As technology evolves, the ways Thai customers spend and pay evolve as well. While cash and credit cards were once the primary payment methods, more convenient options have risen in the past decade. This includes services such as PromptPay that have simplified money transfers by requiring only a phone number or national identification (ID) number. Similarly, payment links now allow small businesses to accept online payments without the need for websites. These new payment methods cater to modern customers, making access to products and services easier and faster in today’s digital economy.

These alternative payment methods are changing the way Thai people pay, driving the country’s digital economy forward, and helping Thailand keep up with global trends. In this article, we explore the latest alternative payment methods in Thailand.

What’s in this article?

• What alternative payment methods are available in Thailand?
  
• Timeline of alternative payment methods in Thailand
  
• How can businesses offer alternative payment methods with Stripe?
  

What alternative payment methods are available in Thailand?

Traditional payment methods include cash, debit cards, and credit cards; any other payment method is considered an alternative payment method. These are typically technology-driven solutions that allow people to access and spend money without having to carry cash or cards. Here are the various alternative payment methods available in Thailand:

Mobile banking

Financial transactions via mobile banking apps allow customers to transfer money and pay for goods or services immediately without using cash. Mobile banking provides fast and secure transactions and allows customers to check the status of their transfers in real time. This payment method is popular with customers and is widespread.

Mobile banking is highly reliable because it is the direct digital payment service of the selected bank. It also has high security standards and an identity verification system. For example, customers typically undergo identity verification via personal identification number (PIN) or biometric scan. The fee per transaction is often lower than other payment methods.

PromptPay

This is a real-time money transfer service used in Thailand. Customers and businesses can link their bank accounts with their phone numbers or national ID numbers and use them to receive and send money without fees, as long as the total amount is within a specified limit.

Transactions via PromptPay are quicker and cheaper than other forms of money transfer. Individuals, online and offline businesses, and legal entities can use it. PromptPay is under the oversight of the Bank of Thailand, which has strict security and customer protection requirements.

Digital wallets

Digital wallets are online accounts customers can easily top up through bank transfers, automated teller machines (ATMs), in-store counter services, or by linking a credit or debit card. They have become a popular payment method in Thailand because they offer a convenient, secure, and fast way to pay for goods and services. Popular examples include TrueMoney, LINE Pay, and Shopee Pay. To encourage customers to use digital wallet platforms, businesses often offer promotions, discounts, loyalty points, or cashback rewards.

Quick response (QR) codes

Customers can make payments by scanning QR codes with their bank apps or digital wallets. The customer simply opens the app and scans the QR code to make the payment
instantly, without having to carry cash or cards. This can reduce the risk of the customer’s credit card information being stolen. There is also no need to type in account numbers, which can reduce the risk of errors or delays. This is a convenient and fast method that can be used with various banking apps and digital wallets. It’s suitable for everyday use and online purchases.

Payment links

A payment link can be generated and sent to customers via communication channels used for buying and selling, such as social media, email, or short message service (SMS). When customers click on the link, they will be taken to a secure online payment page. A single link often supports various payment methods—such as credit cards, PromptPay, or digital wallets—allowing online payments without a website or application. There is no need to create a shopping cart system or connect to an application programming interface (API), both of which can make the process more complicated.

Payment links reduce steps, making them convenient and fast ways to accept payments. They can also reduce errors in money transfers, as the system automatically fills in the amount.

Buy now, pay later (BNPL)

BNPL allows buyers to make payments in regular installments for 3–12 months. This typically features very low or no interest if each payment is made on time. This method can increase convenience for everyday purchases, stimulate sales, and increase the value of each purchase. It can also help customers purchase high-priced products, especially if they cannot pay the full price but can pay in installments. BNPL providers include Atome, Lazada PayLater, PayLater by Grab, Pay Next by TrueMoney Wallet, and SPayLater by Shopee.

Payment gateways

A payment gateway is an intermediary system that securely processes and transmits payment information between businesses and financial institutions. This occurs whether the customer is paying by credit or debit card, digital wallet, or mobile banking. When a customer places an order, the gateway encrypts the payment data, verifies its accuracy, and forwards it to the bank or card issuer for approval. This allows businesses to accept payments quickly and securely without handling sensitive credit card details directly. Payment gateways also typically include robust security measures and antifraud features.

Cash on delivery (COD)

COD allows customers to pay for products upon receiving them. Customers do not have to transfer money or pay in advance before the delivery. This method is often used in online or mail order shopping and helps to assure the customer that they will receive the product without spending money first.

Although it’s referred to as “cash on delivery,” it is not limited to cash. Customers can also send the payment via mobile banking, digital wallets, or near-field communication (NFC) technology. COD can help reduce customers’ concerns about transferring money in advance, which can increase their likelihood of completing a purchase. Offering COD payments can also help customers build trust in online businesses.

NFC technology

NFC is used in contactless payment systems, such as NFC-enabled smartphones with card readers. This technology allows customers to make transactions immediately without having to enter a PIN. They can also use prepaid cards with NFC chips to increase payment convenience and speed. NFC technology allows fast data transmission between two devices across just four centimeters. This technology provides better security and control of communication, reducing the chance of being scanned or hacked from a distance.

Cryptocurrency

Cryptocurrency is a form of digital currency that uses blockchain technology to record and verify transactions. Examples of popular cryptocurrencies include Bitcoin and Ethereum. Popular Thai cryptocurrencies include Bitkub Coin from Bitkub and JFIN Coin from Jaymart Group.

Cryptocurrency is mainly used in Thailand for investment and speculation rather than for making payments for goods and services. Although there are some customers who use cryptocurrency for payments, the number is still relatively small due to legal restrictions and acceptance by operators.

Timeline of alternative payment methods in Thailand

Below, we provide information about the history of alternative payment methods and how each one became popular with Thai customers:

Learn more about payment methods in Thailand.

How can businesses offer alternative payment methods with Stripe?

Alternative payment methods are becoming increasingly popular. This means accepting them has become a key growth factor for businesses who want to accommodate a wide range of customers and increase their sales.

With Stripe, it’s easy to set up new alternative payment methods, such as Stripe Payment Links. Here’s how to enable a new payment method using Stripe:.

• Open payment settings in the Dashboard.
  
• Select your preferred payment method, and request access.
  
• Confirm business information, and wait for approval.
  
• Wait for the payment option to change from “pending” to “eligible.”
  
• Change the status to “active,” and activate the new payment method of your choice.
  

Stripe Payments provides a unified, global payments solution that helps any business—from scaling startups to global enterprises—accept payments online, in person, and around the world.

Stripe Payments can help you:

• Optimize your checkout experience: Create a frictionless customer experience and save thousands of engineering hours with prebuilt payment UIs, access to 125+ payment methods, and Link, a wallet built by Stripe.
  
• Expand to new markets faster: Reach customers worldwide and reduce the complexity and cost of multicurrency management with cross-border payment options, available in 195 countries across 135+ currencies.
  
• Unify payments in person and online: Build a unified commerce experience across online and in-person channels to personalize interactions, reward loyalty, and grow revenue.
  
• Improve payments performance: Increase revenue with a range of customizable, easy-to-configure payment tools, including no-code fraud protection and advanced capabilities to improve authorization rates.
  
• Move faster with a flexible, reliable platform for growth: Build on a platform designed to scale with you, with 99.999% uptime and industry-leading reliability.
  

Learn more about how Stripe Payments can power your online and in-person payments, or get started today.