GlobalData highlights need for card payments in Thailand
GlobalData, a leading data and analytics company, highlights that money – which has actually generally been a favored mode of customer payments in Thailand – is now taking a back-seat amidst the COVID-19 pandemic. The growing adoption of card payments is supported by rising awareness of electronic payments, an expanding payment infrastructure, and an increase in the nation’s banked population.
COVID-19 has actually had an extensive result on the Thailand tourist industry with reduced tourism costs. However, the progressive resuming of travel will offer the much-needed push to the country’s economy, which in turn will favorably affect the nation’s payment industry.
According to GlobalData’s Payment Cards Analytics, card payments in Thailand is approximated to grow by 2.3% in 2020. The worth is expected to reach THB2.5 trillion (US$ 82.8 billion) by 2024, at a compound annual development rate (CAGR) of 6.2% in between 2020 and 2024.
The COVID-19 outbreak affected Thai economy, especially its tourist sector, resulting in earnings loss of over US$ 1 billion in Q1 2020. To restore the tourist sector, the government provided stimulus packages to the tune of THB100bn (US$ 3.4 billion) in addition to other benefits like subsidies for hotel stays and flights tickets for travellers.
GlobalData Banking and Payments Expert, Nikhil Reddy discusses “A progressive rise in traveler inflow and costs is anticipated with the nation now alleviating travel limitations. This will in turn assistance card payments development in the nation.”
Reddy adds “the tourism-reliant Thailand is among the handful of countries that successfully controlled the COVID-19 pandemic with little over 3,600 cases. This paired with federal government’s assistance for tourism sector, easing of travel constraints and revival of consumer spending will drive the Thai card payments market in the coming years.”
Image top: Pimalai Resort Krabi Thailand and image above GlobalData’s Payment Cards Analytics for card payments in Thailand
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