Online payments such as internet banking, mobile banking and e-wallet have become one of the main payment options for consumers in the digital era. KResearch projects that the share of online payments may reach 95% of total payment transactions in 2023. The volume is projected to be 36,510 - 37,970 million transactions, increasing by 40.0-45.6% from 2022. The main contributing factors are the behavior of consumers, who are more familiar with online payments, especially by scanning QR code through mobile applications of service providers; the expansion of payment services to a wider variety of goods and services covering consumers’ daily life and the ongoing promotions of e-wallet service providers; and government support in terms of the payment system development policies under the BOT’s new financial landscape, which should create a better competitive atmosphere.
For banks and non-bank financial service providers offering online or mobile banking services, increasing the number of users and transaction volume remains the key in “expansion to generate returns” for the online payment service business. However, business expansion of payment service providers through providing additional services is a key challenge for the operators to sustain their operations and generate sustainable income in the future, such as providing credit services, product and service advertisements, software development for analyzing large customer database, inventory management for online stores, and developing other online platforms besides online payment platforms like e-marketplace or online delivery platforms to strengthen business ecosystems. Nontheless, the development of new business models is not easy amid the specific challenges of each business and the intense competition with existing players in the market, resulting in profitability expectations for the new businesses that may not be easily achieved at the initial stage. The turning points that will allow such successful expansion are the effective application of the platform data under the principles of good governance and in strict compliance with the Personal Data Protection Act, the stability and security of the service system with the ability to process large volumes of transactions, which require service providers to regularly develop and improve their services.
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