THAILAND Trends and Developments Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamada
Trends and Developments in Fintech for 2025 Fintech has become a transformative force rap - idly reshaping the global and local financial land - scape. From enabling seamless digital payments to driving innovation in decentralised finance (DeFi), the fintech sector and new technologies have profoundly impacted how individuals and businesses manage their finances. In Thailand, fintech is not only revolutionising financial sys - tems but also creating new opportunities for economic growth. However, these advance - ments come with challenges, particularly in the areas of cybersecurity and regulatory oversight. The Growth of Digital Payments and E-Commerce in Thailand In recent years, Thailand has seen significant growth in digital payments, driven by consum - er demand for greater flexibility and efficiency. Applications and platforms such as PromptPay, Paotung, TrueMoney and mobile banking servic - es offered by all major financial institutions have emerged as essential tools for both individuals and businesses, enabling cashless transac - tions through smartphones and QR codes. This shift aligns with Thailand’s National e-Payment Master Plan, which aims to promote cashless transactions, increase financial inclusivity, and enhance the country’s digital infrastructure. Rapid adoption of digital payments in Thailand The Thai government has been proactive in promoting digital payments through various ini - tiatives. The National e-Payment Master Plan is a comprehensive strategy to reduce people’s reliance on cash, improve financial transpar - ency, and boost economic efficiency. The plan includes measures such as the development of a robust digital payment infrastructure.
The proliferation of smartphones and high-speed internet has made digital payments more acces - sible to the general population. Mobile banking apps and e-wallets have become increasingly user-friendly, encouraging more people to adopt these technologies. There has been a noticeable shift in consumer behaviour towards online shopping and digital transactions. The convenience of making pay - ments through mobile devices and the ability to track spending have made digital payments an attractive option for many consumers. The COVID-19 pandemic accelerated the adop - tion of digital payments as people sought con - tactless payment methods to minimise physical contact. This period saw a surge in the use of e-wallets, QR code payments, and online bank - One area where fintech has had a particularly strong impact is e-commerce. The increase in the use of e-wallets, buy-now-pay-later (BNPL) services, and contactless payments has simpli - fied online shopping, making it accessible to a broader audience. According to a 2024 report from the Digital Economy Promotion Agency (DEPA), Thailand’s e-commerce market is pro - jected to grow by 15% annually, with fintech innovations playing a crucial role in this expan - sion due to several factors. As more people gain access to the internet, the potential customer base for e-commerce has expanded significantly as part of the network effect, leading to a surge in online shopping activities. The availability of various digital payment meth - ods, including e-wallets, BNPL services, and ing services. E-commerce
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