Thailand: Bank transfers top cards in ecommerce payments

Tuesday 20 May 2014 13:13 CET | News

Online buyers in Thailand would rather pay via bank transfers than electronic cards because of security matters, a recent report reveals.

According to a study by the Bank of Thailand for 2013’s Q4, bank transfers accounted for more than USD 18 billion (THB 589 billion) in 2013, a share of 95.6% of the total value of online payments made for ecommerce purchases. 

The amount of online payments by electronic cards was 23 times lower, totaling at nearly USD 814 million for credit cards and USD 5.7 million for debit cards. The average sum of money spent on online purchases and paid via bank transfers was higher, standing at almost USD 450, a difference from the USD 180 and USD 51 that resulted as the average spending for credit and debit cards.

The study shows that consumers are generally concerned about the security of personal information for electronic card payments, where users have to put in names, card numbers and other private financial information.

Findings indicate that for 2013, there is a clear boost in what concerns the number of financial transactions, reaching 192 million online transactions at a value of more than USD 130 billion, growing with 40.8% by transaction and 33.3% by value when compared with 2012

Of total transactions in Thailand for 2013, 86% were bank transfers, while 14% were payments for goods and services.

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Keywords: Thailand, bank transfers, cards, ecommerce payments
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech