Bangkok--22 Dec--Spark Communications
One third of Thai consumers would prefer to pay for everyday items with a debit card, according to a new survey by Visa.
The survey[1] found that while cash is commonly used to pay for most goods and services in Thailand, debit cards have emerged as the preferred way to pay for everyday goods and services, including shopping (30 percent), purchases at the pharmacy/drug store (30 percent) and for entertainment expenses (29 percent) such as cinema tickets. Debit cards allow cardholders to “pay now,” using the money in their bank accounts.
Among respondents who own a debit card, 76 percent say paying with debit cards is more convenient and 69 percent agree it is safer than cash. For respondents who are not debit cardholders, 70 percent agree that paying by debit cards is more convenient while 63 percent say it is safer than cash.
The survey also showed that among respondents who do not have a debit card, 61 percent are likely to apply for a Visa Debit card, with three out of four (73 percent) of that group planning to use their Visa Debit card instead of cash.
Key reasons for choosing paying with a debit card over cash were the ability to use a debit card for purchases at merchant outlets (35 percent), better financial management (32 percent), the ability to make online purchases (30 percent) and to earn rewards (26 percent).
Somboon Krobteeranon, Country Manager, Thailand, Visa said: “While many Thai consumers own a debit card, the majority don’t realize that it can be used for everyday spending and not just as an ATM card. According to Visa survey data, this is changing as Thai consumers recognize the convenience and versatility of a debit card as a payment option. More and more Thais recognize the value of their debit cards as a financial management tool and to pay for everyday items such as groceries, a visit to the doctor or filling their petrol tanks.”
The Visa survey data supports moves made earlier this month by the Bank of Thailand (BOT), which announced plans to carry out new debit initiatives in 2011 with the aim of encouraging Thais to use debit cards as a better way to manage their finances.
Krobteeranon said, “From tech-savvy youth to people in their first jobs and families, Visa Debit cards represent a vital and ideal payment alternative to cash. Visa will continue to increase awareness of debit as a more convenient and rewarding way to pay with discounts and rebates.”
[1] Commissioned by Visa, the Thailand Debit Survey ‘was an online survey conducted by Nielsen in July 2010. The survey asked 905 respondents in Thailand about payment behaviour, preference and usage.
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