Paymentwall adds Thai QR, KPlus, CenPay, and Bank Transfer Thailand to the list of over 150 globally supported local payment methods and makes them available for all businesses worldwide, providing instant access to over 40 million online shoppers in Thailand.
With the latest integration, merchants can accept online bank transfers or pay by scanning the Thai QR using any of the Thai banking apps. The funds will be deducted directly from the user’s bank account of all supported major banks, including Bangkok Bank, Kasikorn Bank, Siam Commercial Bank (SCB), Krung Thai Bank, TMB Bank, Bank of Ayudhya, Thanachart Bank, Kiatnakin Bank, and CIMB Bank.
Alternatively, customers who prefer to pay with cash can pay for a CenPay barcode in over 1900 physical points of sale, including Family Mart, Central, Robinson, B2S, Office Mate, Thai Watsadu, Baan & Beyond, Power Buy, Segafredo, Matsumoto Kiyoshi, and SuperSport. The barcode can be redeemed online through the Paymentwall checkout.
With over 80% bank account penetration, online bank transfers, and local e-wallets are the fastest-climbing payment options, growing at a compound annual growth rate of 25%, and by 2022 they will be used in two-thirds of all online transactions. Cash-based payments, such as CenPay, make up 12% of the Thai e-commerce payments space, likely because of the young unbanked population and low internet penetration rate of 52%.
Thailand is one of the fastest-growing economies in Southeast Asia. According to the Economic Research by J.P. Morgan Chase Bank from March 2019, business to consumer e-commerce market is worth over $26.2 billion, the second-largest market in Southeast Asia after Indonesia.
Thailand is considered a mobile-first country, with the use of smartphones and other mobile devices outstripping desktop internet usage. The Thai mobile commerce market is already the dominant e-commerce sales channel in the country, used for 52% of all online shopping transactions and worth $13.6 billion. This makes the country one of the regional forerunners for mobile commerce.
Looking ahead, the rise of mobile commerce should be aided by plans to introduce ultra-fast 5G internet to the country’s communications infrastructure. In February 2019, Thailand and Huawei began trialing 5G speeds as part of a plan to roll out this service nationwide by December 2020.
Through a single API integration with Paymentwall, merchants in Europe, the US, Latin America, Southeast Asia, and the Middle East will be able to process payments in Thailand alongside any of 150 supported payment methods at the flick of a switch, without the need for a local entity in Thailand. The integration for these payment methods also includes:
- Full reporting and reconciliation.
- THB processing.
- USD settlement.
Paymentwall has been active in Southeast Asia since 2010, and in the past few years, Paymentwall has helped major companies, such as Tencent, LG Electronics, Netease, Samsung, and Bottega Veneta, to expand in the region. Sign up for a Merchant Account on the Paymentwall website or contact Paymentwall’s business development team at bizdev@paymentwall.com to start accepting payments in Thailand.