PromptPay

[Jun]

Do they have anything in place for that yet - which would be acceptable to foreign tourists?

The places that insist on cashless payment usually accept payment with Mastercard, Visa and other such systems. Far easier than this QR code nonsense.

If I pay with my Halifax Clarity Credit card, that has zero forex loading. So for the discerning foreign tourist, paying like that would work out far cheaper than paying 200 baht or whatever it is to get cash out of an ATM. [However, I suspect the average tourist hasn't taken the trouble to find a card with 0% forex charges].

I suspect the Halifax Credit Card also works out about 0.5% cheaper for me, when compared with paying ~0.5% to transfer money to my Kasikorn bank account and using cash.
However, cash is expected for many transactions. Also the Credit Card isn't the best for budgeting, since transactions usually don't show up on the statement immediately and in order of transaction.

[Gaybutton]

Far easier than this QR code nonsense.

This is where our opinions differ. I very much like the QR code "nonsense" and I prefer it to anything else. For me it's much easier and just as fast as other methods. It's certainly fast enough for me. I'm glad this is the way Thailand seems to be doing it. It is accepted virtually everywhere I go. As I've said, now even the small mom-and-pop shops are doing it.

The only thing puzzling me is 7-Eleven. Everything is still pay cash at 7-Eleven. I don't know why. Maybe at some point they'll go to cashless at least as an option, but so far they haven't. Other than that, I find it difficult to find anywhere that doesn't accept "scanner pay", as the Thais are calling it. So far I have only found one place that accepts only "scanner pay" and won't take cash. I think I saw an earlier post mentioning a few venues in Bangkok that no longer accept cash.

Even my bills have scanner pay options - even the bills I receive by E-mail. The only paper bills I still receive are my electric and water bills. But both have QR codes printed right on the bill, so it's still essentially the same as "scanner pay".

Whether you like or dislike paying via QR code, in Thailand you better get used to it. That method is the fastest growing and most popular method I've seen.

I wonder what the next generation of payment technology we can look forward to will be. The way things work these days, don't be surprised if cash, scanner pay, and all other payment methods sooner or later will become obsolete and we'll all have to start getting used to whatever comes next.

[bkkguy]

The only thing puzzling me is 7-Eleven. Everything is still pay cash at 7-Eleven. I don't know why. Maybe at some point they'll go to cashless at least as an option, but so far they haven't.

7/11 already has cashless options that are well-used at 7/11s I use- they have their own e-wallet and I think also accept true (and maybe other) e-wallets, they also accept tap-n-go visa cards even for small value transactions

[billyhouston]

The only thing puzzling me is 7-Eleven. Everything is still pay cash at 7-Eleven. I don't know why. Maybe at some point they'll go to cashless at least as an option, but so far they haven't. .

I believe that it is possible to go cashless at 7-Eleven but only if you use 'True Wallet'.

[Gaybutton]

E-Wallet. True Wallet. I'm not familiar with either of them and I haven't noticed anything at my local 7-Elevens advertising them. I would appreciate details about those - what they are and how they work.

From the names, it sounds to me like it's something you first have to load with money, and then your purchase is deducted from the balance. For me, that would be a no thanks. I don't buy from convenience stores often enough to make that worth doing and my convenience store purchases rarely are even as much as 100 baht.

Sorry, but 7-Eleven, or anything other than my bank account, doesn't get to hold my money until I buy something from them. If they would accept "scanner pay" that would be fine with me. But if I'm right about how this works, forget it.

However, if I'm wrong about how it works and purchases are deducted directly from my bank account, like the way PromptPay works, that would interest me (provided no fees are involved). I assume there are apps that would need to be downloaded.

Meanwhile, just about everywhere else other than 7-Eleven accepts PromptPay. Why doesn't 7-Eleven? How is it advantageous to them not to take PromptPay, but take other options?

[Gaybutton]

I spent some time looking into E-wallet, True Wallet, and Google Wallet. All three of them are full of very negative reviews, ranging from simply not working to pop-up ads, and one is a paid app. None of that happens with PromptPay. PromptPay works perfectly and is totally free. Until these other softwares get their acts together and become reliable - and ad free, for me it still is a thanks, but no thanks. I don't see much of a reason to use those apps in the first place.

As I said, in Thailand virtually everywhere is accepting PromptPay. If 7-Eleven wants to be the odd man out and be one of the very few places that doesn't accept PromptPay, that's their problem. For me, if I want to buy something at 7-Eleven, it will still be cash.

[Gaybutton]

Thailand seems more and more moving to becoming as "cashless" as practical. Personally, I'm all for it. I have had absolutely no problems of any kind using the various non-cash payment methods and I prefer being able to pay that way. Even online services, DTAC, Lazada, etc. now offer a QR code for payment.

Of course, to do any of this a Thai bank account and a smartphone are required.
____________________________________

PromptPay usage hits record high last year

by Somruedi Banchongduang

April 12, 2024

Financial transactions via PromptPay, Thailand’s national electronic payment platform, tallied a new high last year, while cash transactions posted a notable decline.

In December 2023, the total number of financial transactions using PromptPay recorded a high of 75.9 million per day.

On average, daily money transfers via the platform last year amounted to 54.5 million with a total value of 130 billion baht, according to the Bank of Thailand’s Payment Insight report.

Money transfers of less than 5,000 baht decreased in average ticket size, dropping to 510 baht per transaction in December compared with 570 baht per transaction in January last year.

The decline in average ticket size reflects the country’s improving financial inclusion and widespread adoption of PromptPay as a routine payment platform among individuals, according to the report.

PromptPay registrations totalled 77.2 million as of December last year. Since its implementation in 2016, PromptPay usage has surged, particularly during the pandemic.

The report noted digital payments rose significantly among Thais the past few years as the country moved towards a cashless society.

On average, there were 538 digital payment transactions made per user in 2023, up from 135 in 2019.

The growth was attributed to use of internet and mobile banking channels, with accounts from these channels combined reaching 136 million in 2023, up from 89.5 million in 2019.

Similarly, digital payments made via e-money services have increased over the past several years.

In 2023, the number of e-money accounts tallied 117 million, up from 82.5 million accounts in 2019.

On average, cash withdrawals fell to 2,118 per person in 2023 from 2,414 in 2019, noted the report.

Cash withdrawals in value terms declined to 24,835 baht per person per year in 2023, down from 32,977 baht per person per year in 2019.

The number of cash withdrawals at ATMs via mobile banking features — without utilising an ATM card — tripled in 2023 from 2018, according to the report.

In a related development, the Bank of Thailand and the Bank of the Lao P.D.R. recently launched a cross-border QR payment linkage, facilitating seamless transactions between Thailand and Laos.

The initiative also extends to Cambodia, Vietnam, Malaysia, Indonesia, Singapore, Hong Kong and Japan.

The collaboration aims to encourage digital payment systems between Thailand and countries in the region to increase trade, investment, tourism, and the use of local currencies under the Asean Payment Connectivity initiative.

https://www.bangkokpost.com/business/ge ... -last-year

[Jun]

The report noted digital payments rose significantly among Thais the past few years as the country moved towards a cashless society.

A cashless society would be a very bad thing.
How would I pay all my acquaintances, who are mainly from Laos & Cambodia ?
How would I ensure that's not traceable ?

I suppose there is the alternative of paying in a different currency. Last month, one of my Cambodian visitors asked if I have USD, as he was going home 2 days later. Having being to Cambodia on the trip, of course I had them. So I tipped him in USD, with a few Riel thrown in to make it up to my normal THB tip for good performers.


However, I'm not particularly worried about an imminent move to cashless transactions. After all, how would they ensure bribes are not traceable if paid through bank accounts ?

[gerefan]

However, I'm not particularly worried about an imminent move to cashless transactions.

Agreed

Whilst many people in Bangkok, Pattaya and similar cities may have credit/debit cards how many farm workers in Isaan have them?

Or even a bank account?!

[Gaybutton]

A cashless society would be a very bad thing.

I can't imagine that Thailand could become totally cashless. The problems if that happens are obvious. The millions of tourists, for example, certainly can't be expected to have a Thai bank account (even if they could get one) and unless international fees are eventually waived, also can't be expected to make transactions that are going to be an additional expense.

But I see no problem about it for making purchases and paying bills for those of us living in Thailand and do have Thai bank accounts and do have smartphones with Thai carriers. I find it much easier and convenient. For example, before this got started whenever I got a bill I would have to travel around to pay and often have to wait quite some time in long queues.

Now I receive most of my bills by Email, a few by "snail mail", but I can pay all of them online. When I go grocery shopping, or any other kind of shopping for that matter, I don't have to anticipate how much cash I'm going to need and I don't have to stop at an ATMS. I simply use "scanner pay" with my smartphone. Not only do I not need cash, but I see instantly how much money remains in my bank account.

Where "cashless" is practical I'm in favor of it. Where it is not practical I too would be opposed. It would be difficult, for example, to simply leave a tip, although I've seen some delivery services now offering an online tip for the delivery driver. That is one thing I don't do. I don't trust that the driver will actually receive the amount I tip. I still prefer to tip directly and in cash. That way the recipient knows who tipped him and how much.

I agree with the posts about the problems, but I don't foresee those kinds of things happening, at least not within the foreseeable future. However, I do think further into the future, when technology reaches that level, cash will eventually become obsolete.