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Using eMoney methods 'can reduce cash management costs'
4 Nov 2009

The cost of cash management in Thailand can be reduced if residents of the south-east Asian nation start using eMoney payments more regularly, it has been suggested.

Bank of Thailand (BOT) Assistant Governor Chim Tantiyasawadikul said that moving towards a cashless society in the country will have numerous benefits.

Reporting his comments, The Nation reveals that the BOT is looking at ways of promoting eMoney payments - a process that will free people from having to carry around cash and notes all the time.

Highlighting how Thailand is behind other countries in becoming a cashless society, the BOT representative said: "On average, there are only two to three e-payment transactions per person per year in Thailand."

This figure rises to ten transactions per person per year for 'daily life' spending in developed countries, he added.

Indeed, the UK Payments Council recently claimed that - if current trends continue - the value of debit card spending will overtake cash spending in the UK in 2010.