Thai digital payments rise from pre-coronavirus levels

Texas News Today

FILE PHOTO: People wearing face masks go to buy street food in Chinatown as the coronavirus disease (COVID-19) spreads in Bangkok, Thailand on January 6, 2021. Reuters / Athit Peravongmetha

11 October 2021

BANGKOK (Reuters) – Thailand’s digital payments have quadrupled from pre-pandemic levels as the longest-running wave of infections in Southeast Asian countries accelerated demand for online services, the central bank said on Monday.

The latest outbreak in Thailand began in April, accounting for more than 98% of COVID-19 cases and deaths, and urged tighter restrictions to reduce mobility in July and August.

The average number of transactions per day through the PromptPay platform currently stands at 28 million, a “significant jump” from pre-pandemic levels, Vice Governor Siritida Panomawon na Ayodhya said at a news conference.

According to central bank data, the average daily trading volume in 2019 was only 7 million, but by 2020 it increased to 14.5 million.

The financial sector will change to more digital services and faster after COVID-19, with new financial services and investments during the pandemic, Siritida said.

(Reporting by Satavasin Stapoornacharnchai, written by Orthai Sreering, edited by Martin Petty)

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