Thailand Mobile Payments Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 14.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Mobile Payments Market Analysis
The Thailand Mobile Payments Market is expected to register a CAGR of 14% during the forecast period.
Retailers and service providers are rapidly adopting mobile payment applications such as TrueMoney, RabbitLINE Pay, AirPay, mpay, GrabPAY, and others to accept and transfer payments. Increasing Internet penetration and a rapidly growing e-commerce sector are expected to support this trend over the forecast period.
- Mobile phones, particularly smartphones, have become a crucial part of every person's life due to rapid growth in Thailand's economy. Moreover, the Internet has become a fundamental component of almost everybody's daily life worldwide, especially in Thailand. In Thailand, this has led to a significant increase in the penetration of mobile phones and internet users, resulting in an even greater spread within the mobile payment sector.
- Furthermore, global companies are looking for a market opportunity and have started offering their services in physical shops through partnerships with retailers due to the increasing mobile payment penetration among Thailand's more youthful population.
- The mobile payment market is expected to grow over the forecast period, driven by the increasing use of m-commerce, in which online sales are carried out using wireless devices such as smartphones.
- Moreover, the market for mobile payments has been slowed down by growing data breaches and security concerns related to mobile payments. In addition, security concerns and unauthorized uses of personal data are hindering several customers from adopting new technologies.
Thailand Mobile Payments Market Trends
Proximity Payment to Witness the Growth
- Proximity payments are allowed at a physical point of sale or POS terminal to pay for goods and services on mobile phones or devices such as tablets. In addition, a mobile phone using Near Field CommunicationNFC technology is used to initiate proximity payments.
- Moreover, it is safer for SMEs and consumers to use m-wallets than other forms of payment. This eliminates the need for small businesses to keep cash on hand while maintaining a record of transactions. For these reasons, SMEs and retailers have taken up the enhanced benefits of eWallets and their ability to allow consumers to pay for goods or services through mobile wallet transactions in shops.
- Through proximity mobile payments, a repeat customer can push a notification to their smartphone when they're near the store through GPS and geofencing built into mobile devices. To avoid embarrassing uninterested customers, let them opt into notifications when they make a purchase and give them the option of declining each time you send their message.
- Moreover, proximity payments are gaining significant traction in cross-border payments in the e-commerce sector. Moreover, to increase digital wallet use during the forecast period, it is assessed that a growing number of collaborations are taking place across the country.
Internet Penetration Witnessing a Significant Growth in the Thailand Mobile Payments Market
- At 'Thailand's 5G Summit 2022' in June 2022, Huawei Technology Thailand Co., Ltd. presented its vision, including specific details of cooperation on using 5G technologies with the Thai Public Health Industry, Manufacturing Industry, and Smart City Projects. The aim was to increase Thai potential and competitiveness across all areas, such as by driving Thailand into ASEAN's digital power to create a booming market for mobile payments.
- The growing number of mobile users, which is evident through more use of smartphones in daily activities, such as NFC, 5G's adoption, biometrics, encryption, and AI, among others, are making a strong contribution to business growth, including the financial industry, which is leveraging the gathering momentum of growing smartphone users owing to the cost-effectiveness and convenience offered by the mobile wallets.
- Between 2020 and 2025, the customer base of Thailand's TrueMoney will be expected to increase by more than 200%, as well as Japan's LINE Pay. TrueMoney, for instance, seems to have experienced a massive increase in users during the coronavirus outbreak, and it's now one of the country's top-downloaded apps on Google Play.
- Moreover, eRetailers are rapidly developing their product offering by offering innovative payment processing with a convenient interface, given the high number of smartphones. In addition, due to improved network connections, an increase in the operators of telecommunication networks, and commercial bank's ability to offer Mobile Transaction Services, this sector has been experiencing robust market growth.
Thailand Mobile Payments Industry Overview
The Thailand Mobile Payments Market is moderately competitive, with significant market players such as Apple Inc., LINE Corporation, True Money Co. Ltd., and ADVANCED INFO SERVICE PLC. The companies are introducing new offerings, continuously investing in partnerships and acquisitions, and product development to increase the market share. A few of the recent actions by the companies are listed below.
In July 2023, LINE Corporation and PayPay Corporation announced the launch of the PayPay Linkage Service, which will allow users to use PayPay Money to purchase virtual Assets and cash them out into PayPay Money on the cryptoasset trading service LINE BITMAX.
In July 2023, KBank launches an intensive course to empower Thai startups, a nine-week intensive program that aims to equip participants with world-class business solutions free of charge. Aside from knowledge and multiple benefits for advancing business growth, learners will have a chance to showcase their projects and compete for cash prizes with various business tools worth more than 1 million Baht. Applications are open for aspiring learners with a focus on tech startups in the following industries: financial technology (FinTech), environment (ESG and green technology), artificial intelligence (AI) and machine learning (ML), health technology (HealthTech), and enterprise solutions.
Thailand Mobile Payments Market Leaders
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True Money Co. Ltd.
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LINE Corporation
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AirPay(Thailand) Company Limited
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ADVANCED INFO SERVICE PLC
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Grab
*Disclaimer: Major Players sorted in no particular order
Thailand Mobile Payments Market News
- April 2023: Shopee has announced that ShopeePay is Available in Thailand as a payment method to buy Apple services, such as the app store, icloud storage, etc. Customers can use their Shopee Pay account to pay for things like Apple Music, Oscar TV apps, iTunes store purchases, etc. Adding a mobile wallet as an Apple ID payment method offers a new and more convenient way for payments with Apple services while allowing you to make one-tap purchases on products like iPhone, iPad, or Mac without using your credit card.
- November 2022: Google Pay and Wallet have launched in Thailand as the pandemic has filled a fear of cash across every customer, and while contactless payment options were widely available and used in other countries, Thailand can also have a boarding pass stored in Google Wallet so that you don't need to carry paper passes when flying, which makes it slightly more convenient.
Thailand Mobile Payments Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Market Sizing and Estimates of Thailand Mobile Payments Market
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of COVID-19 Impact on the market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Thailand's emerging e-commerce market is expected to grow by double digits.
5.1.2 Internet Penetration Witnessing a Significant Growth in the Thailand Mobile Payments Market
5.2 Market Challenges
5.2.1 Data Breach Issues
5.3 Market Opportunities
5.3.1 Move towards Cashless Society
5.4 Key Regulations and Standards in the Mobile Payments Industry
5.5 Analysis of Business Models in the Industry
5.6 Analysis of the Increasing Market Penetration of Mobile Wallets by End-User
5.7 Analysis on Enabling Technologies (Coverage to include NFC, QR, etc.)
5.8 Commentary on the growth of Mobile Commerce and its influence on the Market
6. MARKET SEGMENTATION
6.1 BY Type(Market share in percentage based on relative adoption)
6.1.1 Proximity
6.1.2 Remote
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 True Money Co. Ltd.
7.1.2 LINE Corporation
7.1.3 AirPay(Thailand) Company Limited
7.1.4 ADVANCED INFO SERVICE PLC
7.1.5 Grab
7.1.6 KASIKORNBANK PCL.
7.1.7 Mobiamo Inc.
7.1.8 Prompt Pay Ltd
7.1.9 Apple Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Thailand Mobile Payments Industry Segmentation
Mobile payment is a payment made for a product or service through a portable electronic device such as a tablet or cell phone. The study tracks mobile payment applications based on transaction type: Proximity and Remote payment. The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting Thailand's mobile payments market estimates and growth rates throughout the anticipated period. This report looks at COVID-19's overall influence on the Country's payment ecosystem.
Thailand Mobile Payments Market is segmented by type (proximity payment, remote payment). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| BY Type(Market share in percentage based on relative adoption) | |
| Proximity | |
| Remote |
Thailand Mobile Payments Market Research FAQs
What is the current Thailand Mobile Payments Market size?
The Thailand Mobile Payments Market is projected to register a CAGR of 14% during the forecast period (2024-2029)
Who are the key players in Thailand Mobile Payments Market?
True Money Co. Ltd., LINE Corporation, AirPay(Thailand) Company Limited, ADVANCED INFO SERVICE PLC and Grab are the major companies operating in the Thailand Mobile Payments Market.
What years does this Thailand Mobile Payments Market cover?
The report covers the Thailand Mobile Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Mobile Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thailand Mobile Payments Industry Report
The Thailand Mobile Payments Market Report provides an in-depth market overview, segmented by type into proximity payment and remote payment. This market analysis includes valuable industry statistics, offering insights into the market size and market value. The report highlights the growth rate of the mobile payments sector, providing a comprehensive industry outlook and market forecast.
The industry report delves into market research and industry trends, emphasizing the market growth and market segmentation. It includes market data and market predictions, essential for understanding the market leaders and their market share. The report also offers a market review, presenting an industry overview and market outlook.
In addition, the report includes an analysis report, providing detailed industry information and industry research. It features industry reports and market reports, essential for understanding the market dynamics and sales forecast. The report also includes a report example and a report PDF, offering a practical guide for research companies and industry analysis.
Overall, this report serves as a valuable resource for understanding the market statistics, market forecast, and industry sales in the Thailand mobile payments market. It provides crucial insights for market leaders and research companies, ensuring a comprehensive understanding of the market trends and market predictions.
