Thailand’s credit and charge card payments market is projected to reach THB2.3 trillion ($65.6 billion) in 2025, reflecting a growth of “7.1% compared to the previous year,” driven by the adoption of digital payment solutions and a shift in consumer behavior towards cashless transactions, according to GlobalData, a data and analytics company.
GlobalData’s Payment Cards Analytics reveals that credit and charge card payment value in Thailand registered “a growth of 7.1% in 2024, driven by the rise in consumer spending.”
The value is forecast to register “a compound annual growth rate (CAGR) of 9.0% between 2025 and 2029 to reach THB3.3 trillion ($92.6 billion) in 2029.”
Poornima Chinta, Banking and Payments Analyst at GlobalData, comments:
“Despite having a lower penetration than debit cards, credit and charge cards are preferred for payments, accounting for an estimated 93.8% of card payment value in 2025. The average frequency of payments per card stands at 37.9 times in 2025, compared to 3.1 times for debit cards. The steady rise in the middle class and young working population coupled with a developing payment infrastructure and a growing e-commerce market are all supporting this growth.”
The growth of credit and charge card usage is primarily “driven by value-added benefits such as reward points, discounts, flexible payment facilities, and cashbacks.”
SCB Bank offers its CardX credit card customers a “0% installment payment facility, enabling them to settle purchases in four equal monthly installments through the SCB EASY app from January 1, 2025, to December 31, 2025.”
A developing POS infrastructure is also “supporting the rise of credit and charge cards in Thailand.”
The number of POS terminals per million inhabitants in the country increased from “12,501 in 2020 to 13,507 in 2024, though there is significant room for further expansion of the POS infrastructure.”
Payment providers are introducing various initiatives “to boost card acceptance among merchants.”
One such effort is the ‘Effortless Payment Processing’ campaign, “launched in September 2024 by SCB Bank in partnership with Mastercard and Soft Space.”
The campaign aims to accelerate SoftPOS adoption by “offering eligible merchants Android devices for ‘SCB Tap-To-Pay’ contactless payments.”
Chinta concludes:
“The Thai credit and charge card payments market is expected to continue its upward growth trajectory in the next five years. A developing payment infrastructure, rise in consumer spending, and growth in e-commerce payments will continue to push credit and charge card payments usage in Thailand. However, the global and Thai economies face potential headwinds from recent global trade wars stemming from US import tariffs. Any adverse impact could restrict consumer spending, thereby affecting the Thai credit and charge card market.”