China's mobile payment systems lead rapid development of Thailand's digital economy

As a financial transformation continues to play out in Thailand, Chinese mobile payment systems are leading the way in facilitating cashless payments across the country.

Thailand, like other countries in the region, is experiencing the rise of digital payments. ASEAN now stands out as the world's fastest-growing mobile wallet market.

QR codes have revolutionized how money moves in Thailand, the second-largest economy in Southeast Asia. What was once a cash-heavy society has now embraced a future where coins and notes are nearly obsolete.

At the heart of the country's digital payments boom are Chinese mobile payment platforms that have empowered small businesses, given tourists more freedom to explore, and transformed Thailand into a seamless digital economy.

"Thailand and China have a close economic relationship. And we have huge international trade between these two nations. Thailand adopted mass digital transformation the same as happened in China. It will increase rapidly," said Anusorn Tamajai, dean of the School of Economics at the University of the Thai Chamber of Commerce.

Behind the scenes, banks in the region have been connecting their systems, allowing their residents to use QR payments for cross-border transactions without any fees, generally at favorable conversion rates.

Thailand's Kasikornbank has been making great strides in partnering with China's UnionPay International, a leading payment services provider, to offer its users greater convenience.

"We have been partnering with UnionPay for some time and since going into WeChat Pay as well, we have reached quite a tremendous number of merchants and payment points for all the consumers. They don't have to bring in the physical cash anymore," said Pipatpong Poshyanonda, President and Executive Director at Kasikornbank Public Co. Ltd.

But this cashless revolution is not just about convenience, it's about transforming the way people live, work, and connect.

A regional QR code payment system will no doubt boost financial ties and economic integration across countries, making trade and investment easier and faster. It would also encourage the use of local currencies in cross-border transactions.

"The regional financial system will less depend on the U.S. payment system and U.S. dollar," said Tamajai.

China's mobile payment systems lead rapid development of Thailand's digital economy

China's mobile payment systems lead rapid development of Thailand's digital economy

The "soft landing" of the China-EU electric vehicle case will greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment, a spokeswoman of the Ministry of Commerce (MOC) said at a press briefing in Beijing on Thursday.

He Yongqian, the spokeswoman, made the remarks after China and the European Union (EU) agreed on the necessity of providing general guidance on price undertakings for Chinese companies exporting battery electric vehicle (BEV) passenger cars to the EU.

"China and the EU simultaneously announced on Monday that they had achieved positive outcomes following multiple rounds of consultations on the EV case, a development that has drawn wide attention at home and abroad. Industry players from both sides have 'highly welcomed and fully endorsed' the outcome, saying the 'soft landing' of the case is expected to greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment. Some EU politicians have described it as a positive step toward building a sustainable China-EU trade relationship, and said it demonstrated that resolving trade differences through partnership remains feasible," she said.

"Against the current international backdrop, China and the EU, acting in a spirit of mutual respect and within the framework of WTO rules, have properly addressed the EV case, which is of significant positive importance. The outcome will not only contribute to the sound development of China-EU economic and trade ties and help safeguard the stability of the global automotive industrial and supply chains, but will also send a clear and strong signal that both sides are willing to uphold a rules-based international trading order, setting a good example for countries to resolve differences through dialogue and consultation and injecting greater certainty and positive energy into global economic growth," she said.

"China appreciates the spirit of dialogue showed by the EU side and stands ready to work with the EU, building on the current positive outcomes, to further implement the consensus reached by the leaders of the two sides, maintain dialogue and communication, and support stable industrial and supply chains on both sides, continue to deepen cooperation on the basis of market principles, and make active contributions to the global green transition," she added.

"Soft landing" of China-EU EV case to significantly boost market confidence: MOC spokeswoman