The most popular payment methods in Thailand

Thailand is Southeast Asia’s second-largest e-commerce market, with a population of 71 million people and an e-commerce market worth $22.5 billion. The country’s e-commerce market has grown 14% year on year, with revenue hitting 1.1 trillion baht in 2024, compared to 980 billion baht in 2023.

Thai consumers have the highest rate of cash use in APAC, with cash accounting for 46% of transaction value in 2023. However, Thailand’s government is seeking to reduce the amount of cash in circulation by half by 2026, largely by promoting the use of wallet-based payments using interoperable QR codes. As a result, projections are for cash use to decline at -12% CAGR through 2027 when cash is expected to fall to 23% of POS spending.

Thailand’s e-commerce market is worth US$22.5 billion and is predicted to grow to US$40 billion by 2027.

The number of users in the 'Digital Payments' segment of the fintech market in Thailand was forecast to continuously increase between 2024 and 2028 by 10.4 million users (+30.97%). After the ninth consecutive increasing year, the indicator is estimated to reach 43.94 million users in 2028.

PromptPay is a key component of Thailand’s government initiative to transform the country’s financial infrastructure, facilitating seamless digital payments online and at POS. PromptPay has propelled A2A payments to become Thailand’s leading payment method online, accounting for 42% of e-com transaction value in 2022, up from 38% in 2021.

PromptPay is now the primary payment method in e-commerce, accounting for 44% of all transactions. This is predicted to leverage the use of digital wallets, whose market share is likely to grow from 27% in 2023 to 36% in 2027, per Worldpay data.

In 2023, there were approximately 30.8 million digital payment users in Thailand, with the majority utilising PromptPay, which recorded around 19.89 billion transactions that year; the number of registered mobile wallet accounts in Thailand also reached around 116.5 million in 2023.

According to a recent survey, Thailand is expected to transition to a cashless society faster than other countries in the Southeast Asian region, driven by the country's rapid digital adoption and transformation.

The survey found that Thailand could become a cashless society by 2028, ahead of other ASEAN member countries which are expected to reach this milestone post-2028. It revealed 22% of Thai consumers believe a cashless society will emerge between 2026 and 2028, compared to 16% of consumers across the region.

The most popular digital wallets in Thailand are TrueMoney, Rabbit LINE Pay, ShopeePay, mPay and GrabPay.

Thailand presents significant opportunities for cross-border e-commerce due to its large online consumer base, high mobile penetration, growing middle class, and a substantial portion of the overall e-commerce market already dedicated to cross-border purchases. Indeed, cross-border e-commerce constitutes 30% of Thailand’s market. Nearly half of Thai online shoppers make purchases from abroad, with China, the US, and Japan being the top origin markets.

The preferred payment methods in Thailand are A2A and digital wallets, followed by debit and credit cards.

Popular payment methods in Thailand include digital wallets including TrueMoney, and Rabbit LINE Pay, as well as credit cards, bank transfer, QR code solutions and BNPL services.

Integrating APMs into your business can drive tangible benefits. Offering familiar, trusted payment options, allows you to streamline transactions, reduce cart abandonment, and meet customer demand for cashless payments.

Ecommpay supports multiple payment methods in Thailand, including virtual accounts, digital wallets, and QR code solutions.

A government-backed, QR-based payment method, popular with SMEs for its simplicity and low cost, allowing instant payments with a scan of a QR code.

A cornerstone of the Thai digital payment ecosystem, offering secure transactions via apps from major banks like SCB and Kasikornbank. Widely used for both personal and business payments.

Thailand’s leading e-wallet, popular with young consumers and SMEs. It offers easy payments across online and offline merchants, plus services like bill payments and mobile top-ups.

Ideal for businesses needing to transfer funds domestically or internationally. This method features corporate-level security and detailed reporting.

PayPal is a widely used digital payment platform that enables users to pay, send money, and accept payments globally, without revealing their financial details.

Neteller e-wallet is a free online payment account that allows users to deposit and pay for goods on thousands of sites and accept payments from other sites or individuals. Many customers come to Neteller after their payment cards are declined on a merchant site or because they don`t want to enter their payment card details on multiple sites.

Skrill is a payment system that provides online payments and allows users to make simple, secure, and fast funds transfers in more than 200 countries and 40 different currencies.

Ecommpay is dedicated to helping our customers expand into new markets. We can provide expert guidance on the essential payment methods required to connect with customers in Thailand and effectively boost conversion rates.

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