Market Trends of Thailand Mobile Payments Industry
Proximity Payment to Witness the Growth
- Proximity payments are allowed at a physical point of sale or POS terminal to pay for goods and services on mobile phones or devices such as tablets. In addition, a mobile phone using Near Field CommunicationNFC technology is used to initiate proximity payments.
- Moreover, it is safer for SMEs and consumers to use m-wallets than other forms of payment. This eliminates the need for small businesses to keep cash on hand while maintaining a record of transactions. For these reasons, SMEs and retailers have taken up the enhanced benefits of eWallets and their ability to allow consumers to pay for goods or services through mobile wallet transactions in shops.
- Through proximity mobile payments, a repeat customer can push a notification to their smartphone when they're near the store through GPS and geofencing built into mobile devices. To avoid embarrassing uninterested customers, let them opt into notifications when they make a purchase and give them the option of declining each time you send their message.
- Moreover, proximity payments are gaining significant traction in cross-border payments in the e-commerce sector. Moreover, to increase digital wallet use during the forecast period, it is assessed that a growing number of collaborations are taking place across the country.
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Internet Penetration Witnessing a Significant Growth in the Thailand Mobile Payments Market
- At 'Thailand's 5G Summit 2022' in June 2022, Huawei Technology Thailand Co., Ltd. presented its vision, including specific details of cooperation on using 5G technologies with the Thai Public Health Industry, Manufacturing Industry, and Smart City Projects. The aim was to increase Thai potential and competitiveness across all areas, such as by driving Thailand into ASEAN's digital power to create a booming market for mobile payments.
- The growing number of mobile users, which is evident through more use of smartphones in daily activities, such as NFC, 5G's adoption, biometrics, encryption, and AI, among others, are making a strong contribution to business growth, 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.
- Between 2020 and 2025, the customer base of Thailand's TrueMoney will be expected to increase by more than 200%, as well as Japan's LINE Pay. TrueMoney, for instance, seems to have experienced a massive increase in users during the coronavirus outbreak, and it's now one of the country's top-downloaded apps on Google Play.
- Moreover, eRetailers are rapidly developing their product offering by offering innovative payment processing with a convenient interface, given the high number of smartphones. In addition, due to improved network connections, an increase in the operators of telecommunication networks, and commercial bank's ability to offer Mobile Transaction Services, this sector has been experiencing robust market growth.
