Thailand plans to launch a government-sponsored e-payment system in the autumn, and with experts saying it will boost the country’s e-commerce industry.
The national system will be launched in two phases with the aim of making Thailand a cashless society. Phase one will involved launching an electronic money service at major Thai banks called PromptPay for peer-to-peer transfers. Phase two will then allow payment for goods and services, income tax returns, and more, states local publication the Bangkok Post.
“Thailand will be the hub of e-commerce and e-payments among ASEAN Economic Community (AEC) by 2017”, predicts Kulthirath Pakawachkrilers, managing director of Joyfulness, a Bangkok-based technology consulting firm.
Today, it’s estimated Thailand has around 11 million online consumers, according to Sebastien Lamy, partner at Bain and Company. The country’s whole e-commerce market is said to have reached $58.4 billion in 2015, a 3.65 percent increase year-over-year. Lamy predicts the number of online consumers in Thailand to double in the next three to five years as a result of the push to go cashless and invest in the digital economy.
The national e-payment system should have a huge impact on social media commerce in Thailand. Many Thai shoppers already buy directly via social media, with a survey from PwC finding that more than half of online consumers have purchased using social media.
SOURCE: Business Insider.