Top Mobile Payment Service Providers in Thailand 2020 and their Reaction to the COVID-19 Crisis

Top Mobile Payment Service Providers in Thailand 2020 and their Reaction to the COVID-19 Crisis

New yStats publication tells of increase in online payments in Thailand during pandemic

The COVID-19 pandemic prompted the increase use of the top three E-payment service platforms in Thailand

The user base of the most commonly used digital payment service providers has significantly increased since the outbreak in 2020. Despite the fact that the subscriber numbers had increased in 2019, they went up even more this year, as consumers have moved to online purchasing. The yStats.com report tells how E-payment service providers partnered with various other platforms in order to stimulate cashless purchasing behavior and to invite customers to online paying methods.

E-Commerce in Thailand increased substantially with the onset of the pandemic

In 2019, Thailand had an emerging E-Commerce market with its average per capita annual online spending being the highest among other neighboring countries in Southeast Asia. In 2020, E-Commerce continues to increase and the value of digital payments is estimated to grow by the end of the year, as reported in the new yStats.com publication.

Top Payment service platforms in Thailand worked closely with Thai banks to support social-distancing users

Due to the lockdown in the country and imposed restrictions, Thai consumers shifted to a new lifestyle with cashless transactions. Digital payment service providers in collaboration with Thai banks initiated different measures to simplify finance-related operations for their customers, such as the reduction of documents number required for opening a bank account, an opportunity to settle utility or credit card bills via an E-wallet and more seamless ways to transfer/receive funds or withdraw money.