Market Size of Thailand Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 14.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thailand Mobile Payments Market Analysis
The Thailand Mobile Payments Market is expected to register a CAGR of 14% during the forecast period.
Retailers and service providers are rapidly adopting mobile payment applications such as TrueMoney, RabbitLINE Pay, AirPay, mpay, GrabPAY, and others to accept and transfer payments. Increasing Internet penetration and a rapidly growing e-commerce sector are expected to support this trend over the forecast period.
- Mobile phones, particularly smartphones, have become a crucial part of every person's life due to rapid growth in Thailand's economy. Moreover, the Internet has become a fundamental component of almost everybody's daily life worldwide, especially in Thailand. In Thailand, this has led to a significant increase in the penetration of mobile phones and internet users, resulting in an even greater spread within the mobile payment sector.
- Furthermore, global companies are looking for a market opportunity and have started offering their services in physical shops through partnerships with retailers due to the increasing mobile payment penetration among Thailand's more youthful population.
- The mobile payment market is expected to grow over the forecast period, driven by the increasing use of m-commerce, in which online sales are carried out using wireless devices such as smartphones.
- Moreover, the market for mobile payments has been slowed down by growing data breaches and security concerns related to mobile payments. In addition, security concerns and unauthorized uses of personal data are hindering several customers from adopting new technologies.
Thailand Mobile Payments Industry Segmentation
Mobile payment is a payment made for a product or service through a portable electronic device such as a tablet or cell phone. The study tracks mobile payment applications based on transaction type: Proximity and Remote payment. The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting Thailand's mobile payments market estimates and growth rates throughout the anticipated period. This report looks at COVID-19's overall influence on the Country's payment ecosystem.
Thailand Mobile Payments Market is segmented by type (proximity payment, remote payment). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| BY Type(Market share in percentage based on relative adoption) | |
| Proximity | |
| Remote |
Thailand Mobile Payments Market Size Summary
The Thailand Mobile Payments Market is experiencing significant growth, driven by the rapid adoption of mobile payment applications and the increasing penetration of smartphones and the internet. Retailers and service providers are embracing platforms like TrueMoney, RabbitLINE Pay, AirPay, and GrabPAY to facilitate transactions, supported by the burgeoning e-commerce sector. The integration of technologies such as NFC, 5G, and biometrics is enhancing the convenience and security of mobile payments, making them an integral part of daily life in Thailand. Despite challenges like data breaches and security concerns, the market is poised for expansion, with proximity payments gaining traction in both retail and cross-border e-commerce transactions.
The competitive landscape of the Thailand Mobile Payments Market is marked by the presence of major players such as Apple Inc., LINE Corporation, and True Money Co. Ltd., who are actively investing in partnerships, acquisitions, and product development to capture market share. Initiatives like the PayPay Linkage Service and the introduction of ShopeePay highlight the ongoing innovation and collaboration within the sector. The market's growth is further bolstered by improved network connectivity, the expansion of telecommunication operators, and the financial industry's adoption of mobile transaction services. As the market evolves, it continues to offer new opportunities for businesses and consumers alike, fostering a digital economy in Thailand.
Thailand Mobile Payments Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Market Sizing and Estimates of Thailand Mobile Payments Market
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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1.4 Assessment of COVID-19 Impact on the market
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2. MARKET SEGMENTATION
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2.1 BY Type(Market share in percentage based on relative adoption)
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2.1.1 Proximity
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2.1.2 Remote
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Thailand Mobile Payments Market Size FAQs
What is the current Thailand Mobile Payments Market size?
The Thailand Mobile Payments Market is projected to register a CAGR of 14% during the forecast period (2024-2029)
Who are the key players in Thailand Mobile Payments Market?
True Money Co. Ltd., LINE Corporation, AirPay(Thailand) Company Limited, ADVANCED INFO SERVICE PLC and Grab are the major companies operating in the Thailand Mobile Payments Market.
