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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Travel wallet YouTrip sees unstoppable Thai baht as opportunity

YouTrip, the provider of a multi-currency travel wallet service in Asia, thinks it could be a beneficiary of Thailand’s high-flying baht.

The baht’s climb spurs foreign-exchange demand by encouraging Thais to travel and shop abroad, YouTrip’s Chief Executive Officer Caecilia Chu said in an interview in Bangkok. The company rolled out its service in Singapore last year and in Thailand this month.

“This is the best time to enter the market,” Chu said. “People want to buy things outside of Thailand because the currency is so strong.”

YouTrip offers a multi-currency travel e-wallet with a prepaid Mastercard. Users charge up the wallet from their smartphones. The card lets travelers pay overseas with no fees in 150 currencies at wholesale exchange rates, according to the firm.

The service is trying to disrupt a sector that can involve either time-consuming, cash-heavy trips to money changers, or the use of traditional bank cards with fees and exchange-rate markups.

The firm’s revenue comes from commissions paid by merchants for purchases using the card.

The Thai baht has appreciated more than 9% against the dollar in the past year, the most in emerging markets, data compiled by Bloomberg show. The jump has hurt the trade-led Thai economy, which is on course for the weakest growth in 2019 in five years.

The slowdown could crimp outbound tourism temporarily but many analysts see long-term potential. Chu said about 11 million Thais go overseas for holiday each year, spending an estimated 400 billion baht ($13.2 billion).

She aims to sign up 400,000 Thai customers in the first year. The “untapped opportunity” stems from the fact they undertake foreign-exchange transactions in cash, Chu said.

YouTrip, which also has a base in Hong Kong, plans to expand into at most two more Southeast Asian markets over the next year, Chu said. The firm raised S$25.5 million ($18.7 million) in funding in May.

Source - TheJakartaPost

Vietnam - Mastercard lists Hanoi, HCMC among top 20 Asia-Pacific travel destinations.

Hanoi is in 15th position and Ho Chi Minh City in 18th among Mastercard’s top 20 Asia-Pacific destinations for international travelers this year.

Mastercard ranked 161 cities in the Asia-Pacific based on the number of overnight international arrivals and travel spending, using data primarily from national tourism boards.

Last year Hanoi received 4.8 million overnight international visitors, who stayed for 3.8 days on average while the southern metropolis had 4.1 million arrivals who stayed for 5.3 days, according to the annual Asia Pacific Destinations Index drawn up by the U.S. payment company, released last Friday.

The average spending by foreign tourists was $78 a day in Hanoi last year and $98 in Saigon, much lower than in Bangkok ($184), Singapore ($272), Kuala Lumpur ($142), Phuket ($247), or Bali ($125), it said.

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The top five destinations in the list were Bangkok, Singapore, Kuala Lumpur, Tokyo, and Seoul, welcoming over one-fifth, or 22 percent of all overnight visitors to the region’s top 161 cities and regional centers in 2018.

Last year the region received 342.2 million business and leisure visitors, up from 159.1 million in 2009, representing 8.9 percent growth annually.

During the period spending by travellers grew by 10.2 percent to more than double from $117.6 billion to $281.1 billion.

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While many Asia Pacific destinations are basking in the growth led by mainland Chinese travelers, South Korea and Japan have also emerged as major source markets, the report noted.

Mainland China accounts for 18.2 percent of international overnight arrivals, South Korea for 9.1 percent and Japan for 6 percent.

"While the world's economic, geopolitical, technological and societal landscapes have all changed dramatically since Mastercard launched this research 10 years ago, one thing has remained constant: the desire of ever-growing numbers of people to explore the world beyond their own borders," Rupert Naylor, senior vice president of Mastercard Advisors in Asia Pacific said.

Last year HCMC and Hanoi were among the world’s 100 most visited travel destinations, a Euromonitor International report said.

Source - VN Express

#Bangkok a top Tet holiday choice for Vietnamese travelers

The Thai capital is the hottest destination this year for Vietnamese choosing to travel during the Tet holiday.

Agoda, a leading global online accommodation reservations provider, has used new bookings data to assess 10 most popular Tet, Lunar New Year, holiday destinations for Vietnamese this year.

Traditionally, Tet is a time when Vietnamese people return home all over the country and the world to join their family for important Lunar New Year rituals, and to visit relatives and friends as part of the festival tradition.

However, the long holiday is tempting increasing numbers of Vietnamese citizens to travel within and outside the country.

This year, Bangkok has overtaken many of famous Vietnamese tourist hotspots like Da Lat, Nha Trang and Phu Quoc. Singapore came sixth on the list, while Kuala Lumpur took the ninth position.

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 Around one million Vietnamese tourists touched down in Thailand in 2018, putting Vietnam among the kingdom's top 10 tourism markets, according to a recent report by the Tourism Authority of Thailand.

Citizens of ASEAN member nations can travel within the region without applying for visa and stay as a tourist for a maximum of 30 days.

Bangkok’s high popularity among Vietnamese holiday goers is reflected in the fact that 30 airlines have direct routes connecting Hanoi and Saigon with the capital of Thailand.

The Year of the Pig begins on February 5 and the Vietnamese government has approved a nine-day (February 2-10) break for the holiday.

Rising overseas travel is a result of economic development and an expanding middle class, said Nguyen Cong Hoan, vice general director of Hanoi Redtour.

"A more affluent younger generation now wants to see the world. They are willing to spend more money on experiencing new destinations," he said.

According to Mastercard, Vietnam has the second fastest growing outbound market in the Asia Pacific region after Myanmar, with projected annual growth of 9.5 percent between 2016 and 2021.

Mastercard has forecast that some 7.5 million Vietnamese travelers will venture outside the country in 2021.

Source - VN Express

#Bangkok named world’s top destination of 2017

Renowned for its street food, exciting nightlife, and loveable, eccentric culture, Bangkok has once again topped the chart of the world’s most popular destinations for international travelers, according to a report by Mastercard released this week.

In Mastercard’s 2017 Global Destination Cities Index, Bangkok is expected to welcome 20.2 million overnight visitors this year, a four percent increase from last year’s 19.4 million headcount. (Overnight tourists refer to those whose trip includes an overnight stay, so don’t confuse them with the total 32 million tourists last year.)

In terms of tourist spending, Bangkok came in fifth in the world, and Mastercard expects a 10.9 percent increase in tourism revenue from last year, with peak months for visiting being April, July-August, and December-January. 

 
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Regionally, tourists spend the most money in Singapore (which makes a lot of sense considering the higher cost of almost everything there). The city generated US$15.7 billion in tourism revenue last year and is expected to earn about the same this year, or 0.3 percent more, to be exact.

Globally, London follows Bangkok in terms of tourist arrivals, taking the No.2 spot for the second year. Paris, Dubai, and Singapore round out the top five.

Source - Coconuts.co 

 Here are top 10 travel destinations:

1. Bangkok, Thailand
2. London. England
3. Paris, France
4. Dubai, UAE
5. Singapore
6. New York, US
7. Seoul, South Korea
8. Kuala Lumpur, Malaysia
9. Tokyo, Japan
10. ,,,,,,

Bangkok jumps into first place as the world’s most visited city

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It took three years, but Thailand’s capital, Bangkok, is once again the world’s most visited city, according to MasterCard’s 2016 Global Destination Cities Index annual report.
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Bangkok’s number one ranking does not come as a surprise, as it has been in the top three most visited cities since MasterCard started this report. However, this rise came from a thirteen percent jump in traveler arrivals between 2015 and 2016. The only other top ten city to post a greater jump in arrival percentages was ninth ranked Tokyo. 

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Tourism has remained a strong point for this vibrant Southeast Asian country and appears to be virtually unfazed by the 2014 military coup. This year, Thailand has achieved 2.4 trillion baht of income from tourism, nearly 5% above the targeted of 2.3 trillion baht. 

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This increase in arrivals has been heavily influenced by the Government’s support of the tourist industry through tourism promotion campaigns on various destinations around the Kingdom and changes towards tourist visas – free or reduced visa fees, along with extending the long stay visa from one year to ten years. 

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To accommodate the steadily growing number of visitors, Airports of Thailand Plc, plans to spend 194 billion baht over the next 15 years to expand its six airports to serve 150 million passengers, against the current 71.5 million. There are also plans underway to connect
Don Muang Airport to Bangkok’s mass transit lines, linking it to Suvarnabhumi Airport. 

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To help Thailand’s tourist industry, the government has recently begun aggressively tackling the rise in illegally registered tour companies that specialize in ‘zero-dollar tours’, however, this has had a minimal effect on the overall visitor arrival numbers. 

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Even with the Thai Baht strengthening against many of the major world currencies, visitors still find outstanding value in Bangkok. 

Of the top five cities visited, Bangkok has the accommodation costs, allowing visitors to spend their money in other sectors. 

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While Bangkok is notorious for its gridlocked traffic, especially during rush-hour and after sudden rain storms, its taxi fares remain very good value for such a major city, costing about ten percent of remains one of top ranked Zurich. Furthermore, taxis can be found anywhere, and with virtually no wait. If traffic is an issue, then the BTS and MRT offer convenient transport to many popular attractions in the downtown area. 

Visitors to Bangkok can enjoy Thailand’s exotic and often spicy cuisine at a fraction of the price found in their home countries. Thai food vendors are found on every street; a dish of grilled chicken, sticky rice and spicy papaya salad may cost three Euros. To help find a street food vendor, the Tourism Authority of Thailand and Ministry of Foreign Affairs have recently launched an app, “Street food Bangkok”, to help visitors find famous food vendors around the capital. 

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Bangkok is the top ranked global city destination, but it is often only a starting point for the 33 million visitors expected to arrive in Thailand this year. The Kingdom offers world class beaches full of sunbathers, or secluded little beaches, all overlooking the clear turquoise blue water of the Andaman Sea and Gulf of Thailand. The mountainous north of Thailand offers a completely different experience from the south’s beaches. Travelers travel to Chiang Mai, where they can take day trips to see hill tribe people, go trekking in the mountains, or visit its numerous temples. 

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With so many visitors taking advantage of the government’s strong support tourism, its many attractions and central location, Thailand is hopeful that it can retain its crown as MasterCard’s Global Destination Cities Index in 2017. 

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By David Smith A part – time lecturer at  Devawongse Varopakarn Institute of Foreign Affairs.
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Sourse: TheNation

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