Boston, MA -- (SBWire) -- 06/18/2013 --Thailand is an export-driven economy. Indeed, exports accounted for more than half of the nation's GDP in 2011. The increasingly diversified manufacturing sector is one of the largest contributors to growth, followed by the travel tourism sector which accounted for approximately 6% of the country's GDP in 2011. The card industry as a whole grew at a CAGR of 15.77% during the review period and is expected to post a CAGR of 5.96% over the forecast period. The growth was mainly driven by the prepaid card category, which recorded a CAGR of 28.84%, followed by the debit cards category which grew at a CAGR of 12.69%, and the charge and credit cards categories which grew at respective CAGRs of 7.02% and 5.91%. In volume terms, the industry grew at a CAGR of 15.77% during the review period, from 51.5 million cards in circulation in 2008 to 92.5 million cards in 2012. In value terms, the industry grew at a CAGR of 14.85% during the review period, from THB3.8 trillion (US$128.9 trillion) in 2008 to THB6.7 trillion (US$207.2 trillion) in 2012.
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Key Highlights
- The Thai cards and payments industry is expected to register a CAGR of 5.96% over the forecast period to reach 127.4 million cards by the end of 2017. Prepaid cards gained momentum during the review period and recorded a high adoption rate.
- The emergence of near-field communication (NFC) payment technology, EMV cards and digital wallets have enhanced the ways in which consumers transact. M-commerce has been enhanced by the increase in smartphone usage in Thailand. The capabilities of smartphone devices, an exponential rise in mobile device apps and declining prices have been instrumental in driving m-commerce.
- The IMF expects the economy to stabilize and record a 7.6% growth in GDP in 2017. With the growth of the Thai economy expected to accelerate over the forecast period, further investment can be expected in the cards and payments industry.
- Consumer attitudes and preferences play a key role in the success of a product in any industry. Large domestic and foreign banks are making a concerted effort to segment the industry and target the most profitable segments.
Scope
- This report provides a comprehensive analysis of Thailand's cards and payments industry
- It provides current values for Thailand's cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Thailand's cards and payments industry
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions
- It profiles the major banks in Thailand's cards and payments industry
Reasons to Get This Report
Companies Mentioned in this Report: Bangkok Bank, Krungthai Bank, Krungsri Bank,
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Recent Study: Emerging Opportunities in Thailand's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
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