Thailand’s card payments value to reach $94.5b in 2028

The growth rate will ramp up from the 6.2% rise in 2023.

The value of card payments in Thailand is forecasted to reach $94.5b by 2028, growing at a compound annual growth rate (CAGR) of 9.2% over the next four years, reports data and analytics company GlobalData.

This is faster than the 6.2% year-on-year (YoY) growth in 2023, when card payments value reached $62.5b.

Growing awareness of electronic payments and the rise of the banked populations are driving up use of payment cards, said Ravi Sharma, lead banking and payments analyst at GlobalData.

“Government efforts to promote electronic transactions and expand payment infrastructure have also played a crucial role in driving the adoption of payment cards,” Sharma said.

The recovery of travel, tourism, and hospitality sectors amidst ongoing recovery from the COVID-19 impact is driving economic activities. This, in turn, is supporting card usage, Sharma said. 

Credit and charge cards accounted for 92.8% of t he overall card value in 2023. Sharma said that its popularity is thanks to rewards, discounts, cashback, and interest-free installment facilities offered.

The rise of the middle class and young working population in Thailand is also expected to drive credit and charge cards’ adoption and usage.

Debit cards accounted for only 7.2% of the total card payments value in 2023. 

The expansion of payment services in rural areas and the expected rise of digital-only banks are also expected to further drive debit card penetration.