Vee Charununsiri, Head of GrabFin of Grab Thailand said "In today's landscape, online transactions and digital payments in Thailand are on a constant rise, driven by technological advancements, the proliferation of fintech services, and shifts in consumer behavior triggered by the COVID-19 pandemic. This trend closely aligns with Grab Thailand's business, where nearly half of our users prefer cashless payment methods, be it through linking their user accounts to credit or debit cards or using the electronic wallet, GrabPay Wallet. Nonetheless, a substantial portion of our users, especially those residing in provinces, still rely on cash for their transactions, making up as much as 63% of our user base1 due to their familiarity with cash or limited access to banking services."
"In response to this, Grab Thailand has teamed up with Krungthai to offer payment options to Grab users, allowing them to conveniently top up their GrabPay Wallet via Krungthai NEXT. Our recent user survey reveals that 46% of Grab users in provincial areas already have a Krungthai Bank
account2. We are confident that our collaboration with Krungthai will enhance convenience for our users and drive the adoption of digital payments across the country."
Ms.Suporn Sunthornrohit, Chief Business Innovation Officer at Infinitas By Krungthai Company Limited, commented, "We remain committed to digital technology and innovation for the development of products and services. We are dedicated to collaborating with various business partners to meet the evolving needs of Thai consumers, covering the entire spectrum of financial transactions."
"The partnership with Grab Thailand not only expands the range of payment options for our bank customers who use Grab's services but also accelerates the national endeavor to promote a cashless society, particularly customers in other provinces outside Greater Bangkok. These segments constitute our key customer base, and they have increasingly prioritized and transitioned to digital financial transactions over the past 2-3 years. Krungthai and Grab will continue to explore future collaborations with the aim of delivering exceptional service experiences to our mutual customer base."
To celebrate this exciting collaboration, Grab has therefore organized a special campaign, "Top up GrabPay Wallet with a minimum of 100 baht through the Krungthai NEXT application. Get the right to top up to 10,000 baht" from 16 October - 15 November 2023. For more details about terms and conditions, please visit https://www.grab.com/th/blog/grabpay-wallet_krungthai-next/
1 Based on statistics regarding Grab service use in Thailand in September 2023
2 Based on the survey results of Grab user behavior in March 2023
Source: FleishmanHillard Thailand