Banking

Thailand Unbanked Consumers Optimistic With Connectivity

In Thailand, a great majority of its population are “unbanked” or not served by banks or financial institutions. There people generally pay for their purchases in cash because they have not acquired any money-related services. The best option for peer-to-peer transactions is the Cash Card (บัตรกดเงินสด) that provides credit to the “unbanked” Thai citizen in the simplest and easiest way possible.

According to a recent survey made by market research agency Kantar TNS, Thai consumers do not have any doubts and reservations with the content they see online. Connected Thai consumers are more trusting of online activities compared to consumers in other countries and regions.

Kantar TNS has surveyed 70,000 people from 56 countries and conducted 104 in-depth interviews for the Connected Life report. It is the objective of the report to explore consumer trust in brands on the basis of technology, content, data and ecommerce. The results of the study revealed that consumers in Thailand are very optimistic when it comes to connectivity.

For the most part, consumers in Thailand are unaware of the trade off that is intrinsic to a connected lifestyle. Consumers in other parts of the world do not trust companies with their personal information About 20% of Thai consumers are concerned about the personal data they provide to brands compared to 40% of global consumers and 56% of Australian consumers. Only 22% are against connected devices monitoring online activities as long as it makes their life easier compared to 56% of consumers in South Korea and 62% in New Zealand.

Because of the high number of unbanked consumers in Thailand, innovative solutions and financial literacy need to be enhanced to be able to overcome local barriers and encourage people to use new payment options. Brands have gained high levels of consumer trust in developing countries but they should always prioritize consumers and be transparent on how they collect and use personal data.

Credit is provided through Cash Card (บัตรกดเงินสด) to Thai “unbanked” consumers. The application process is simple with no securities or guarantor required. You can simply sign up and get the cash card with interests that are not particularly excessive. The cash card is available for all Thais of legal age.