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Learn moreNov 2020
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Significant declines were seen in transactions value across all categories of financial cards and payments over the course of 2020 as the COVID-19 pandemic took its toll on commercial activity of all types across Thailand. There were two main outcomes of the COVID-19 pandemic of specific relevance for financial cards and payments.
On 13 January 2020, Thailand became the first country outside of China to confirm a case of COVID-19. The first case involving local transmission of the virus was reported on 31 January.
The second quarter of 2020 saw the Bank of Thailand announce reductions in the interest rates applied to all types of consumer credit agreements. This was undertaken in an effort to support the many Thai businesses and individuals struggling to cope with significantly diminished incomes due to the COVID-19 pandemic, specifically the absence of foreign tourists in the country for an extended period during the year.
Recent years have seen considerable improvement in Thailand’s internet networks and related telecommunications infrastructure, with the first phase of the rollout of the country’s new 5G network during the first half of 2020 the culmination of these efforts. Thailand is the first of the ASEAN countries to deploy a 5G mobile telecommunications network and while the initial aim was to have approximately 13% of the country’s total population covered by 5G by the end of the year, the COVID-19 pandemic has slowed the development of the requisite infrastructure, with the project progressing much more slowly than initially anticipated.
The competitive environment in Thailand’s financial cards and payments industry remains particularly intense. This can be attributed mainly to the high levels of fragmentation on the issuer side, as well as the increasingly wide range of options on the operator side in various categories.
One positive impact of the COVID-19 pandemic on Thailand’s financial cards and payments industry is that there has been a significant increase seen in the numbers of people who have engaged with alternatives to cash. Initially, this was largely due to concerns over the hygiene implications of using cash as a payment method, specifically the possibility that one will receive one’s change in banknotes and coins that have been contaminated with the COVID-19 virus.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Thailand with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Thailand, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Thailand market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Thailand, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.