Currently, the Thai government is pressing ahead with a National e-Payment plan, being an important step that will reshape the country's payment transactions ahead. If the plan is implemented by the end of 2017, the way businesses and households make payment transactions in the future will be different from today.
We at KResearch are of the view that consumers will be the main beneficiaries of the new system, wherein money transfers and payment services will become more convenient for it reduces the need for them to carry cash. Moreover, money transfer service fees will be lower and minimum card payment values will also fall. Security in online financial transactions be enhanced and access to relevant public agencies will become more convenient, as well.
The national e-payment system will benefit the private sector and economy because it will induce new payment service providers to enter the market, bolster e-commerce business and reduce overall costs in the economic system.
Important mechanisms needed for successful implementation of this plan include support systems and policy continuity at relevant agencies, development of additional infrastructure to support online payments, attractive online payment service fees and incentives to attract new service providers at each step of the online payment system, which would help energize competition, thus leading to lower fees and service charges.