According to the Bank of Thailand’s Payment Insight report, daily money transfers via the platform in 2023 amounted to 54.5 million on average with a total value of 130 billion THB (3.55 billion USD).
Daily money transfers via PromptPay in Thailand in 2023 amount to 54.5 million on average with a total value of 130 billion THB (3.55 billion USD). (Photo: bangkokpost.com)
Bangkok (VNA)♕ – Financial transactions via PromptPay -Thailand’s national electronic payment platform – reached a new high last yearwhile cash transactions posted a notable decline.
According to the Bank of Thailand’s Payment Insight report, daily money transfers via the platform in 2023 amounted to 54.5million on average with a total value of 130 billion THB (3.55 billion USD). In December alone, the total number of financialtransactions using PromptPay recorded a high of 75.9 million per day. PromptPay registrations reached 77.2 million as of that month. Since its implementation in 2016, PromptPay usage has surged,particularly during the COVID-19 pandemic. Digital payments have risen significantly among Thais in thepast few years as the country moved towards a cashless society, according tothe report. On average, there were 538 digital payment transactions made peruser last year, up from 135 in 2019. The growth was attributed to the use of Internet and mobilebanking channels, with accounts from these channels reaching 136 million in2023, up from 89.5 million in 2019. Similarly, digital payments made via e-money services haveincreased over the past few years. Last year, the number of e-money accountstallied 117 million in Thailand, up from 82.5 million accounts in 2019.
On average, cash withdrawals fell to 2,118 per person in 2023from 2,414 in 2019, noted the report. Cash withdrawals in value terms declinedto 24,835THBﷺper person per year last year, down from 32,977 THB per personper year in 2019.
The number of cash withdrawals at ATMs via mobile bankingfeatures without utilising an ATM card tripled in 2023 from 2018.
Meanwhile, in a related development,the Thai central bank andthe Bank of Laos🐭recently launched a cross-border QR payment linkage,facilitating seamless transactions between Thailand and Laos.
The initiative also extends to Cambodia, Vietnam, Malaysia,Indonesia, Singapore, Hong Kong (China), and Japan, aiming to encourage digitalpayment systems between Thailand and countries in the region to increase trade,investment, tourism, and the use of local currencies under the ASEAN PaymentConnectivity initiative./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Daily money transfers via PromptPay in Thailand in 2023 amount to 54.5 million on average with a total value of 130 billion THB (3.55 billion USD). (Photo: bangkokpost.com) 
