Most in Thailand already using Digital Payments

Thai consumers are typically more enthusiastic about using digital forms of payments than the average for Asia, according to Mastercard.
Most Thai consumers have now gone digital when it comes to managing a range of personal financial matters, including paying bills, banking, opening new bank accounts and financial planning, a Mastercard survey has found.

Based on the Mastercard New Payments Index 2022, 81% of consumers in the country have used digital tools for at least one financial task in the last year, with paying bills (78%), banking (75%) and opening new bank accounts (64%) forming the top three.

The latest data on payment habits, attitudes and preferences was derived from a survey of 40 markets across five regions, including seven in Asia-Pacific: Australia, China, India, Japan, New Zealand, Thailand and Vietnam.

Interestingly, when it came to personal financial management, the survey found that Thai consumers were typically more enthusiastic about using digital forms of payments than the regional average.

This same enthusiasm extended to Thai consumers’ broader use of payments, with 94% having used at least one digital payment method such as digital wallets, QR codes, Buy Now Pay Later (BNPL), cryptocurrencies, biometrics and others in the last year, compared to the Asia-Pacific average of 88%.

As well, 80% of Thai consumers increased their usage of at least one digital payment method during the same period, demonstrating momentum.

“Although digitisation brings a broad array of benefits — greater access to e-commerce, more economic transparency, more security — in many ways it is in the everyday tasks where it makes a big difference,” said Aileen Chew, country manager for Thailand and Myanmar at Mastercard.

“In recent years, Thai consumers have increased their usage of digital payment options, often showing high engagement with new and emerging technologies. The survey results indicate that this comfort extends beyond payments, and now includes daily personal financial management, demonstrating the pervasiveness of digital technology in their everyday lives.

“This change is a positive sign for the continued digitisation of the economy, and will help to spur long term, sustainable growth in Thailand.”

When asked about their reasons for using digital methods to pay bills, convenience was the top response (85%) from Thai consumers, followed by the fact that it was seen as more secure or safe (61%), and that it gave consumers more control over their money (56%).

However, concerns remain about security, indicating an opportunity for service providers to offer consumers additional education and reassurance.

Thai consumers are also among the most enthusiastic in the region about using emerging payment technologies, with digital wallets leading (63%), followed by account-to-account payments (55%) and QR codes (54%), the survey found.

Also notable is that Thai consumers have been strong adopters of cryptocurrencies, with 25% using them to pay in the last year, compared to the regional average of 13%.

Source - BangkokJack

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Global food prices heading to record high

Global food costs jumped last month, extending a march toward a record and piling more inflationary pressure on consumers and governments.
A United Nations index tracking staples from wheat to vegetable oils climbed 3% to a fresh decade high in October, threatening even higher grocery bills for households that have already been strained by the pandemic.

That could also add to central banks’ inflation worries and risks worsening global hunger that’s at a multiyear high.

Bad weather hit harvests around the world this year, freight costs soared and labor shortages have roiled the food supply chain from farms to supermarkets.

An energy crisis has also proved a headache, forcing vegetable greenhouses to go dark and causing a knock-on risk of bigger fertilizer bills for farmers.

“The issue with the inputs and fertilizers and its implications for next year’s crop is a concern,” said Abdolreza Abbassian, a senior economist at the UN’s Food and Agriculture Organization. “By now, the market has factored in most of the supply and demand issues. But the market has by no means factored in next year’s prospects in production.”

Some regions will likely continue to face food-security challenges. The UN on Thursday raised its outlook for global wheat trade to a record as purchases climb in Middle Eastern nations from Iran to Afghanistan. Droughts there slashed crops, boosting dependency on imported grain at a time when prices are soaring.

“This came at the worst time for those countries because world prices are just so high,” Abbassian said. “We cannot afford a bad year in 2022 for important crops.”

The price gains are stirring memories of spikes in 2008 and 2011 that contributed to global food crises. While it takes time for commodity costs to trickle to grocery shelves, officials in areas like North Africa and Turkey are already facing difficulties shielding shoppers from the blow.

Bigger expenses for farmers could also curb Northern Hemisphere plantings now underway, according to the FAO.

October’s food-price gains were mostly driven by higher costs for grains and vegetable oils, the FAO said in a report.

Still, there are signs of stabilizing prices for some foods, with with meat and sugar falling last month, Abbassian said. Global grain and oilseed supplies are proving sufficient to meet demand, and prices for rice — one of the world’s vital staples — remain subdued, he said.

“On the demand side, we’re beginning to get a better hold of what we actually need, so that uncertainty is perhaps diminishing,” he said. – Bloomberg

Source - BangkokJack

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Online hotel booking sites may be duping travelers: Consumer rights group

A new study out of Britain shows that travelers could score better bargains if they go directly through the hotel rather than book with an online travel agent like Booking.com or Expedia.com.

That's according to Which?, a consumer rights group that found that when they contacted hotels directly they were able to score a better room rate compared to the prices listed on secondary travel websites or snag other incentives including free breakfasts or upgrades.

For the study, Which? contacted 10 hotels in Britain and asked if the hotels could offer a better deal than the ones posted by online travel agents (OTA) like Booking.com or Expedia.

In eight of the 10 cases, hotels offered discounts on rooms, food, spa treatments, or freebies like breakfast and parking. A hotel in Cornwall offered a discount of £20 (US$25.63), slashing the rate from £170 to £150.

"Customers shouldn't be duped into thinking they're getting the best price from a hotel booking site when more often than not, they can get a better deal by avoiding its commission and booking directly with the hotel," said Which? Travel editor Rory Boland in a press release.

"Hotel booking sites might be a good place to start your search, but you should always call or email the hotel for the best chance of getting the cheapest deal – even in cases where they can't offer a better price, there's a good chance they'll throw in a freebie or two."

Online travel agents typically charge commissions of between 15 percent to 25 percent on every booking, a fee that's often passed down to the consumer.

To get the best room rate, Which? editors recommend using an OTA as a starting point, and then calling the desired hotel directly. Quote the rate listed on Booking.com or Expedia.com, and ask if they can do better. A reasonable discount is between 15 percent to 25 percent. 

Source - TheJakartaPost

Turning away from shark fin soup

Shark fin shop in China
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Manila - A former fan of shark fin soup shares why he has stopped patronizing the popular delicacy. 

I admit it, I used to enjoy shark fin soup. Not anymore.
My wife and I stopped consuming shark fin soup after learning what sharks had to go through before a bowl of shark fin soup is served to humans.
Reasons why we should say no to shark fin soup:

First, shark fins have low nutritional value.
Second, shark fins have no taste. They get their taste from the other ingredients.
Third, shark fins are expensive.
Fourth, shark fins have no proven medicinal value. In fact, they contain high levels of mercury (made more concentrated by the treating and drying process), plus hydrogen peroxide, which is used to make the color more appealing.
Fifth, many shark species are on the brink of extinction.
Sixth, humans do not need shark fin soup to live but sharks need their fins to survive.
Finally, shark fins are harvested through a barbaric process known as shark finning.
Barbaric process
How are shark fins gathered?
First, sharks are caught.
Second, the fins are removed while the sharks are still alive. And because sharks have as many as six big and small fins, they agonize six times over.
Third, they are dumped back into the ocean and are left to die an excruciating death. Without their fins, they cannot swim properly, they cannot catch prey for food, they cannot defend themselves, and they cannot get oxygen, as water needs to be forced through their gills as they swim.|
Why are sharks dumped back into the ocean after finning?
1. Space - The shark’s body is huge and takes a lot of space in the boat
2. Price - The fins are worth much more than the rest of the shark’s body.
3. Spoilage - Ammonia produced by a decomposing shark body may contaminate other catch.
Why people eat shark fin soup
In many countries, including China and Hong Kong, the consumption of shark fins has declined after government interference, like banning the dish in state banquets.
However, since there is no law (yet) banning shark fin soup/dishes in the Philippines, some people still have the appetite to order them because of one or all of the following reasons:
1. Culture or habit - Some people still believe shark fin is delicious, a delicacy, an aphrodisiac, has medicinal or nutritional value.
2. Show of affluence - A bowl of shark fin soup costs a lot of money and being seen ordering or serving shark fin soup in a wedding or banquet sends a signal that the host is successful and has money.
3. Ignorance - Most consumers do not realize the barbaric process involved in removing the fins.
4. Indifference - They do not care about marine conservation or the fate of the sharks.
Why restaurants still serve shark fin soup
In the Philippines, many big, multinational hotels like Shangri-La and Peninsula have stopped serving shark fin soup since 2011 because they understand the bigger picture.
Their business continued to be brisk without shark fin soup.
Others, unfortunately, are still serving them because of one or all of the reasons below:
1. Brand association - Dishes with shark fins are core products.
2. Marketing - Customers ordering them have money, which means they can cross sell other expensive items as well.
3. Fear of losing to competition - Some feel that if they stop, business will go to the competition.
4. Apathy - They have no idea about shark finning or do not care to know anything about it.
5. No social implication - They have not been pressured enough to stop.
6. Law of foolish fellowship - If others are serving it, why should they stop? They failed to look into the possibility that stopping and publicising their reason for doing so can reposition them as a caring restaurant and a leader in seafood sustainability.
Citizen action requests
Now that you have read up to this point, I have three requests.
1. Please share this information with others.
2. Stop consuming shark fin soup or shark fin dishes. When you are served shark fin soup during weddings, banquets or meals, do not consume it.
3. Write to restaurants serving shark fin soup to ask them to stop.
If there is no demand, then hopefully the cruel practice will stop. When restaurants know we are vigilant, they will likely stop serving shark fin soup.
Action requests
To restaurants - Please stop buying shark fins and phase out this dish. Do not wait for people to hold placards or boycott your restaurant before you remove this dish from your menu. Offer alternatives.
To party hosts - Please refrain from including dishes with shark fin in your banquet order.
To guests and consumers - Again, please stop ordering and consuming dishes with shark fin.
. Source - TheNation