When visiting Asia and other parts of the world, most travelers know to carry cash if they want to make a purchase from a local street vendor—however, the digital revolution is transforming the way all businesses operate, including ones that have been strictly cashed-based in the past.
In Thailand's capital, Bangkok, the Bank of Thailand recently made it possible for five banks to implement electronic payment systems for QR codes. Bamnika Sonthi sells sticky mango rice and now uses a QR code to allow customers to scan and pay using just their mobile device. For the benefit of sellers, a notification is provided to ensure receipt of payment.
Since these QR payment systems have begun to be adopted by street vendors in Thailand, it has become a popular payment option primarily for consumers between the ages of 20 and 30.
Mobile Street Vendor Payments
Some Street Food Vendors in Thailand Now Accept Mobile QR Payments
Trend Themes
1. Mobile QR Payments - Opportunity for mobile payment providers to develop and expand QR code payment systems for street vendors globally.
2. Cashless Street Vendor Transactions - Potential for cashless transaction platforms to cater to street vendors worldwide, offering convenience and security.
3. Digital Transformation of Street Vendors - Disruptive innovation opportunity to provide digital tools and solutions to empower street vendors to accept mobile payments.
Industry Implications
1. Mobile Payment Providers - Mobile payment providers can tap into the market of street vendors by offering QR code payment systems and expanding their services to cater to this sector.
2. Cashless Transaction Platforms - Cashless transaction platforms can capitalize on the street vendor market by providing secure and convenient payment solutions for vendors and consumers.
3. Digital Tools and Solutions for Street Vendors - Companies specializing in digital tools and solutions have an opportunity to assist street vendors in adopting mobile payment technologies for their businesses.