Thailand’s financial landscape is on the move, with a sharp rise in cashless transactions reshaping how people shop, travel, and manage their finances. Among the most notable trends is the significant growth forecast for credit and charge card payments. By the end of 2025, these transactions are expected to reach $65.6 billion, marking a 7.1% increase from previous years. This uptick reflects not just a shift in consumer behavior but also the maturity and modernization of Thailand’s payment infrastructure.
A Nation Embracing Digital
Over the last decade, Thailand has rapidly embraced digital financial services. From QR code payments in street markets to mobile wallets used across shopping malls and online stores, Thais have become increasingly comfortable with cashless options. But while mobile payments have stolen much of the spotlight, traditional credit and charge cards remain critical players in the economy.
As of late, credit and charge cards are being used not only for high-value purchases but also for everyday expenses. Groceries, fuel, dining, and even utility bills are now frequently charged to plastic cards, which offer convenience and rewards. Consumers, particularly in urban areas like Bangkok, Chiang Mai, and Phuket, are actively taking advantage of loyalty programs, cashback offers, and installment plans.
Why the 7.1% Growth?
There are several factors behind the expected 7.1% growth in credit and charge card payments by 2025:
-
Post-Pandemic Recovery: The COVID-19 pandemic caused temporary disruptions in consumer spending habits. Now, with economies bouncing back, travel resuming, and consumer confidence returning, people are once again reaching for their cards.
-
Tourism Rebound: Thailand’s tourism sector is gradually recovering. With millions of international tourists returning, especially from China, Russia, and neighboring Southeast Asian countries, credit and charge card usage is getting a major boost. Tourists often prefer cards for their convenience and security.
-
Rise of E-commerce: Online shopping continues to grow at a remarkable pace in Thailand. Platforms ranging from fashion and electronics to food delivery apps rely heavily on card payments. As younger consumers dominate the online space, card penetration increases naturally.
-
Government Policies and Support: Thailand’s government has been proactive in pushing for a cashless society. From supporting e-payment platforms to encouraging digital transactions through tax incentives and subsidies, the policy environment is favorable for card growth.
-
Financial Inclusion and Urbanization: With more people gaining access to banking services, and cities growing rapidly, financial institutions are finding it easier to issue cards to a broader base of customers. This democratization of financial access supports long-term transaction growth.
Who’s Using These Cards?
Interestingly, while the elite and upper-middle-class have always used cards, there’s now a surge in card usage among the emerging middle class. Credit card providers are tailoring products for first-time users, small business owners, and gig economy workers. From students to freelancers, new customer segments are tapping into credit for lifestyle, convenience, and credit-building purposes.
Corporate card use is also expanding. Many Thai businesses, especially SMEs, now prefer using corporate charge cards for procurement, employee expenses, and online services.
A Competitive Card Market
Thailand’s banking and finance sector is fiercely competitive. Major players like Bangkok Bank, Siam Commercial Bank, Kasikornbank, and Krungthai Bank are continuously innovating their card products. They’re introducing user-friendly mobile apps, real-time spending alerts, improved fraud protection, and AI-driven analytics to better understand customer behavior.
At the same time, international players such as Visa, Mastercard, American Express, and UnionPay are making strategic moves to increase their footprint. Partnerships with local banks, lifestyle brands, and digital platforms are common as they aim to win customer loyalty.
Challenges on the Horizon
Despite the optimistic growth forecast, challenges remain. Household debt levels in Thailand are among the highest in Southeast Asia. Excessive reliance on credit cards for everyday spending can pose long-term financial risks for some users.
There’s also the issue of cybersecurity. As more transactions shift online and onto mobile, the risk of fraud and data breaches becomes more pronounced. Financial institutions will need to invest heavily in fraud detection systems and consumer education.
Another potential hurdle is interest rates. If borrowing costs rise significantly in the coming year, consumers might be discouraged from using credit cards as freely, especially for deferred payments and revolving credit.
Looking Ahead
The projected rise to $65.6 billion in card payments is not just a number—it represents the broader evolution of Thailand’s economy. As the nation transitions from a primarily cash-based system to a more digital, inclusive, and technologically advanced financial environment, credit and charge cards will continue to play a vital role.
Banks and financial service providers that can balance innovation with responsibility—offering accessible, secure, and rewarding card products—will be the ones to ride this wave successfully. Meanwhile, for consumers, this trend opens doors to greater convenience, smarter money management, and participation in a globalized economy.
