Market Size of Thailand Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 14.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Mobile Payments Market Analysis
The Thailand Mobile Payments Market was valued at USD 32.75 billion in the current year and is expected to register a CAGR of 14%, reaching USD 72.49 billion in five years during the forecast period. Retailers and service providers are rapidly adopting mobile payment applications such as TrueMoney, RabbitLINE Pay, AirPay, mpay, GrabPAY, and others to accept and transfer payments. Increasing Internet penetration and a rapidly growing e-commerce sector are expected to support this trend over the forecast period.
- Mobile phones, particularly smartphones, have become a crucial part of every person's life due to rapid growth in Thailand's economy. Moreover, the Internet has become a fundamental component of almost everybody's daily life worldwide, especially in Thailand. In Thailand, this has led to a significant increase in the penetration of mobile phones and internet users, resulting in an even greater spread within the mobile payment sector.
- Furthermore, global companies are looking for a market opportunity and have started offering their services in physical shops through partnerships with retailers due to the increasing mobile payment penetration among Thailand's more youthful population.
- The mobile payment market is expected to grow over the forecast period, driven by the increasing use of m-commerce, in which online sales are carried out using wireless devices such as smartphones.
- Moreover, the market for mobile payments has been slowed down by growing data breaches and security concerns related to mobile payments. In addition, security concerns and unauthorized uses of personal data are hindering several customers from adopting new technologies.
- The COVID-19 outbreak significantly adjusted payment practices, including reducing cash payments, shifting from in-store to online payment choices, and adopting quick settlements. These changes have created new opportunities for mobile payment service providers in Thailand.
