Record-Breaking PromptPay Usage: 75.9 Million Daily Transactions, Cash Decline in Thailand
In December 2023, the use of Thailand's national electronic payment platform, PromptPay, reached a new record high of 75.9 million transactions per day.
The average daily money transfers via PromptPay in 2023 amounted to 54.5 million with a total value of 130 billion baht.
Smaller transactions of less than 5,000 baht saw a decrease in average ticket size, dropping to 510 baht per transaction in December from 570 baht per transaction in January 2023.
Cash transactions also saw a notable decline.
The report reveals that the average ticket size for digital payments in Thailand has decreased due to the country's financial inclusion improvement and the widespread use of PromptPay as a regular payment method.
As of December 2023, PromptPay had 77.2 million registrations.
Since its launch in 2016, PromptPay usage has increased significantly, especially during the pandemic.
The report also mentions that digital payments have become more common among Thais as the country moves towards a cashless society.
In 2023, there were an average of 538 digital payment transactions per user, up from 135 in 2019.
The growth is attributed to the increasing use of internet and mobile banking channels, with a combined total of 136 million accounts in 2023, up from 89.5 million in 2019.
The text discusses the trend towards digital payments and the decline in cash withdrawals in Thailand.
In 2023, there were 117 million e-money accounts, an increase from 82.5 million in 2019.
On average, individuals made fewer cash withdrawals (2,118 per person in 2023 vs.
2,414 in 2019) and spent less money on cash withdrawals (24,835 baht per person per year in 2023 vs.
32,977 baht in 2019).
The use of mobile banking features to make cash withdrawals at ATMs without using an ATM card tripled in 2023 compared to 2018.
Smaller transactions of less than 5,000 baht saw a decrease in average ticket size, dropping to 510 baht per transaction in December from 570 baht per transaction in January 2023.
Cash transactions also saw a notable decline.
The report reveals that the average ticket size for digital payments in Thailand has decreased due to the country's financial inclusion improvement and the widespread use of PromptPay as a regular payment method.
As of December 2023, PromptPay had 77.2 million registrations.
Since its launch in 2016, PromptPay usage has increased significantly, especially during the pandemic.
The report also mentions that digital payments have become more common among Thais as the country moves towards a cashless society.
In 2023, there were an average of 538 digital payment transactions per user, up from 135 in 2019.
The growth is attributed to the increasing use of internet and mobile banking channels, with a combined total of 136 million accounts in 2023, up from 89.5 million in 2019.
The text discusses the trend towards digital payments and the decline in cash withdrawals in Thailand.
In 2023, there were 117 million e-money accounts, an increase from 82.5 million in 2019.
On average, individuals made fewer cash withdrawals (2,118 per person in 2023 vs.
2,414 in 2019) and spent less money on cash withdrawals (24,835 baht per person per year in 2023 vs.
32,977 baht in 2019).
The use of mobile banking features to make cash withdrawals at ATMs without using an ATM card tripled in 2023 compared to 2018.
