Local research studies about merchants’ readiness and acceptance of QR payment adoption are based on a technology acceptance model with five additional factors. This research is qualitative research using in-depth interviews with open-ended questions. This study’s sample population consists of 25 merchants and four executives from three major banking service providers who are authorized to provide standard QR codes. The findings indicate that perceived usefulness, perceived ease of use, cost, network externalities, security and trust, personal innovativeness, and customer shopping experience are the factors influencing merchants’ acceptance of QR payment. In terms of attitude, most of the merchants have a positive attitude toward the QR payment service and are likely to continue using QR payment in the future.
The Rise of QR code Payments in Thailand.
Throughout the credit and debit card revolution of the last 20 years, Thailand has remained a predominantly cash-driven society.
An estimated 87% of the country do not use credit cards, while an estimated 30% of the country still remains unbanked, therefore using cash for every transaction.
There are numerous examples of independent industries where card payments haven’t been adopted because cash has remained the most practical option—think “mom and pop” corner stores, street food stalls, and motorbike taxis.
In addition, many businesses and individuals live a hand-to-mouth existence, where waiting for bank clearing is not an option. Cash is needed to keep the wheels of the business turning and put food on the table.
With this in mind, you might be surprised to hear that Thailand is in the midst of a cashless revolution.
Over the past five years, the payment system landscape has changed massively and presented consumers with a number of alternative ways to pay for goods and services.
The term “cashless society” is a buzzword in Thailand, and people are excited about it. Even the government is backing this progressive approach to transactions with its national e-payment program.
From contactless payments to mobile wallets and QR codes, the way Thailand spends its money is evolving.
QR Code Payment
QR code payment is becoming increasingly common among big brands. Most notably, the state petroleum company PTT has introduced this payment method at its retail stores, which include Café Amazon, Daddy Dough, Hua Seng Hong Dim Sum, and FIT AUTO.
The Mall Group has followed suit by installing smart self-checkout kiosks for cashless payments at all Gourmet Market and Food Hall outlets – this includes QR code payment and LINE Pay. There are also 2,200 Jiffy convenience stores offering QR code payment.
It isn’t just big brands facilitating the use of QR codes. The introduction of a standardised quick-response (QR) code by the Bank of Thailand has enabled consumers to use a single code to make payments through local bank networks.
The standardised QR code is seen as a major step forward for consumers and merchants, as consumers won’t need to scan different QR codes when making payments through different banks, while merchants only have to display one QR code for payments.
Published 21/01/2022
By Michael Saichuk
