In a recent survey by Mastercard, it was found that APAC continues to push the adoption of digital payments with consumers in Thailand leading this surge.
In Mastercard’s second annual New Payments Index, it showed that the Asia Pacific region (APAC) continues to lead globally in digital payments’ adoption, with 88% of the population using tech solutions such as digital wallets, QR codes, Buy Now, Pay Later (BNPL) services, cryptocurrency, and biometrics over the last year. 69% of APAC consumers also increased their use of such digital payment methods as well.
Thailand in particular, is at the forefront of this, with 94% of consumers having already adopted such alternative payment methods.
According to Mastercard’s country manager for Thailand and Myanmar, Aileen Chew, “Consumers in Thailand topped the list with 94% having used digital payments across multiple forms, including QR codes and wallet payments. “Thailand is a leading example of the future of digital payments and how Mastercard thinks about payments. The pandemic proved to be a catalyst in increasing the pace of digital payment adoption for consumers, not just in Thailand but across the world.”
She added that already six out of ten Thai consumers “believe digital payment methods are more secure and safe to use. Yet there remains concerns around security, signalling an opportunity for service providers to offer consumers additional education and reassurance,” commenting on Mastercard’s own initiatives to invest and innovate in cybersecurity safeguards for all businesses engaging with their services.
The New Payments Index also reported on how people in Thailand have a wider understanding of the benefits of biometrics, for example that fingerprint or facial recognition are not only a more accessible identification method than memorising pin numbers or passwords, but also more secure. 76% of Thai consumers surveyed agreed with this topping APAC’s 64%.
Despite this convenience, there are still privacy concerns and hesitation to trust biometric identification, however, 62% of the people in Thailand surveyed reported more frequent usage over the last year, and a willingness to further adopt this technology if service providers are able to respond to cybersecurity and privacy concerns.
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