People use the Pao Tang app to buy fruit at Siriraj Pier. (Photo: Apichart Jinakul)
The country’s use of cash is expected to decline by 4% in 10 years and 15% in 20 years as more Thais shift to e-payment, according to a Bank of Thailand paper.
The central bank predicts cash usage will continue to decline over the long term, replaced by e-payment. In 2030, cash usage is expected to dip by 4% or 25 billion baht from 2020, then fall by 15% or 108 billion in 2040. The paper surveyed people’s daily payments.
The rising popularity of e-payment is in line with changing consumer behaviour, especially during the government’s lockdown to contain new Covid-19 infections. Thais also participated in the government’s financial relief schemes launched via Pao Tang, a mobile application developed by Krungthai Bank.
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