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Cash is slowly losing its ground in the race to become the choice of payment in Thailand.
According to the recently released Mastercard New Payments Index, the Southeast Asian nation saw an increase of 64 percent of consumers using QR codes in 2020 compared to the previous years.
Trust in QR codes rises.
The study, which looks at payment methods conducted across 18 different markets globally, including those in Asia Pacific (APAC) region, revealed that 77 percent of people in Thailand perceive QR codes to be secure as compared to cash.
To put things into perspective, 67 percent of people in Thailand prefer cash while 82 percent are thinking of using QR codes.
“Mastercard’s study finds that people in the Asia Pacific region haven’t just adopted new payment technologies—they’ve made deliberate shifts based partly on necessity, but also on considerations around personal safety, security, and convenience, at a time when these concerns were paramount,” said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard.
“Consumers in Asia Pacific have already gained recognition globally for their openness to new technologies and innovation, and these findings confirm that this trend is only set to continue as more digital payment options rapidly become mainstream in this part of the world.”
What about cryptocurrencies, you ask? Well, you would be mildly surprised.
Crypto on the rise.
Another emerging trend in Thailand and Asia Pacific is the rise in cryptocurrency. 45 percent of respondents surveyed revealed that they are likely to consider using cryptocurrency in the next year.
Thailand leads with the highest consideration of 82 percent of people who are more open to use cryptocurrencies than they were a year ago.
“This behavior shift is reinforced by people’s desire for choice – with 85% of consumers in APAC saying that they expect to make purchases when they want and how they want. Businesses that can provide multiple ways to shop and pay will be best positioned to meet the unique needs of this moment that are shaping the future of commerce for years to come,” Malhotra revealed.
The study conducted by The Harris Poll and Mastercard Global Foresights, Insights and Analytics surveyed 15,569 consumers across 18 countries in four regions worldwide.
Cover image sourced from Bangkok Post.
ที่มา : Mashable