Digital payments surge from pre-coronavirus level

Digital payments surge from pre-coronavirus level

A vendor and a shopper show their cashless transaction at Triple 8 Market in Muang district of Khon Kaen on Nov 23, 2017. (Photo: Chakkrapan Nathanri)
A vendor and a shopper show their cashless transaction at Triple 8 Market in Muang district of Khon Kaen on Nov 23, 2017. (Photo: Chakkrapan Nathanri)

Digital payments have quadrupled from pre-pandemic levels, the Bank of Thailand said on Monday, as the country's longest-running wave of infections accelerates demand for online services.

Thailand's latest outbreak started in April, accounting for more than 98% of its Covid-19 cases and deaths, prompting tougher restrictions in July and August that reduced mobility.

The number of daily transactions made via the PromptPay platform currently averaged 28 million, which is "quite a big jump" from pre-pandemic levels, Assistant Governor Siritida Panomwon Na Ayudhya told a news conference.

Average daily transactions were just 7 million in 2019 and rising to 14.5 million in 2020, central bank data showed.

As there are new financial services and investments during the pandemic, the financial sector post-Covid-19 will transform towards more digital services and faster, Ms Siritida added.

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