The Bank of Thailand (BoT) has announced plans to build easier electronic payment systems to encourage the public to use debit cards in place of cash to pay for goods and services.
The central bank said Tuesday that 40.93 debit cards were in circulation as of January, but spending averaged only 209 baht per card per month. In practice, this means only one per cent of consumers are using debit cards for purchases.
"The Bank of Thailand is coordinating with the Revenue Department to determine if tax reductions might motivate business owners and debit card holders to use debit cards to pay for goods and services," said BoT Deputy Governor Thongurai Limpiti.
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