Thailand payments forecast shows 36% CAGR through 2032

Cloud-based services are projected to post a 38.58% CAGR from 2024 to 2032.

Thailand’s digital payment market was valued at $3.8t in 2024 and is projected to grow to $14.9t by 2032, according to the forecast data.

The market is expected to record a compound annual growth rate of 36.29% over the forecast period from 2025 to 2032.

In 2024, the solutions segment was the largest part of the market by offering, with revenue of $3.3t. 

This indicates that payment platforms and related digital payment services made up most of the market’s value.

By deployment model, cloud-based digital payment services are expected to grow the fastest, with a projected CAGR of 38.58% from 2024 to 2032.

In a previous report, Thailand’s credit and charge card payment market is forecasted to climb 2.7% in 2026, reaching about $68.1b, driven by a gradual increase in payment card usage, expanding payment infrastructure, and ongoing government initiatives.

According to GlobalData, credit and charge card payment value in Thailand registered an estimated compound annual growth rate (CAGR) of 8.6% over 2021 to 2025 to reach $66.3b in 2025.

Thai consumers prefer credit and charge cards for payments, with frequency of payments per card standing at 38.6 times in 2025, much higher compared to just three times for debit cards.

This is driven by banks offering more repayment options and benefits like cashback, reward points, discounts and instalment facilities.