Lewes, DE -- (ReleaseWire) -- 07/29/2014 -- The Thai card payments channel grew in value and volume terms during the review period (2009–2013). In terms of the number of cards in circulation, the channel grew from 61.2 million in 2009 to 119.5 million in 2013, at a compound annual growth rate (CAGR) of 18.20%, and is anticipated to further post a CAGR of 7.26% over the forecast period to reach 179.7 million in 2018. In terms of transaction value, the card payments channel grew THB4.1 trillion (US$119 billion) in 2009 to THB7.5 trillion (US$244.5 billion) in 2013, at a review-period CAGR of 16.48%. It is anticipated to post a forecast-period CAGR of 6.70%, to reach to THB11 trillion (US$353.8 billion) in 2018.
Many factors supported the review-period growth such as an increase in per capita income, payment infrastructure modernization, and an influx of foreign banks that have brought technological innovations and branch expansion opportunities with them. As banking customers become more sophisticated, banks are differentiating their product offerings and subsequently card customization for specific customer groups such as high-income individuals, travelers and online shoppers is gaining prominence. Banks are also using online, mobile and social media to promote products and services, and increase customer engagement.
Growing demand from consumers for prepaid cards has forced banks and issuing companies to introduce numerous variants of prepaid cards to meet specific needs. Krungthai Bank offers the KTB e-Money Card, while Bank of Ayudhya and Bangkok Bank offer the Krungsri Gift Card and Shell Prepaid Card respectively. Cards for other specific purposes such as public transport fares, online shopping and entertainment are slowly gaining importance.
Growth in the number of middle-class families and young population, the greater need for credit, changes in consumer spending habits and the easy approval of credit cards fueled demand. Banks are issuing customized credit cards targeted at diverse customer segments such as the young population, high-income customers and travelers. Co-branded credit cards are slowly gaining popularity in Thailand, and most are offered in association with retailers, oil companies and automobile manufacturers. Siam Commercial Bank (SCB), for example, offers the SCB Toyota Card in association with Toyota.
The value of e-commerce increased from THB61.2 billion (US$1.8 billion) in 2009 to THB156.4 billion (US$5.1 billion) in 2013, at a review-period CAGR of 26.44%. E-commerce is expected to reach THB446.9 billion (US$14.4 billion) in 2018, at a forecast-period CAGR of 22.36%.
Outbound tourist spending increased at a review-period CAGR of 5.80% and is expected to rise over the forecast period at a CAGR of 6.46% to reach THB218.5 billion (US$7 billion) in 2018. Strong economic growth and an increase in disposable incomes are likely to spur outbound spending. Banks are also offering reward points, discounts and free insurance cover. Positive growth prospects for the e-commerce and travel industries are expected to encourage growth. Banks are also encouraging customers to use payment cards by awarding cashback offers, discounts, reward points and purchase insurance.
The report provides top-level market analysis, information and insights into Thailand's cards and payments industry, including:
- Current and forecast values for each category of Thailand's cards and payments industry, including debit cards, credit cards, charge cards and prepaid cards
- Comprehensive analysis of the industry’s market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Thailand's cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of Thailand's cards and payments industry
- This report provides a comprehensive analysis of Thailand's cards and payments industry.
- It provides current values for Thailand's cards and payments industry for 2013, and forecast figures for 2018.
- It details the different economic, infrastructural and business drivers affecting Thailand's cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in Thailand's cards and payments industry.
Reasons to Buy
- Make strategic business decisions using top-level historic and forecast market data related to Thailand's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities within Thailand's cards and payments industry.
- Assess the competitive dynamics in Thailand's cards and payments industry.
- Gain insights in to the marketing strategies used for selling various card types in Thailand.
- Gain insights into key regulations governing Thailand's cards and payments industry.
Spanning Over 100 pages, “Thailand's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape” report covering the Analysis of Market Environment, Key Trends and Drivers, Cards and Payments Industry Share Analysis, Regulatory Framework and Card Fraud Statistics, Emerging Consumer Attitudes and Trends, Analysis of Card Payments and Growth Prospects, Analysis of Credit Card Payments and Growth Prospects, Analysis of Debit Card Payments and Growth Prospects, Analysis of Charge Card Payments and Growth Prospects, Analysis of Prepaid Card Payments and Growth Prospects, Merchant Acquiring, Company Profiles of Card Issuers, Appendix. The report covered companies are - Siam Commercial Bank, Krungthai Bank, Kasikornbank Bangkok Bank, Bank of Ayudhya, Citibank, KCC Card, MasterCard, Visa, American Express, Diners Club
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