Thailand’s card payments market projected to grow by 2.7%

GlobalData’s Payment Cards Analytics reveals that the total card payment value in Thailand registered 3.3% growth to reach THB2.2 trillion ($63.6 billion) in 2024

Thailand’s aggregate card payments market is now being projected to grow by 2.7% in 2025 to reach THB2.3 trillion (appr. $65.4 billion), supported by the ongoing expansion of digital payment acceptance infrastructure, government-led financial inclusion initiatives, and the growing adoption of contactless payments, according to GlobalData, an intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the total card payment value in Thailand registered 3.3% growth to reach THB2.2 trillion ($63.6 billion) in 2024, reflecting continued consumer migration to electronic payments and improving infrastructure.

The value is forecast to strengthen modestly in 2025, rising 2.7% to THB2.3 trillion ($65.4 billion), with the growth underpinned by greater contactless enablement, ongoing initiatives to broaden access to banking, and a supportive backdrop for spending.

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: Thailand’s card payments market is expanding steadily. Growth is being reinforced by financial inclusion measures, broader merchant acceptance—particularly among SMEs through mobile POS offerings—and rising consumer comfort with card payments including contactless. The gradual shift toward digital commerce and evolving issuer propositions, especially on credit cards, are also helping to lift card usage for everyday spend.

Debit cards account for 5.5% of total card payment value in 2025.

Adoption has been supported by an expanding banked population and financial inclusion efforts, including the Bank of Thailand’s (BoT) work to extend banking access via agent banking.

However, debit card usage continues to be heavily skewed toward cash withdrawals reflecting a persistent cash preference for day-to-day payments.

Banks are attempting to stimulate debit card purchasing through incentives such as reward points and cashback.

In contrast, credit and charge cards remain the clear engine of card payment value.

In 2025, credit and charge cards account for 94.5% of card payment value—far exceeding debit cards, underscoring the sharp imbalance in value contribution.

Sharma concludes: Thailand’s card payment growth outlook remains positive through 2029. Key tailwinds include continued expansion of merchant acceptance, contactless-led spending use cases—particularly in transit—stronger ecommerce momentum, and product innovation by issuers. The licensing of virtual banks is also expected to support market development, while improving economic prospects should help sustain consumer spending and card payment growth.