Thai Payments and the Next Step into the Digital World
Payment Systems Annual Report 2021
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.
Thailand's Payment Systems: A New Normal
Payment Systems Annual Report 2020
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 First Step of the Payment Systems Roadmap No.4
Payment Systems Annual Report 2019
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.
is to be the most preferred choice
Payment Systems Annual Report 2018
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.
Payment Systems Annual Report 2017
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.