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
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.
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.
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 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 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.
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.
Generation Z
Millennials
Generation X
Baby Boomers
Proximity
Near-Field Communication (NFC)
Quick Response (QR) Code Payments
Remote
Internet Payments
SMS/Direct Carrier Billing
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 |
|
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. |
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.