BangkokPost-Dec 22

The country’s use of cash is expected to decline by 4% in 10 years and 15% in 20 years as more Thais shift to e-payment, according to a Bank of Thailand paper. The central bank predicts cash usage will continue to decline over the long term, replaced by e-payment. In 2030, cash usage is expected to dip by 4% or 25 billion baht from 2020, then fall by 15% or 108 billion in 2040. The paper surveyed people’s daily payments. The rising popularity of e-payment is in line with changing consumer behavior, especially during the government’s lockdown to contain new Covid-19 infections. The paper surveyed 6,020 respondents nationwide during February to April 2021, prior to the third wave of the pandemic. It found 90.5% of respondents experienced using an e-payment service over the past two years. Some 91.1% owned smartphones and used them to browse the internet. However, some Thais cannot access e-payment because they do not own a smart device. The survey found 18% of respondents only use cash to make payments. Read more at: https://www.bangkokpost.com/business/2235823/study-shows-shift-to-e-payment