Thailand Mobile Payment Market

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Thailand Mobile Payment Market by Age (Generation Z, Millennials, Generation X, and Baby Boomers), by Payment Type (Proximity and Remote), and by Application (Money Transfers, Merchandise Purchases, Bill Payments, Airtime Top-ups, Ticketing, and Others) – Opportunity Analysis and Industry Forecast, 2024–2030

Industry: ICT & Media | Publish Date: 01-Sep-2024 | No of Pages: 111 | No. of Tables: 79 | No. of Figures: 44 | Format: PDF | Report Code : IC2488

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Thailand Mobile Payment Market Overview

The Thailand Mobile Payment Market size was valued at USD 1.09 billion in 2023, and is predicted to reach USD 2.21 billion by 2030, with a CAGR of 9.6% from 2024 to 2030. The mobile payment system, also termed as money transfer, mobile money, m-payments, electronic payments, and digital payments, facilitates financial transactions using mobile devices such as smartphones, tablets, and wearables. These transactions are facilitated through mobile apps or various methods such as proximity and remote transactions. Mobile payment systems encompass diverse types such as mobile wallets, mobile banking apps, and online payment services such as PayPal, Venmo, and Google Pay. 

Employing technologies such as SMS, near-field communication (NFC), quick response (QR) codes, and others, these systems ensure seamless transactions while employing robust security measures including encryption and biometric authentication to safeguard personal and financial data. Appreciated for their convenience, speed, security, and integration with other financial tools, mobile payment systems witness widespread adoption. Moreover, users can configure payment apps to automatically settle bills, such as utility or credit card bills, ensuring efficient financial management and preventing late payments.

Rise of Cross-Border Transactions Propels the Thailand Mobile Payment Market 

The rise of cross-border transactions serves as a significant driver propelling market growth within the mobile payment industry in the country. With globalization on the rise, businesses and individuals are increasingly involved in international trade, commerce, and remittances. 

Mobile payment solutions offer a convenient, cost-effective, and efficient avenue to conduct cross-border transactions, facilitating seamless money transfers and payments across borders. With mobile payment platforms increasingly supporting multi-currency transactions and providing competitive exchange rates, users can transfer funds internationally with ease, bypassing traditional banking intermediaries and their associated fees and delays. 

Additionally, the integration of innovative technologies such as blockchain bolsters the security, transparency, and speed of cross-border payments, further stimulating adoption. As cross-border transactions continue to proliferate in volume and complexity, mobile payment providers have the opportunity to expand their global footprint, driving market growth, and promoting financial inclusion on a global scale.

 

Shift Towards Cashless Societies Drives the Thailand Mobile Payment Market 

The shift towards cashless societies acts as a significant driver for the Thailand mobile payment market expansion. As societies worldwide increasingly adopt digitalization and prioritize convenience, cashless payments have become the preferred method for transactions. 

Mobile payment solutions provide consumers and businesses with a seamless and efficient alternative to cash, enabling secure and contactless transactions using smartphones or other mobile devices. The convenience, speed, and hygiene benefits of cashless payments have been particularly emphasized, especially during global events such as the COVID-19 pandemic, driving further adoption. 

Additionally, governments and regulatory bodies actively promote cashless economies to address issues such as tax evasion, money laundering, and the underground economy. Consequently, the growing acceptance and adoption of cashless payment methods propel market growth for mobile payment solutions, offering opportunities for innovation, expansion, and financial inclusion.

Risks Related to Data Breaches and Security Concerns Hamper the Thailand Mobile Payment Market Growth

Risks related to data breaches and security concerns pose formidable challenges to the growth of the mobile payment market in the country. With the increasing reliance on mobile devices for financial transactions, the potential for unauthorized access, data breaches, and identity theft has become a major concern for consumers and businesses. 

Instances of high-profile security incidents can undermine trust in mobile payment platforms, leading users to hesitate in adopting or continuing to use mobile payment services. Additionally, regulatory bodies impose stringent requirements for data protection and cybersecurity, which add complexity and costs to mobile payment operations. Addressing these security concerns necessitates robust encryption, multi-factor authentication, and proactive security measures to instill confidence and promote the Thailand mobile payment market growth.

 

The Rise of Voice-Activated Mobile Payments Creates Opportunities in the Thailand Mobile Payment Market

The emergence of voice-activated mobile payments heralds exciting opportunities in the market landscape in the country. These systems empower users to initiate transactions and perform banking tasks using natural language commands, leveraging virtual assistants such as Amazon Alexa or Google Assistant. 

This innovation offers unparalleled convenience, enabling users to conduct payments hands-free and on-the-go. Voice-activated mobile payments streamline the payment process, enriching user experience and enhancing accessibility, particularly for individuals with disabilities or limited mobility.

Moreover, they open doors to seamless integration with smart home devices, wearable technology, and IoT ecosystems, broadening the scope and utility of mobile payment solutions. With continuous advancements in voice technology, the integration of voice-activated mobile payments into daily life presents promising prospects for innovation, differentiation, and the Thailand mobile payment market expansion.

 

Competitive Landscape

Various key market players operating in the Thailand mobile payment industry include Alphabet, Inc. (Google), Alibaba Group Holdings Limited, Amazon.com, Inc., Apple, Inc., PayPal Holdings, Inc., Visa, Inc., Tencent Holdings Limited (WeChat), MasterCard International, Inc., Samsung Electronics Co. Ltd., Block, Inc., and others. These key players have adopted various strategies to strengthen their market share.

Thailand Mobile Payment Market Key Segments

By Age

  • Generation Z

  • Millennials

  • Generation X

  • Baby Boomers

By Payment Type

  • Proximity

    • Near-Field Communication (NFC)

    • Quick Response (QR) Code Payments

  • Remote

    • Internet Payments

    • SMS/Direct Carrier Billing

By Application

  • Money Transfers

  • Merchandise Purchases

  • Bill Payments

  • Airtime Top-ups

  • Ticketing

  • Others

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 1.09 Billion

Revenue Forecast in 2030

USD 2.21 Billion

Growth Rate

CAGR of 9.6% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Rise of cross-border transactions propels the Thailand mobile payment market

  • Shift towards cashless societies drives the Thailand mobile payment market

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Alphabet, Inc. (Google)

  • Alibaba Group Holdings Limited

  • Amazon.com, Inc.

  • Apple, Inc.

  • PayPal Holdings, Inc.

  • Visa, Inc.

  • Tencent Holdings Limited (WeChat)

  • MasterCard International, Inc.

  • Samsung Electronics Co. Ltd.

  • Block, Inc.

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Frequently Asked Questions

The Thailand mobile payment market size was valued at USD 1.09 billion in 2023, and is predicted to reach USD 2.21 billion by 2030, with a CAGR of 9.6% from 2024 to 2030.

The Thailand mobile payment market is constantly evolving with advancements in technology, changes in consumer behavior, and regulatory developments. Key trends shaping the market include the rise of contactless payments, the integration of mobile payment capabilities into various devices and platforms, and the emergence of new players and partnerships.

There are several types of mobile payment technologies, including Near Field Communication (NFC), QR codes, mobile wallets, and peer-to-peer payment apps.

Mobile payments are more secure than physical cash and at least equally secure as a credit or debit card transactions. It has become safer with the introduction of encryption, fingerprints, biometrics, and AI technology.

Popular mobile payment apps include Apple Pay, Google Pay, Samsung Pay, PayPal, Venmo, and Cash App. These apps offer different features and functionalities, catering to various user preferences and needs.

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