During 2019 - 2021, the BOT worked with related parties in the banking, government, and private sectors to enhance Thai payment system capabilities as outlined by the Payment Systems Roadmap No. 4 in five key development areas or 5Is, namely Interoperable Infrastructure, Innovation, Inclusion, Immunity, and Information to deliver efficient and secure payment system services at reasonable and potentially declining costs. The next step into the digital era for Thai payment systems will be driven by policies focusing on the continuous development of payment systems through the Payment Directional paper on "Directions for Development of Payment Systems under the New Financial Sector Landscape of Thailand" to guide the development of Thai payment systems into the digital world.

In 2020, the rapid spread of the COVID-19 pandemic had stirred significant changes globally and in Thailand. The pandemic has affected almost all aspects, including economic, investment, trade, tourism, public health, business operations, and people's daily lives, have shifted towards online platforms. The BOT continued to focus on advancing Thai payment systems in preparation for the new normal in Thai payment systems and services that are convenient, fast, and supportive of the changing behaviors and business models while having appropriate risk management.

The year 2019 marked the “first step” of the Payment Systems Roadmap No.4., which aims to create an ecosystem conducive for digital payments to be the most preferred choice for the Thais within a three-year time frame (2019-2021) through 5 strategic development frameworks; Interoperable Infrastructure, Innovation, Information, Inclusion, and Immunity.

The year 2018 was a transition period from the Third Payment Systems Roadmap to the Fourth Payment Systems Roadmap Achievements from the previous three Payment Systems Roadmaps had laid strong foundations for payment systems in Thailand that are efficient, secure, safe, and in compliance with international standards. To ensure continuity in the development directions, the Bank of Thailand (BOT) therefore formulated the Fourth Payment Systems Roadmap setting out a framework for the next phase of the payment systems development (2019 - 2021). The main development goal is to promote digital payments to be the most preferred payment option through the creation of an ecosystem that truly meets payment users' needs.

​In 2017, a number of crucial developments took place in the Thai payment systems. Particularly, in terms of payment systems infrastructure, its enhancement has broadened public access to financial services and has been a key contributor to a 30 percent growth in e-Payment transactions in 2017 compared to the previous year. In addition to the infrastructure enhancement to broaden financial access, the Bank of Thailand (BOT) has continued to emphasize on overseeing systems security and financial consumer protection. In 2017, the BOT in collaboration with the Ministry of Finance enacted the Payment Systems Act 2017 (B.E. 2560). The new Act helps promote the congruity of payment legislation, reduce redundancy of existing laws and regulations, and provide an ecosystem in support of innovative services and consumer protection.​

​In 2016, the BOT has been driving the National e-Payment Master Plan, in particular, the two projects that are under the BOT’s main responsibilities, including the development of the national payment infrastructure called PromptPay Funds Transfer, and Card Usage Expansion, which involves the installation of electronic data capture (EDC) terminals that would increase access for individuals to e-Payment channels. Furthermore, the BOT released the regulation that supports debit cards issued and used domestically, to foster e-Payment channels that are convenient and cheap for individuals and merchants. The BOT is also drafting QR Code guideline for bill payments and funds transfers, which would ease individuals, businesses and SMEs in paying bills, having contained information needed for issuing receipt/tax invoice in accordance with the regulation by the Revenue Department.

​In recent times, Thailand’s financial routes underwent significant developments and transformations from several factors. Those factors have created positive effects in boosting new innovations, potentially leading to greater varieties of payment services that respond better to the needs of the public sector, private sector and individuals. It is important to create an enabling financial environment that is conducive to new innovations, particularly infrastructures that handle new payment services safely and securely, and able to swiftly respond to new risks and threats, while complying with international standards. The Payment Systems Committee (PSC), therefore, emphasized on expediting the development of infrastructure that would lay the fundamental to ensure payment systems’ efficiency, stability and safety, while able to respond to new challenges appropriately.​

​Last year, Thailand witnessed a major shift of the payment systems towards digitalization. Both bank and non-bank service providers introduced new payment innovations to the market through smartphone and tablet applications as well as other advanced technologies. At the same time, users also stepped up adoption of electronic payment services and electronic commerce. The aforementioned trend was in line with the government’s policy on Digital Economy which aimed at applying information technology to everyday economic and social activities and processes of all sectors of the economy, including public private and individuals, to uplift Thailand’s efficiency and competitiveness at the global stage.

In 2013, the Thai economy was faced with volatilities from both domestic and external environment, which ultimately affected the implementation of macroeconomic policies, including payment systems policy. The Payment Systems Committee (PSC) thus directed particular emphasis to strengthening and developing the Thai payment systems to support the undertakings of economic activities in an efficient and stable manner.

The year 2012 is the year that marks the beginning of the Payment Systems RoadMap 2012-2016, the third Roadmap in a series, which has been carefully sequenced and formulated by the Payment Systems Committee (PSC) since 2004 to provide directions and guidance on Thailand’s payment systems development.

In 2011, the BOT defined domestic and cross-border payment systems development as one of its five-year strategic objectives. In addition, the BOT in cooperation with representatives from all concerned parties including government, business, and banking sectors as well as academic, also formulated a Payment Systems Roadmap 2012 - 2016. The goal of the Roadmap is to create payment systems that support efficient and safe economic transactions for both public and private sectors. The Roadmap consists of three main objectives, namely efficiency enhancement, risk reduction, and consumer protection.

The Bank of Thailand (BOT) and its Payment Systems Committee (PSC) are entrusted with an important role in fostering the efficiency, safety and soundness of Thailand's payment systems, which are key infrastructures to sustain economic development.

In 2009, the Bank of Thailand (BOT) appointed new members to its Payment Systems Committee (PSC) in accordance with the enactment of the amended BOT Act B.E. 2551 (2008). This has established the task of maintaining payment systems stability as another central bank core mandate in addition to preserving monetary and financial institutions stability​.

The business of payment services has evolved rapidly with advancing technology, trending towards more use of efficient electronic payments and non-bank service providers. Since efficient and secured payment systems are vital to a vibrant economy, regulators around the world have become more involved in reshaping the payment service businesses. Accordingly, the Bank of Thailand Act (IV), enacted in early 2008, recognizes the maintenance of payment systems stability as one of the central bank’s core mandates, in addition to ensuring monetary and financial institution stabilities.

Payment system plays an increasingly important economic role in today’s age of information technology. Not only does it serve as effective ffiifinancial management tools for business sector and basic infrastructures for new businesses and services, including Electronic commerce via internet and mobile phone, it has also become part of public services and people’s day-to-day living. Any disruption to the payment systems could therefore have adverse implications on the overall economy and social welfare.

One ongoing agenda engaged by the PSC is to steer the Thai society away from cash and cheque-usage to electronic ones so as to increase the overall efficiency of the country. Although we plan for a decline in cheque usage, cheque will still be a dominant means of payment for businesses and the reduction in processing costs of cheques is still very relevant. We are planning to implement a new cheque clearing processing to allow the use of digital images of cheques and to truncate the movement of physical cheques early in the collection stream.

Another major transition in the Thai payment systems was observed in 2005, starting from an announcement by BOT to change its role to oversee local payment systems, gradually transfer the role as payment service provider to private sectors. The new BOT role will allow the local payment systems industry to catch up with the changing systems and procedures, and emergence of some non-bank institutions, including penetration of overseas service providers. Attention should be paid to the recent changes in business undertaking styles, especially the shift toward creation of business alliances, such as cooperation among commercial banks and cell phone service providers, etc.

Since 1 November 2004, BOT has instigated the operation of new cash management center whereby commercial banks are now responsible for cash sorting and cash storing activities, the tasks of which were previously handled by BOT. Such a major change not only reflect another closer step to global practices, but also signal every relevant party; notably commercial banks wholesale or retail suppliers and general public that it is time to be accountable for real cost burden generated by payment services they have opted for. Ultimately, this should lead to an improvement in working procedures as well as a more appropriate direction of cash usage behavior​.

In 2003 payment policy was focused on improving and developing the efficiency of the payments system to increase the number of various payments means to encourage economic savings, which will result in lowering costs and fees paid by consumers accordingly. Work carried out including the followings: The Cheque Truncation Project, The Proactive Public Relations Project and The Payment Systems Costs and Pricing Project.​

A convenient, efficient and safe payments system facilitates the smooth functioning of the economic and financial sectors. Moreover, it serves as a mechanism that supports international trade and investment linkages, contributing towards stability in the whole financial system, cost reductions in the economic system, and the smooth operation of monetary policy. The Bank of Thailand has conducted work in three major areas between 2001-2002 to ensure the efficient operations of the payment systems. This includes work on policy, organizational structure, and systems development.​