Magazines Archives - 2009 June

Technology weaning consumers off cash in Thailand
Story 6 - Focus

As Thailand’s retail landscape u ndergoes rapid change, it is only a matter of time before shoppers leave their cash at home as they take to using plastic or the mobile phone to pay for their shopping, dining and other services.

Vast technological advances in the country are altering the way Thais carry out their daily routines, which are becoming easier, faster, and more reliable and secure. Smart cards are becoming a trend, as companies latch onto the latest innovations to attract new customers and keep the regulars, faithful — more so in the present global economic slowdown.

While in the past, only banks and financial institutions dished out cashless payment instruments such as credit and debit cards, various other players are now joining in the fray with similar payment tools.

Most shopping malls and big retailers, for example, have introduced their own loyalty programmes that entitle cardholders to products and services at discounted prices, and reward them as well for their patronage.

With a strong domestic market of 63 million people, as well as a large expatriate community with deep purses, Thailand is also looking at several new technologies to keep pace with developments in neighbouring countries.

Among those on its radar are radiofrequency identification (RFID) and near field communication (NFC).

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