Thailand’s Visa payments slow despite higher visitor spending
Visa tourist spending in Thailand rose 10% April-May, slowing
Visa Thailand is experiencing slower growth in Visa card payments by inbound tourists, correlating with stagnant foreign tourist arrivals. Despite this, there has been an increase in spending per visitor, attributed to “higher quality travellers,” according to the card company.
During April and May, foreign tourist spending in Thailand using Visa cards increased by 10% year-on-year. This is a decrease from the 15% growth in the first quarter and 20% growth in the previous year. Visa Thailand’s data indicates this slowdown corresponds with a decline in international arrivals.
Punnamas Vichitkulwongsa, country manager for Visa Thailand, noted that although the volume of tourists has remained static, spending per traveller continues to grow. This is aligned with the changing lifestyles and spending habits of foreign visitors.
In 2024, US tourists were the highest spenders via Visa cards among international travellers, followed by visitors from the United Arab Emirates and Singapore. Overall, foreign visitors spent more in Thailand in 2024 compared to the previous year.
In terms of Thailand’s payment landscape, a Visa survey revealed that Thai consumers still favour face-to-face transactions over online payments. Cash remains the most common in-person payment method at 70%, followed by QR code payments at 60% and mobile wallets at 58%. The high use of cash is largely due to consumers in rural areas, according to Visa Thailand.
However, Punnamas stated that Thai consumers are becoming increasingly familiar with QR code payments through PromptPay, Thailand’s national payment platform, which has been operational since 2016. This payment method is both convenient and secure.
PromptPay has facilitated the adoption of digital payments in Thailand, promoting the transition towards a cashless society, according to Visa Thailand. QR code payments via Visa cards were introduced in 2018.
This month, Visa launched Visa QR Credit, the second phase of its QR code payment service, expanding its network of financial partners to eight institutions. These include Bangkok Bank, Kasikornbank, Siam Commercial Bank, Krungsri (Bank of Ayudhya), TMBThanachart Bank, Krungthai Card, Krungsri First Choice, and Aeon Thana Sinsap Thailand.
Visa QR Credit is expected to offer enhanced convenience and security to users, while also reducing costs for card issuers and merchants involved in digital transactions, reported Bangkok Post.
Punnamas anticipates that Visa QR Credit will help expand their customer base, particularly in provincial markets. This payment solution supports the country’s digital payment ecosystem and the move towards a cashless society.
Thailand is the first country in the global Visa network to implement QR code payments, receiving the strongest user response, which reflects Thai consumers’ familiarity with PromptPay and digital payment behaviours.
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