Online buyers prefer bank transfers

When it comes to buying online, Thais opt to pay via bank transfers rather than electronic cards due to security concerns, according to a study by the Bank of Thailand.

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In its latest Payment System Insight report for the fourth quarter of 2013, the central bank said the value of online payments via bank transfers was 589 billion baht in 2013, or 95.6% of total value of goods and services purchased on the internet. The amount was 23 times higher than online payments by electronic cards, which stood at 26.5 billion baht on credit cards and 188 million baht on debit cards.

The central bank also found the average amount of online purchases via bank transfers was 14,227 baht, more than double payments by credit cards (6,147 baht) and debit cards (1,669 baht).

The regulator said consumers were concerned about the security of electronic card payments in which users had to put in names, card numbers and other private financial information. None of these was equired for cash transfers.

Sellers also preferred cash transfers to their accounts due to cheaper fees when compared with accepting electronic cards.

The central bank’s records show that financial transactions via the internet has continued to increase over a past few years.

In 2013, there were 192 million online transactions, with total value of 4.3 trillion baht, up 40.8% by transaction and 33.3% by value compared with 2012.

Bank transfers via the internet accounted for 86% of total transactions while the remaining 14% were for payment of goods and services.

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