BANGKOK: Electronic Payment or e-Payment may be relatively new for a lot of people but it is fast gaining in popularity due to its convenience and security. The Thai government is jumping on the bandwagon with the launch of its National e-Payment Masterplan to raise the standard of living of the Thai population.
Ascend Group Chief Executive Officer Punnamas Vichitkulwongsa, as chairman of the Thailand e-Payment Association (TEPA), said Thailand is moving into the digital payment era. Digital cash has become the norm in developed countries as can be seen in Sweden where only 4.4% of the population uses cash, Canada at 19.5%, the United States at 29.0%, and even Singapore at 30.5%. On the other hand, developing countries still predominantly use cash with the Philippines at 98.1%, Indonesia at 99.9%, India at 99.78%, and Thailand at 98.5%.
The high usage of cash results in a huge management cost and obstacles in access to cash. Carrying an excessive amount of cash to make payments is a security concern and cash is conducive to corruption as its usage can evade taxation. Moreover, cash transactions require documentation thus limiting efficiency in financial management.
