Thailand eyes to become cashless society by 2028

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, according to a survey by global digital payments provider Visa.

The survey, which focuses on consumer payment attitude, 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 the Thai consumers believe a cashless society will emerge between 2026 and 2028, compared to the 16% of consumers across the region.

Punnamas Vichitkulwongsa, country manager for Visa Thailand, said in Thailand, PromptPay, the national payment platform, has been a significant driver of digital banking adoption, especially during the post-COVID-19 era.

The survey's findings also revealed that Thailand leads the region in mobile banking app usage frequency. A remarkable 97% of the Thai consumers said they use mobile banking apps at least once a week, surpassing Vietnam (95%) and Indonesia (90%).

Thailand ranks first in real-time payment (RTP) usage frequency in the region, with 86% of the respondents making at least one RTP transaction per week, followed by Vietnam (84%) and Indonesia (69%).

Punnamas credited the growth of RTP in Thailand to PromptPay, which has boosted digital payments and supported Visa's business in the market. Thai consumers have become increasingly familiar with and trusting of digital payments, including Visa credit cards.