Latest News

Back to Latest News back

 

GlobalData highlights need for card payments in Thailand

GlobalData highlights need for card payments in Thailand
October 21, 2020

GlobalData highlights need for card payments in Thailand

GlobalData, a leading data and analytics company, highlights that cash - which has traditionally been a preferred mode of consumer payments in Thailand - is now taking a back-seat amid the COVID-19 pandemic. The growing adoption of card payments is supported by rising awareness of electronic payments, an expanding payment infrastructure, and an increase in the country’s banked population.

COVID-19 has had a profound effect on the Thailand tourism industry with reduced tourism spending. However, the gradual reopening of travel will provide the much-needed push to the country’s economy, which in turn will positively impact the country’s payment industry.

According to GlobalData’s Payment Cards Analytics, card payments in Thailand is estimated to grow by 2.3% in 2020. The value is expected to reach THB2.5 trillion (US$82.8 billion) by 2024, at a compound annual growth rate (CAGR) of 6.2% between 2020 and 2024.

The COVID-19 outbreak affected Thai economy, particularly its tourism sector, resulting in revenue loss of over US$1 billion in Q1 2020. To revive the tourism sector, the government provided stimulus packages to the tune of THB100bn (US$3.4 billion) along with other benefits like subsidies for hotel stays and flights tickets for travellers.

GlobalData Banking and Payments Analyst, Nikhil Reddy explains “A gradual rise in tourist inflow and spending is expected with the country now easing travel restrictions. This will in turn support card payments growth in the country.”

Reddy adds “the tourism-reliant Thailand is among the handful of countries that effectively controlled the COVID-19 pandemic with little over 3,600 cases. This coupled with government’s support for tourism sector, easing of travel restrictions and resurgence of consumer spending will drive the Thai card payments market in the coming years.”

Image top:Pimalai Resort Krabi Thailand and image above GlobalData’s Payment Cards Analytics for card payments in Thailand

Related Articles

16th October 2020 - GlobalData reveals contactless technology as top theme among hospitality industry influencer conversations

18th September 2020 - GlobalData advises contactless technologies increasing in popularity within tourism industry

28th April 2020 - GlobalData warns China’s tourism industry of encouraging premature mass tourism

27th April 2020 - GlobalData suggests potential damage to China’s tourism brand image

21st April 2020 - GlobalData predicts short term boost for Australian domestic tourism

15th February 2020 - GlobalData considers the impact of Coronavirus on South East Asian tourism

23rd September 2020 - Banyan Thailand launches initiative inviting city residents to embrace active outdoor lifestyle

1st September 2020 - Thailand faces tourism industry risk

6th August 2020 - Thailand halts tourism boosting ‘travel bubble’ plan as Asian Coronavirus cases rise

21st April 2020 - New survey suggests China set to lead Thailand’s tourism recovery

10th April 2020 - Thailand resort Santiburi Koh Samui receives 2020 Green Hotel certification


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Pico Play

Pico Play is a global leader in the planning, design, development and construction of world-class themed attractions and entertainment that deliver extraordinary and memorable experiences to millions…

read more

Attractions / Consultants / Design / Recreation / Tourism

 
 

SENtag

Developed in Europe, this innovative system offers a safety management solution for swimming pools that checks individual swimmers via their wristband - monitoring their depth and time. Sensors…

read more

Aquatics / Hospitality / Safety / Technology / Waterparks

 
 

Myzone

Email for trade enquiries: Enquiriesapac@myzone.org  Customer support desk - Click Myzone support or go to ‘help’ on myzone app to access live support. Myzone® is the leading…

read more

Fitness / Sport / Technology / Wellness

 
 

The P.A. People

The P.A. People is a specialist integrator and contractor in sound reinforcement, audio visual systems, performance lighting and production communications. Over its almost 50 year history the company…

read more

Entertainment / Events / Sport / Technology / Venues

 
 

Sportybots

We are the leading providers of kids fun multi-sports programs for Sport and Recreation Centres. Programs cover twelve common sports as well as Gross Motor Skill Development and suit children from as…

read more

Fitness / Play / Recreation / Sport / Wellness

 
 

The Jump Pad

The Jump Pad is a safe, flat inflatable made in a variety of sizes which can be used indoor or outdoor. From 3mx3m up to a whopping 9mx21m. Markets include Indoor and outdoor playgrounds, schools,…

read more

Attractions / Entertainment / Play

 
 

iDwala Pty Ltd

iDwala is the Community Sports Surface Specialist offering the highest quality designs and technical expertise to Councils, Schools and Sporting Clubs looking to create sporting…

read more

Consultants / Design / Recreation / Sport / Surfaces

 
 

The Pool Enclosure Company

Now TPEC Pool Enclosures - see www.ausleisure.com.au/suppliers/tpec-pool-enclosures

read more

Aquatics / Design / Recreation / Venues

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business