Thailand is one of Southeast Asia's most known emerging countries, yet it remains a developing and increasing market. E-commerce in Thailand constantly grows, and almost half of Thai consumers shop cross-border, making it an appealing market for merchants. Most Thai consumers enjoy purchasing online, even on social commerce sites like Facebook.
In Krung Thep Maha Nakhon (Bangkok), online wallets are becoming increasingly popular, thanks to infrastructure improvements, real-time payment attempts, and a government push to promote cashless transactions.
In terms of online payments, Thai customers use practically all available payment methods (e.g., cash, bank transfers, online wallets, credit cards, and so on), especially for different sorts of purchases. For example, most purchases at convenience stores are made with cash.
Thai online wallet payments are useful for making purchases. This article will explain this further.
🚀 Expat Fact!
The use of online wallets in Bangkok increased from 2% in 2017 to 23% in 2022.
An online wallet (an electronic wallet) is an application for financial transactions that may be used on any connected device. It securely stores your payment details and passwords in the cloud. Online wallets can be accessed from a computer. Primarily, mobile wallets are mostly used on mobile devices.
Online wallets enable you to pay using your device while shopping, eliminating the need to carry your cards. You enter and save your debit card, credit card, or bank account information and then use your device to make transactions.
🚀 Expat Trivia!
By 2027, online wallet payments will account for 29% of all e-commerce payments in Krung Thep Maha Nakhon (Bangkok).
Aside from the popular digital wallets in Thailand, known as Google Pay and Apple Pay, it is still vital to remember some of the best Thai online wallet brands that prove to be key players in Bangkok. Although similar market shares may vary, we will proceed in discussing them further below:
TrueMoney is one of Bangkok’s largest fintech companies, accounting for over 50% of the market. Outside the wallet, the company helps with investments, online insurance, and international money transfers. The firm provides various payment services, including card payments, kiosk payments, cash-based payments, and so on.
The app works well for goods and services in both online and offline settings. TrueMoney also allows you to buy and pay for invoices, subscriptions, and cinema tickets. Beyond its services, its rewards program attracts many new clients. When consumers use TrueMoney, they can earn points for prizes and discounts.
You may be familiar with the popular texting program LINE, which is widely used throughout Japan and Southeast Asia. However, they also have their own online wallet, which they use to connect with another company to work in Bangkok.
Rabbit LINE Pay is a multi-purpose application that can pay for goods and services in e-commerce and offline stores, as well as road tolls. The name is a combination of the online wallet LINE Pay and the messaging program LINE. This online wallet is well-known for facilitating e-commerce purchases in several nations. Rabbit is a transit system, smart card, and offline e-payment service provider.
Both companies are well-known corporations both domestically and internationally, and they already have substantial collaborations in place. Rabbit, for example, collaborates with several brands, including Tesco and McDonalds. LINE has numerous collaborations with e-commerce platforms like Ensogo and Lazada; because of the application's extensive feature set, faith in Rabbit's security, and popularity of the LINE application, Rabbit LINE pay accounts for roughly one-quarter of the market.
In 2014, AirPay first gained popularity for internet café top-up purchases, but it has since expanded significantly. AirPay planned to expand into additional areas soon after earning patronage from residents in Bangkok.
They achieved this by offering a broader selection of payment options for both offline and digital items, such as cinema tickets, phone credit, energy bills, and e-commerce. They also introduced a card system that allows consumers to choose how they wish to make payments.
They are also more internationally focused than the other players on this list. Garena, their parent business is Singaporean, hence the corporation is looking to expand throughout Southeast Asia. They also appear to be making progress in Vietnam, with plans to integrate cross-border payments into the program.
MPay is gaining popularity in specific subsectors while being one of Bangkok’s smaller payment options. Although MPay accepts payments from e-commerce and commercial retailers, it is most known for its service payment choices.
For example, MPay offers a variety of game payment methods, including zest and cookie cards. MPay is also well-known for its bill payments feature, which allows users to make regular monthly payments for electricity and gas. Their lesser-known business includes insurance bill payments through its cooperation with CitiBank and Prudential.
GrabPay is a popular app throughout Southeast Asia. Due to its widespread availability both locally and internationally, it accounts for 4% of the Thai online wallet market. Despite having the smallest market share among major competitors in Bangkok, it remains a global force, accounting for the bulk of market share in many other Southeast Asian countries. For this reason, we added it to this list.
PromtPay is a government-backed service launched by Bangkok Bank, one of the best and most trusted banks in Thailand, to facilitate local funds transfer. People use this service not only for money transfers, but it is also gaining popularity in the real-time payments market. It is accepted by more than 2 million merchants nationwide, including food sellers and online shops. Moreover, PromptPay includes a variety of functions, such as money transfers, bill payments, and QR code payments. For added convenience, customers can link their PromptPay account to their bank account.
An online wallet payment system allows consumers to send money without the use of cash or physical payment cards. In essence, it is web or mobile software that stores payment information to allow users to transfer funds faster and effortlessly.
E-wallets are actually more secure than any traditional payment method since they will not require you to submit personal or financial information when completing a transfer. They're also a popular payment method for online purchasing because they provide a quick and easy checkout procedure.
So, when you next visit Bangkok, endeavor to have an online wallet so you can enjoy hassle-free transactions.
Lifestyle Bear