Thailand has an actively developing financial sector that blends traditional payment methods with digital innovations. With its strategically important position in Southeast Asia, the country serves as a nexus for trade, tourism, and financial activities, linking the region to broader global markets. According to data from the Bank of Thailand (BOT), there were nearly 35.7 billion mobile banking transactions in Thailand in 2024. This signals the country’s shift towards digital banking and payment methods.

But Thai customers still rely on cash transactions, especially in remote regions and traditional markets. The coexistence of these contrasting payment behaviors makes Thailand an intriguing market for both local and international stakeholders.

Regulatory bodies, led by the BOT, are creating guardrails to nurture improvement while maintaining stability. The introduction of systems such as PromptPay—a government-backed, real-time payments platform—shows that Thailand wants to modernize payments and increase financial inclusivity.

In this guide, we’ll cover what businesses should know about payments in Thailand, including:

• Adapting to local payment methods
  
• Acknowledging the urban-rural divide
  
• Prioritizing security and building customer trust
  

The state of the market

Thailand’s payment market is a blend of old and new. Digital payments are often the preferred method in urban areas, especially Bangkok; cash sees wide use in rural areas and for smaller, day-to-day transactions. In fact, cash payments constituted 56% of point-of-sale (POS) transaction value in Thailand in 2022. But there could be a gradual transition in payment preferences, with a 2022 report by Visa finding that 89% of Thai respondents planned to use cashless payments more often.

Thailand’s financial infrastructure is deeply rooted in its long-standing banking entities. Bangkok Bank, Kasikornbank, and Siam Commercial Bank are the leading banks in the country. In 2024, Bangkok Bank reported total assets of about 4.55 trillion Thai baht (THB), making it the largest in terms of asset size. Outside of traditional banking, Thailand also has specialized financial institutions such as the Government Savings Bank, which focuses on savings and microfinancing, and Krungthai Bank, in which the Thai government is the majority owner.

The BOT regulates the country’s financial sector. It’s also responsible for monetary policies, foreign exchange regulations, and the financial system’s overall health. Additionally, the Securities and Exchange Commission of Thailand oversees capital market activities, striving for transparency, fairness, and efficiency.

Payment methods

Thai customers use both established and newer payment methods. Here’s a closer look at popular payment methods in Thailand and how customers use them.

Current usage

Electronic and mobile payments are increasing in popularity. While cash remains a dominant payment method for daily transactions, digital payment methods are rapidly gaining traction, especially among the urban populace. PromptPay, which was introduced by the BOT and the Thai Bankers’ Association, is a real-time funds transfer system that allows users to make payments using just a mobile number or national ID. PromptPay processed 2.1 billion transactions totaling more than 4.43 trillion THB in March 2025 alone, underscoring its popularity and the country’s shift towards digital payments.

Credit card acceptance has also increased substantially in Thailand over the past decade, especially in cities such as Bangkok, Chiang Mai, and Phuket. Customers can use cards for in-person purchases, whether they’re buying from a shopping mall or a street vendor with a portable POS device. Ecommerce growth has also encouraged card usage; a 2022 survey found that a collective 12% of respondents preferred cards to pay for online purchases, with 8% choosing credit cards as their preferred payment option and 4% choosing debit cards.

Popular B2C payment methods in Thailand

• Cash and cash on delivery (COD)
  
• Credit cards
  
• Digital wallets (e.g., PromptPay)
  

Popular B2B payment methods in Thailand

• Wire transfers
  
• Credit cards
  
• Digital wallets (e.g., PromptPay)
  

Emerging trends

Thailand’s payment market is transforming due to technological advancements such as mobile banking applications, QR code payments, and digital wallets. Their market presence is also growing. For example, PromptPay, a government-supported interbank mobile transfer system, had more than 77 million registered users as of December 2023.

The proliferation of contactless payments in Thailand underscores a broader trend—the country’s shift towards a more digitized, forward-looking payments infrastructure. A 2022 study by Visa found that contactless cards were the preferred payment method of 12% of Thai respondents, putting Thailand among the top three countries in Southeast Asia with a preference for the payment method. This is a testament to the country’s accelerated adaptation to more modern forms of payment. The BOT has been instrumental in creating a conducive environment for contactless payments, in particular. And the Payment Systems Act of 2017 updated the country’s payment system for international standards while safeguarding customer interests.

The Thai government, along with the BOT, has initiated various measures to promote digital transactions. The National e-Payment Master Plan (NEMP), launched in 2017, aims to create a strong digital payment infrastructure and encourage Thai customers to adopt digital payments over cash. The government has implemented regulations to safeguard digital transactions and generate customer trust. For example, the BOT mandates financial institutions to employ end-to-end encryption for all electronic transactions for data integrity and security. The government has also actively supported the implementation and adoption of PromptPay by waiving transaction fees.

Ease and friction of entry

A blend of established banking fees, emerging digital transaction costs, and state-imposed taxes shape payments in Thailand. Here are some barriers to entry you need to consider.

Taxes

Both businesses and customers are subject to Thailand’s value-added tax (VAT). As of 2025, the standard VAT rate in Thailand is 7%, a temporary reduction from the usual 10%. Customers see the VAT reflected in the prices of goods and services they purchase. Businesses are responsible for collecting this tax and remitting it to the Revenue Department. Proper VAT documentation and timely submissions are important. Noncompliance or inaccuracies can lead to penalties for businesses, with the cost being indirectly passed on to customers.

Chargebacks and disputes

The BOT governs Thailand’s processes for chargebacks and disputes, emphasizing the maintenance of both business and customer confidence. Thailand’s Consumer Protection Act clarifies the rights of customers in dispute cases. While the act doesn’t explicitly discuss chargebacks in detail, it sets the general tone for customer rights in the country. Thai companies are required to provide information about products and services, and any breach can lead to a dispute.

In countries such as the United States, chargebacks often favor the customer, with companies required to provide compelling evidence to refute a chargeback. While Thai customers can count on strong protections, the process isn’t as heavily skewed toward them as in other countries. Both businesses and customers often have to provide comprehensive proof during a dispute.

Each bank in Thailand has its own procedures and timelines for addressing chargebacks. The general trend, however, is to maintain customer confidence, with banks often leaning towards customers unless businesses can provide explicit evidence to refute the dispute.

International payments

With its burgeoning economy and stature in Southeast Asia, Thailand has an influential position in the global payment market. Here are some factors to consider about international payments in Thailand.

• Multicurrency features
  Businesses that cater to an international audience, especially in tourist hot spots such as Phuket and Bangkok, often offer multicurrency payment options. Customers can choose to pay either in THB or their home currencies. Payments with the latter often include currency conversion fees that can vary significantly but are often around 1%–3%. For businesses, multicurrency payment systems can help simplify financial reconciliation processes and satisfy an international clientele.

• Currency conversion
  Thailand’s currency conversion dynamics reflect the country’s position as a top tourist destination and its growing business ties with the global community.

• Cooperation with the Association of Southeast Asian Nations (ASEAN)
  As a member of the ASEAN, Thailand shares economic goals with other member countries. Their collective vision towards financial integration has enabled payment systems that can facilitate cross-border transactions within the region, echoing the European Union’s Single Euro Payments Area (SEPA).

Security and privacy

Thailand balances digital financial improvement with strong security and compliance measures. The country’s regulatory system reflects its commitment to a secure, transparent financial environment, fostering trust among customers and businesses. Factors that shape security and privacy include:

• Data protection laws
  Thailand’s main legislative instrument for data protection is the Personal Data Protection Act (PDPA). Signed in 2019, the act aligns Thailand’s data protection standards with international norms. It creates strict consent requirements for data collection, clarifies customers’ rights, and requires data controllers and processors to maintain proper security measures.

• Payment Card Industry Data Security Standards (PCI DSS)
  Financial institutions and service providers involved in payment card transactions in Thailand must comply with PCI DSS. This global standard ensures that cardholder data is stored, processed, and transmitted securely.

• Electronic transaction regulations
  The Electronic Transactions Act of 2001 governs all aspects of electronic transactions. It also plays a foundational role in legitimizing ecommerce and digital payments in Thailand. The act is updated regularly, with a sweeping amendment in 2017 that included the establishment of the Electronic Transactions Development Agency (ETDA) to oversee electronic transaction development and increase public confidence.

• BOT’s role
  The BOT plays an important role in shaping Thailand’s payment system. It has issued several regulations of electronic payments services, including security standards for credit card information storage and electronic money transactions. In recent years, the BOT has encouraged electronic and cashless transactions to provide more orderly and secure financial services.

Key success factors

Businesses that want to enter Thailand’s market should consider the following factors regarding the country’s payment systems:

• Thailand’s place in the global payment market
  Thailand’s tourism sector, which attracts millions of visitors each year, requires an adaptable payments infrastructure. Accommodating global tourists means accommodating a wide variety of payment preferences from credit cards to digital wallets, adding layers of complexity for businesses.

• Fraud and security concerns
  Digital payment systems can be susceptible to fraud if security isn’t a central goal. A survey of Thai companies found that the share of respondents concerned about cybercrime risk rose from 16% in 2020 to 24% in 2022. This increasing concern necessitates continuous investments in security technologies, which can be resource-intensive for businesses.

• Space for cash
  Even as digital payments gain traction, Thailand still has a deep-rooted cash culture. As of 2023, cash still accounted for 46% of POS payments in Thailand. This preference for tangible currency can be a challenge for businesses that primarily operate digitally or those that want to switch to cashless operations.

• Regulatory changes
  Thailand’s regulatory environment continues to develop, with the BOT constantly updating guidelines to reflect the changing payment space. While these updates focus on creating a secure, well-run system, they can pose challenges for businesses. For instance, the introduction of the Payment Systems Act in 2017 required some companies to reevaluate their operations for compliance.

Key takeaways

Thailand’s payment systems necessitate a comprehensive plan to enter the market. By focusing on the specifics of the country’s payment landscape and integrating tactics that prioritize customer experience, businesses can make their entry as frictionless as possible. Here are our top tips for payments in Thailand.

Incorporating local payment preferences

• Understand the nuances of cross-border payments
  Due to Thailand’s position as a hub in the ASEAN region, businesses often handle cross-border transactions. Investing in systems that can smoothly manage currency conversions and international card verifications can simplify this process for customers.

• Enable digital wallet payments
  Thailand has seen a surge in the use of digital wallets, with PromptPay becoming one of the most preferred options. It had nearly 80 million registered users as of January 2025. Businesses integrating PromptPay alongside credit card options can accommodate a wider customer base for smoother transactions.

• Consider a mobile-first approach
  In 2023, there were 168.64 mobile phone subscribers for every 100 people in Thailand—the 13th highest subscription rate in the world. Refining payment portals for mobile use is therefore advisable.

Crossing the digital divide

• Learn the preferences of urban vs. rural areas
  Digital payment use is increasing, with over 126 million mobile banking accounts as of June 2025, but adoption has been slower in rural areas. The lack of internet infrastructure and financial literacy is an important contributing factor to this disparity, which has to be considered by businesses targeting a national audience.

• Provide multiple payment methods
  With a pronounced digital divide between urban and rural areas, providing multiple payment methods can help businesses serve both demographics. While urban customers might be more receptive to credit card payments or QR code–based solutions, those in rural areas might still show a preference for cash or bank transfers.

• Educate customers
  Given the ongoing transition from cash to digital payments, providing resources and guidance on using digital payment methods can be beneficial. It can be especially effective in areas where digital payment adoption is still early.

Emphasizing security to build customer trust

• Make two-factor authentication the norm
  With digital fraud cases on the rise, Thai customers are increasingly conscious of security. Implementing technologies such as two-factor authentication (2FA) and consistently communicating security measures to customers can help instill trust.

• Know the role of the ETDA
  The mission of ETDA, which falls under the Ministry of Digital Economy and Society, is to develop and promote safe, reliable electronic transactions. While its primary focus isn’t on chargebacks, its guidelines for electronic transactions indirectly influence how digital disputes are managed in the country.

• Prioritize transparency
  The BOT has established guidelines mandating transparency in fees and charges related to financial services. Financial institutions must disclose any fees, helping customers make informed choices. There are also procedures for addressing customer complaints so grievances are addressed promptly.