What if our nearby competitors or stores accept all forms of payment, including credit cards, debit cards, QR Payments, e-Wallets, and even PromptPay? In the past, we may have noticed from the “Khon La Khrueng” project that some stores use it to increase sales opportunities, and some stores that do not use it can waste sales opportunities.
The Bank of Thailand revealed that the payment behavior of Thai people It states that paying and receiving money via e-Payment has greatly increased. The number of transactions via the Internet and Mobile Banking grew by more than 72%, while the number of transactions via PromptPay reached 16.3 million transactions per day (as of April 2020). And it is expected that e-payment transactions will continue to grow exponentially, responding to the trend of a cashless society. So let’s take a look at when e-Payment is applied to businesses. How will it benefit the businesses?
Many people may have paid or received payments online for quite some time. Whether paying or receiving money via e-Payment, including cross-account transfers, phone payments, utilities such as water bills, electricity bills, etc., entrepreneurs are relieved of their concerns about understanding consumers’ money transfer process.
If talking about the point of view of doing business or stores, Paying and receiving money via e-Payment has many advantages. Whether it’s about getting money fast or being easy to manage. Likewise, if entrepreneurs use e-Payment in various forms, it will increase the convenience for customers to transfer money anywhere, anytime. This can create business opportunities and expand the customer base widely without high investment.
Spending or making transactions via e-Payment, whether receiving money or transfers, history will be automatically collected. We can timely review records of transactions, so we don’t have to worry about security each time our spending is lost or stolen.
During the past period, it can be seen that the government itself has supported and implemented e-Payment in many agencies. Whether paying taxes via e-Payment or even the Kon La Khrueng project via the wallet application, it not only helps people, it also reduces the cost of managing cash by about 50,000 million baht per year, including reducing the chance of theft or unexpected crimes as well.
Over the next few years, consumers themselves are more likely to reduce their use of cash. We may see that many people do not use cash at all. For example, in many countries where e-payment is almost 100% used, such as Sweden and China, entrepreneurs probably don’t need to count cash or waste time doing daily summaries. This will not only benefit businesses by making them more flexible, but it will also help the flow of money in the economy, making it more flexible and convenient. Without worrying about missing money or not, e-Payment payments are easier to set up and increase transparency in payment, receipt, and tax payments.
It can be seen that entrepreneurs, whether they are online or offline businesses with their storefronts, can use or accept payments via e-Payment. And most importantly, it is not necessary to choose just one payment service because we can accept many methods of payment to increase sales opportunities and provide convenience to customers as well.