Thailand Launches Online Payments System

It hopes the launch will help grow its ecommerce market

The Thai government is about to launch a nationwide online payments system which it hopes will help grow its ecommerce market. The Thai ecommerce market is already seeing healthy levels of growth, having seen growth of almost 4% last year to reach a value of 58 billion US dollars. The government hopes that the launch of the e-payments system will push this growth into double digit figures. The online payments system may also help to further grow Thailand’s popular social commerce scene. Thai social media users are ranked highest in the world for their likelihood to find sellers and products online. The Thai technology consulting firm Joyfulness Co. predicts that Thailand will become a hub for ecommerce and e-payments in South East Asia by 2017. Around 11 million people engage in ecommerce in Thailand, with this number set to rise to over 20 million in the next 5 years. 

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