In October 2021, the Central Bank of Thailand revealed that digital payments in the country have quadrupled from pre-pandemic levels.
The number of daily transactions made through the PromptPay platform currently averages 28 million. PromptPay enables customers to receive and transfer funds using Citizen ID or mobile phone number instead of a bank account number, via electronic channels such as internet banking, mobile banking and ATMs. Average daily transactions were only 7 million in 2019 and grew to 14.5 million in 2020, according to Central Bank data.
Today, over 80% of Thai adults have a bank account, making Thailand one of the best-performing countries in terms of financial inclusion in the world. Thailand’s advanced fintech ecosystem, high rates of mobile phone ownership and enviable internet penetration are also crucial factors in positioning Thailand as a potential frontrunner in the Asia Pacific digital banking space.
However, it should be highlighted that Thailand’s regulators are yet to announce a formal road map for digital banking licenses, resulting in local organizations having to map out their own pathway towards a digital future.
(Sources: Reuters; Central Bank of Thailand; Bangkok Post)