Nowadays, e-commerce businesses are booming in Thailand. Thai’s online market is flourishing since 2017 and reached $27 billion. The young population of the nation and the rising popularity of internet shopping might be credited for this rise. The key feature that makes online business popular in Thailand is varieties of payment gateway.
As there are lots of payment gateway Thailand but not all are suitable for all types of online business. Finding the best payment solution that meets your specific needs is the top priority for any business owner now a day.
Let’s discuss in detail about payment gateway Thailands.
Popular payment method in Thailand?
As you know that Thailand is one of the fastest growing markets and also one of the largest e-commerce markets in Southeast Asia. Generally, Thailand’s people prefer cash payment. According to the Bank of Thailand in 2017, 93% of the daily transaction were in cash.
But, during the COVID-19 pandemic, it changed. Thai’s adopt digital payments. The transaction value of digital payment in 2020 was the US $ 15 million and it rapidly grow to the US $ 26.6 million in 2021. It is expected that it will reach a new level of US $31.3 million in 2022.
The Thailand people prefer mobile payment instead of desktop. The reason behind this is, using the mobile device is more accessible and convenient to use. Approx 57% of users prefer mobile commerce accounts in Thailand.
So, the one who needs to start the business in Thailand needs to offer a mix of payment methods for their customers. Some of the most popular payment methods in Thailand are –
Bank Transfer –
Bank transfer is one of the most popular payment methods in Thailand. Approx 45 % of Thai customers prefer bank transfers as payment methods.
Some of the most popular and largest banks in Thailand are Bangkok bank, Siam Commercial Bank, Krung Thai Bank, etc. provide quick and easy pay for everything.
Card Payment –
Card payment is another popular payment method in Thailand with a market share of 54%. Among the card payment, credit card payment is more popular compared the debit card. Customers prefer credit cards for online as well as offline payments. There are only 3.6% of people in Thailand who prefer debit cards as a payment method.
Nowadays, credit cards act as insurance, with access to money-back guarantees and also protect their customers against fraudulent transactions.
Cash on Delivery –
Cash on delivery is the most popular payment method in Thailand. Before the COVID-19 pandemic, approx 93% of the daily transaction were done in cash. But this figure has changed during the COVID-19 pandemic. Nowadays, almost 21% of payments are done by cash.
Digital wallets –
Gradually, digital wallets or e-wallets are becoming more popular in Thailand. It is one of the top fastest-growing payment methods in Thailand. Both global, as well as local e-wallets, are popular.
Nowadays, almost 19% of all transactions were done by digital wallets. But, this figure is changing rapidly because most people become aware of the benefits of digital wallets and adopting them.
Picking the right payment gateway in Thailand
Once you decide to establish your business in Thailand, you just need a payment gateway. As there are lots of payment gateway available in Thailand, it is quite challenging. To pick the best payment gateway which fulfills all your business requirements, you ought to keep some points in your mind. These points are –
Reliability –
For any merchant, reliability is the top priority. The selected payment gateway ought to be trustworthy. It can handle a high volume of transactions without any issues. Along with that, its checkout process is also done in a hassle-free manner.
Ability to accept multi-currency –
An individual who want to grow their business in the global market needs a payment gateway that supports multi-currencies. The ability to accept multi-currency help you to accept domestic as well as international customers. Not only you, but it also helps your international customer to purchase from you without any currency conversion charges.
Different modes of payment –
As you know, not all customers prefer the same payment method so it’s essential for you to provide your customers varieties of payment methods. Customer can choose their preferred one. Make sure that, the payment gateway which you select supports popular payment methods such as bank transfers, e-wallets, card payments, etc.
Market Integrations –
The high risk payment gateway which you select for your business should be able to integrate with your existing websites. It helps you to accept the payment in a hassle-free manner.
Security –
Security is the top priority for the merchant as well as for the customer also. Nowadays, almost every payment gateway has PCI DSS Level 1 security. Along with this, you also need high-tech-savvy anti-fraud tools, chargeback protections, etc.
Customer supports –
In case, if something went wrong with your payment gateway, you need to contact the payment gateway’s customer support team. So, make sure that your service provider offers excellent customer support service.
Pricing and other fees –
Before selecting any of the payment gateways, be sure to compare the price of different payment gateway. Some of the payment gateways have a high fee structure as well as hidden fees whereas some offers more reasonable fees.
The pricing structure also depends on the select payment method, international currency supports, etc.
PayCly – One of the best payment gateway Thailand
As there are lots of payment gateway available in Thailand, so choosing the best one is quite difficult. Here, we recommend one of the best payment gateways. This is none other than PayCly.
PayCly is one of the most popular payment gateway available with lots of features. It is one of the global payment gateway available all over the masses. The best thing about PayCly is that it supports all types of businesses either low-risk or high-risk. Some of its best features are –
- It offers various payment methods.
- Have the ability to accept multi-currency.
- It offers 24/7 real-time reporting and customer services
- It offers PCI DSS level 1 compliance.
- It allows their customer to make payments via crypto-currency.
- It offers various latest technology tools such as fraud-preventing tools.
Final Thoughts
As Thailand is one of the fastest-growing markets, merchants need to provide their customers with reliable payment solutions. In the Thai market, the card has 17%, e-wallets are 19%, 31% use bank transfers and 22% prefer cash payment. The remaining % prefer the local payment methods. So, according to this, merchants have to select the best payment solutions.
In Thailand, business owners have lots of options, so we suggest you go with PayCly. PayCly is one of the most popular payment gateways which support all types of businesses. Once you decide to go with PayCly, you can get many benefits at reasonable prices.
An individual who want to grow their business in the global market needs a payment gateway that supports multi-currencies. The ability to accept multi-currency help you to accept domestic as well as international customers. Not only you, but it also helps your international customer to purchase from you without any currency conversion charges.
To know, more about PayCly, you can contact the experts. Connect with paycly for high-risk merchant account solutions.
