Business Economics Committee: Instant Payments

On February 25 at the AMCHAM Citi Boardroom, over 20 attendees gathered to hear Nattanan Sihanatkathakul of Citi Thailand present on the emergence of instant payments in Thailand and regionally and their application to a range of business solutions.

In today’s payment industry, digital payments represent 80% of growth. Statistics indicate a declining trend for the usage of ATM and checks. Although 82% of the population is banked, credit card penetration at only 10%.  In contrast, 70% of Thailand’s population is currently registered for PromptPay and ready for instant payment. Nattanan went on to present the various opportunities opened by instant payments in building new markets, eliminating pain points for customers and merchants, and creating customer loyalty to drive growth.

Following the presentation, the lively Q&A session focused on questions of when and how cross-border instant payment facilities would be introduced; how instant payments would compete against credit cards which have established global networks and consumer trust; and how instant payments could help drive eliminate pain points for e-commerce in Thailand, where cash on delivery still makes up 50% of transactions.

Photos of the event can be viewed on Facebook.