adoption, biometrics, encryption, and AI, among others, which is obvious with more penetration of smartphones in users' everyday activities, consequently driving the growth of different businesses, including the financial industry, which is leveraging the gathering momentum of growing smartphone users owing to the cost-effectiveness and convenience offered by the mobile wallets.
  • The client base of both Thailand's TrueMoney and Japan's LINE Pay is expected to grow by more than 200% between 2020 and 2025. TrueMoney, for example, is thought to have seen a significant spike in users during the coronavirus outbreak and is now one of the country's most downloaded free Android apps.
  • According to the Bangkok Post, the number of internet users in Thailand increased by 3.4 million (+7.4 percent) between 2020 and 2021. Thailand's internet penetration was 69.5% in January 2021. As a result, demand for mobile payments increases.
Thailand Mobile Payments Market Analysis

Competitive Landscape

The Thailland Mobile Payments Market is a moderately competitive, with significant market players such as Apple Inc., LINE Corporation, True Money Co. Ltd., and ADVANCED INFO SERVICE PLC. The companies are introducing new offerings, continuously investing in partnerships and acquisitions, and product development to increase the market share. A few of the recent actions by the companies are listed below.

  • June 2022 - Krungthai Card Plc (KTC) has collaborated with Mastercard to launch Thailand's first KTC Proud Mastercard cash card. Cardholders can purchase online, transfer money in real-time to up to 12 bank accounts using the KTC mobile app, and withdraw cash from ATMs for free 24 hours a day.
  • May 2022 - According to the state telecom enterprise's board, National Telecom (NT) has chosen Advanced Info Service (AIS), the country's largest mobile operator by subscriber base, as its 700-megahertz spectrum business partner, with an agreement scheduled to be finalized in August.

Recent Development

  • June 2022 - Kasikornbank (KBank) plans to convert its Make by KBank mobile banking app into a wholly digital bank and apply for a virtual banking license from the Bank of Thailand (BoT).
  • May 2022 - The country's significant mobile market provider in terms of subscriber base, Advanced Info Service (AIS), has teamed with Krungthai Bank Plc (KTB) to convert AIS points into unlimited cash discounts for clients shopping at more than 400,000 participating retail establishments via the bank's Tung Ngern app. KTB's Tung Ngern app allows retail outlets to accept e-payments, particularly those associated with government aid programs.

Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Sizing and Estimates of Thailand Mobile Payments Market

    3. 4.3 Industry Attractiveness-Porter's Five Force Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of COVID-19 Impact on the market


    1. 5.1 Market Drivers

      1. 5.1.1 Thailand's emerging e-commerce market is expected to grow by double digits.

      2. 5.1.2 Internet Penetration Witnessing a Significant Growth in the Thailand Mobile Payments Market

    2. 5.2 Market Challenges

      1. 5.2.1 Data Breach Issues

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society

    4. 5.4 Key Regulations and Standards in the Mobile Payments Industry

    5. 5.5 Analysis of Business Models in the Industry

    6. 5.6 Analysis of the Increasing Market Penetration of Mobile Wallets by End-User

    7. 5.7 Analysis on Enabling Technologies (Coverage to include NFC, QR, etc.)

    8. 5.8 Commentary on the growth of Mobile Commerce and its influence on the Market


    1. 6.1 BY TYPE (Market share in percentage based on relative adoption)

      1. 6.1.1 Proximity

      2. 6.1.2 Remote


    1. 7.1 Company Profiles

      1. 7.1.1 True Money Co. Ltd.

      2. 7.1.2 LINE Corporation

      3. 7.1.3 AirPay(Thailand) Company Limited


      5. 7.1.5 Grab

      6. 7.1.6 KASIKORNBANK PCL.

      7. 7.1.7 Mobiamo Inc.

      8. 7.1.8 Prompt Pay Ltd

      9. 7.1.9 Apple Inc.

    2. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The Thailand Mobile Payments Market market is studied from 2020 - 2027.

The Thailand Mobile Payments Market is growing at a CAGR of 14.1% over the next 5 years.

True Money Co. Ltd., LINE Corporation, AirPay(Thailand) Company Limited, ADVANCED INFO SERVICE PLC, Grab are the major companies operating in Thailand Mobile Payments Market.

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