In a cashless society, how do businesses adapt?

In a cashless society, how do businesses adapt?​

        We cannot deny that the trend of a cashless society continues to grow in Thailand. One of the indicators is the shift in consumer spending behavior from using cash. Spending through apps such as e-Wallets when consumer behavior has changed in the cashless society. What follows is that businesses have to adjust accordingly. How to adjust? Let’s see.

Opportunities for Thai businesses to enter a cashless society

         The use of e-payment among Thai people has increased during this period. From internet and mobile banking transactions, that grew more than 72%, while the number of payments via PromptPay reached 16.3 million transactions per day (Apr. 20), and it is expected that in the future, usage will continue to grow exponentially It is a result of the familiarity with using e-Payment in the new context. 

         From the pictures, it can be seen that the lockdown has affected many businesses, especially those related to tourism. This was reflected by the decrease in electronic card spending data. But some types of businesses can still expand. such as supermarkets, health and beauty, and direct marketing. We are also seeing a boom in freight forwarding businesses, which is growing fast along with online shopping. This has implications for the economy because it helps support some of the unemployed workers. It is considered that the trend of the digital economy, especially online sales, is an opportunity for Thai businesses that are strong and likely to continue to gain popularity. because it is a channel to directly access the needs of consumers as well as be able to use lower costs.

consumer reason Step into a cashless society

        According to a survey of the Journal of the Association of Researchers found that Consumers living in Bangkok who use electronic wallet application service (e-Wallet) because

  1. 90.0% more convenient than cash. 
  2. 62.5% reduces expenses such as fees. 
  3. 54.0% promotions from stores that provide services such as discounts, giveaways, cash back 
  4. 49.0% benefits such as collecting points, redeeming items, winning prizes 
  5. 42.5% offer a variety of services to meet their needs. 
  6. 38.0% able to check past spending. 
  7. 26.5% is safer than carrying cash.
  8. 23.0% are able to plan their spending 
  9. 21.5% Reduced Mistakes from cash payment

4 Business Adaptation Guidelines in the Cashless Society Era.

  1. Pay attention to a variety of payment channels to increase customer convenience, such as support by using e-Wallets, API connections with financial institutions, non-financial institutions, and non-banks.

  2. Focus on communication through digital channels. Whether it’s a business that can be sold online or not, it’s important to get your customers to know your business to make them buy or order products or services via digital channels.

  3. Pay attention to data collection Because when customers spend cashless, data is automatically collected. Therefore, it will be easier to analyze the data to help us improve. to better suit the customer’s needs.

  4. preparing for a corporate NDID. The National Digital ID (NDID) Platform is Thailand’s central platform as an infrastructure for digital identity verification and verification. Connecting both government and private agencies together for contacting government jobs or documents will be more convenient and faster.

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