Thailand has emerged as the second-fastest growth for mobile payments in Southeast Asia behind Vietnam, which is the global leader, according to the Global Consumer Insights Survey 2019 (Photo: www.bangkokpost.com)
 
Bangkok (VNA) – Thailand has emerged as the second-fastest growth for mobile payments in Southeast Asia behind Vietnam, which is the global leader, according to the Global Consumer Insights Survey 2019. 

A report by the PwC shows that Southeast Asia is leading the customer shift to mobile payments users.

Meanwhile, Thailand's mobile payments grew from 19 percent to 67 percent, followed by third-ranked Malaysia (17 percent to 40 percent) and the Philippines (14 percent to 45 percent). 

Vilaiporn Taweelappontong, consulting lead partner at PwC Thailand, said it is no surprise that Thailand is one of the leading countries in terms of fast-growing mobile payments in Southeast Asia. 

The reasons for the high growth include Thais' increasing use of e-commerce to shop, as well as the country's status as one of the top social media markets in the world. This has prompted both large and small retailers to tap online shopping, competing via promotions and discounts. 

Thai banks have scrapped digital transaction fees, helping to stimulate growth in online payments. 

However, online payment security is still a major concern, as this is key to building trust and brand loyalty among customers, Vilaiporn said. Retailers should also study new online shopping platforms via technologies such as voice assistant or AI to create a better online shopping experience for customers. 

Shirish Jain, payments director for PwC Strategy, said Asia remains the powerhouse leading the customer shift to mobile payment, the eight Asian in the top 10, and six of them in the Southeast Asia.

The PwC survey was conducted in 27 territories and countries worldwide.-VNA