Rise of cross-border transactions and shift towards cashless societies are driving up the Thailand mobile payment market demand growth during the forecast period.

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, according to new research by Next Move Strategy Consulting.

The surge of cross-border transactions is indeed a crucial force driving the growth of the mobile payment industry in the country. With globalization advancing, businesses and individuals are increasingly involved in international trade, commerce, and remittances. Mobile payment solutions offer a convenient, cost-effective, and efficient way to conduct cross-border transactions, enabling seamless money transfers across borders.

A notable advantage of these platforms is their support for multi-currency transactions and competitive exchange rates, making international fund transfers easier while bypassing traditional banking intermediaries and their associated fees and delays.

Furthermore, the integration of innovative technologies such as blockchain enhances the security, transparency, and speed of cross-border payments, encouraging adoption among users seeking efficient and reliable international transaction methods. As cross-border transaction volume grows, mobile payment providers have a significant opportunity to expand globally, driving Thailand mobile payment market growth and promoting financial inclusion on a global scale.

Additionally, the transition towards cashless societies serves as a significant driver for market growth in the country's mobile payment industry. Fuelled by factors such as increasing digitalization, convenience, and the benefits of cashless transactions, mobile payment solutions play a pivotal role in providing a seamless alternative to cash. These solutions enable secure and contactless transactions using smartphones or other mobile devices, eliminating the need for physical cash and traditional payment methods.

Especially in light of events such as the COVID-19 pandemic, the convenience, speed, and hygiene benefits of cashless payments have become increasingly apparent. Governments and regulatory bodies are actively promoting cashless economies to address issues such as tax evasion and money laundering, further driving the adoption of mobile payment solutions.

However, escalating risks related to data breaches and security concerns pose significant challenges to the mobile payment market growth in the country. As reliance on mobile devices for financial transactions increases, the potential for unauthorized access and identity theft becomes a pressing issue, impacting consumer trust and adoption rates. High-profile security incidents undermine trust in mobile payment platforms, hindering their growth prospects.

Conversely, the emergence of voice-activated mobile payments presents exciting opportunities within the country's market landscape. These systems leverage natural language processing and virtual assistants to enable seamless transactions and banking tasks using voice commands. Offering unparalleled convenience, voice-activated mobile payments streamline the payment process, making transactions faster, easier, and more intuitive.

Additionally, they promote accessibility for individuals with disabilities or limited mobility, and their interoperability with other smart devices enhances the versatility of mobile payment solutions, facilitating seamless payments across various platforms and devices.

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Several key 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 the market share.

Key Insights from the Thailand Mobile Payment Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Thailand mobile payment market is provided in the report.

• The value chain analysis in the Thailand mobile payment market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the Thailand mobile payment market is provided in the report along with their competitive analysis.