Thailand’s mobile payment market expected to reach US$ 23.4 billion by 2021

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Thai mobile payment segment stood at USD 4,294 million in 2016 and registered a growth of 62.3% from 2015 figures. It is likely to reach USD 6,648 million by end of 2017. It is expected to increase at a CAGR of 37% from 2017 to 2021 reaching transaction value of USD 23,409 million by end of 2021. Competition in the market has intensified with official launch of SamsungPay. Key existing players include Apple Pay, Android Pay and Line Pay. Also, companies such as 2C2P and Ascend Money backed by Ant Financial also provide payment options for unbanked population.

Mobile payment and digital wallet solution, SamsungPay, owned by Samsung Electronics, launched officially in Thailand after its early access release, back in October 2016. This initiative has been in line with country’s national e-payment strategy that aims towards a comprehensive cashless society. It has been supported by many notable partners such as MasterCard, Visa, KCC, Bangkok Bank, Citibank, KasikornBank, KTC and Siam Commercial Bank. Other than that, many merchants as wells as distinct membership cards such as Galaxy Gift Prepaid Card by MasterCard and others are being supported by the solution in terms of payment services.

SamsungPay is a digital payment mechanism that ensures security through tokenization mechanism and is versatile in nature because of its compatibility with popular MST (Magnetic Secure Transmission) technology and NFC (Near Field Communication). The company has previously expanded Korea, China, Singapore, Australia and quite a few other markets. Hence it can be predicted that it will continue to work towards its international expansion strategy in coming years as well.

To know more and gain deeper understanding of mobile payment industry in Thailand, click here.