Going Cashless in Thailand

Oliver Lane

Founder, Product Lead

Going Cashless in Thailand

In the realm of financial services, convenience and accessibility are paramount. As technology continues to evolve, so do the methods through which we manage our finances. One notable innovation gaining prominence in Thailand’s banking sector is the adoption of QR codes. This simple yet powerful tool is revolutionising the way customers interact with their banks and payment services, leading to enhanced financial inclusion and streamlined transactions as consumers embrace digital payments and reduce their reliance on cash.

One of the primary reasons behind the widespread adoption of QR codes in Thailand’s banking landscape is their ability to make financial services more accessible to all segments of society. Unlike traditional payment methods that often require physical cards or cash, QR codes can be generated and scanned using your smartphone. This accessibility is particularly crucial in a country like Thailand, where smartphone penetration is rapidly increasing.

QR codes also eliminate the need for expensive point-of-sale terminals, making it cost-effective for merchants, especially small businesses, to accept digital payments. This, in turn, encourages the transition from cash-based transactions to digital payments, fostering financial inclusion and contributing to the country’s economic growth.

Banks across Thailand have been quick to meet the growing demand for QR codes and users can now generate QR codes directly from their banking apps, allowing them to initiate transactions, transfer funds, or make payments with just a few taps. This integration not only enhances the user experience but also strengthens the security of transactions. QR codes generated within banking apps are encrypted and tied to the user’s account, reducing the risk of fraud or unauthorized access. As a result, customers can enjoy peace of mind knowing that their financial transactions are secure and protected.

Working with participants from BehindLogin’s Global Research Panel we have explored how Bangkok Bank, one of the oldest and largest banks in Thailand catering to millions of customers both domestically and internationally, have embedded QR codes into their mobile app experience.

BehindLogin’s research team hosted a one-to-one research session with a regular, experienced user of the Bangkok Bank iPhone app to walk through the features and functionality of the app. Bangkok Bank’s feature set is broad including core banking services, international transfers, product applications, card management, and investment services.

Focusing on the QR code feature, from the main navigation bar users can select “Scan” to open the QR code scanner which is used to scan a merchants QR code and pay for anything from groceries at the supermarket to license renewals on the government website.

Users also have access to their own QR code which can be used to receive payments from friends and family.

The adoption of QR codes by Thailand’s banks and payment services represents a significant step towards enhancing financial inclusion and promoting cashless transactions. By leveraging the accessibility, convenience, and security offered by QR codes, financial institutions are not only making banking services more accessible to all segments of society but also driving economic growth and innovation in the digital payment space.

As technology continues to advance, we can expect QR codes to play an increasingly prominent role in shaping the future of banking and financial services in Thailand and beyond. It’s a testament to the power of innovation in revolutionising the way we manage our finances and interact with the digital world.

Contact BehindLogin to find out more about the world of QR Codes across Thailand and other developing nations.

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