5 reasons why Thai people still prefer cash.

Why do Thai people still use cash in their daily lives?

The first interesting point found in the survey was that all of the samples still carried cash. 50% of the sample still uses cash only for everyday purchases. They are mostly used at fresh markets, flea markets, and street food stalls. However, it was found that a smaller portion of the sample group used e-payment as the main alternative.

The reason why Thai people still use cash

The Payment Diary delves into the reasons behind Thai people’s payment behavior and finds that the key variables influencing payment behavior are:

habit of making payments.

- Many of the samples said that in the past, they used to make a payment with cash, so they always picked up cash to pay first.

"Partners, friends, or people around me use cash. So, I just use cash. "

- – Payment behavior based on connections, such as partners or spouses, friends, or groups of people with similar age or lifestyle, will influence the choice of payment method of the samples more than parents, children, or grandchildren.

"Because I thought the store would like to receive cash. So, I paid with cash. "

- The merchant’s acceptance or demand for payment methods is an important factor. That led the samples to choose an accepted payment method, such as in a market or a street food stand that only accepts cash. Even those who are familiar with e-payment must pay in cash.

"Get paid in cash, spend in cash."

- Another important factor is the way to receive money. When the samples are paid by cash, they are usually spent in cash.

" I think it's faster to use cash. So, I usually use cash. "

- Attitudes towards individual payment methods vary, even among e-payment users; they still think it’s faster to use cash than e-payment.

All of these are important reasons that make Thai people still choose to use cash. even if the equipment is ready or has experience in e-payment. Changing habits and adjusting behavior can also take time. Therefore, it is necessary to set up guidelines to create awareness, understanding, and confidence among Thai people about the advantages of using e-Payment.

Source : Payment diary