This study takes stock of recent developments on digital payments in Thailand and ASEAN more broadly, explores the drivers and the potential benefits, analyzes the factors underlying the frequency of digital payment usage, and discusses the relevant policy considerations. ASEAN countries have made significant progress in developing domestic and cross-border digital payments, in line with initiatives to improve regional financial integration. This analysis provides preliminary evidence of potential benefits of advancing regional payment connectivity by increasing local currency usage to strengthen financial resilience and reduce vulnerabilities to external shocks.
Purwanto et al. (Sun,) studied this question.