Picture courtesy of Varuth Hirunyatheb
Thailand’s card payments market is projected to achieve a compound annual growth rate (CAGR) of 9.2% from 2024 to 2028, reaching 3.3 trillion baht (US$94.5 billion) by 2028.
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Thailand’s card payments market is projected to achieve a compound annual growth rate (CAGR) of 9.2% from 2024 to 2028, reaching 3.3 trillion baht (US$94.5 billion) by 2028. This growth is driven by a consistent consumer shift towards electronic payments, according to data and analytics firm GlobalData.
Data from GlobalData’s Payment Cards Analytics indicates that card payment value in Thailand saw a 16.7% increase in 2022, attributed to a rise in consumer spending. The growth continued in 2023, with a 6.2% increase, reaching 2.2 trillion baht (US$62.5 billion).
“The use of payment cards has been steadily rising, fuelled by the growing awareness of electronic payments and an increase in the banked population,” noted Ravi Sharma, lead banking and payments analyst at GlobalData.
“Government efforts to promote electronic transactions…