东盟的数字支付革命：区域一体化的新领域，泰国

ASEAN’s Digital PaymentRevolution: A New Nur M. Adhi Purwanto and Ying Xu SIP/2026/013 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available at 2026FEB IMF Selected Issues PaperAsia and Pacific Department ASEAN’s Digital Payment Revolution: A New Frontier for Regional Integration, ThailandPrepared by Nur M. Adhi Purwanto and Ying Xu Authorized for distribution by Peter Breuer IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it was ABSTRACT:This study takes stock of recent developments on digital payments in Thailand and ASEAN morebroadly, explores the drivers and the potential benefits, analyzes the factors underlying the frequency of digitalpayment usage, and discusses the relevant policy considerations. ASEAN countries have made significantprogress in developing domestic and cross-border digital payments, in line with initiatives to improve regional RECOMMENDED CITATION:Purwanto, N. M. A. and Xu, Y. (2026). ASEAN’s Digital Payment Revolution: ANew Frontier for Regional Integration, IMF Selected Issues Paper, Asia and Pacific Department, SELECTED ISSUES PAPERS ASEAN’s Digital PaymentRevolution: A New Frontier for Thailand Prepared by Nur M. Adhi Purwanto and Ying Xu THAILAND SELECTED ISSUES January 26, 2026 ApprovedByAsia and Pacific PreparedbyNurM.Adhi Purwanto and Ying Xu(all APD). CONTENTS ASEAN’S DIGITAL PAYMENT REVOLUTION: A NEW FRONTIER FOR REGIONAL INTEGRATION ________________________________________________________________________2 A. Introduction _________________________________________________________________________2B. Digital Payments in ASEAN___________________________________________________________4C. Empirical Analysis: Case of Thailand________________________________________________11 FIGURES 1. Payment Digitalization and Financial Inclusion _______________________________________32. Private Fintech Funding and E-Money Payments _____________________________________43. Fast Payments and QR Payments Transaction Volume in ASEAN_____________________64. Cross-Border Payments in Asia_______________________________________________________75. ASEAN Bilateral Cross-Border Payment Linkages_____________________________________86. Growth in Cross-Border QR Payments _______________________________________________87. Recent development on CBDC in ASEAN___________________________________________ 10 TABLES 1. National Fast Payment Systems and QR Payment Standards _________________________52. Estimated Coefficients on the Drivers of Cross-Border QR Payments_______________ 13 References____________________________________________________________________________ 16 ASEAN’S DIGITAL PAYMENT REVOLUTION: A NEW A.Introduction 1.Digitalization has been reshaping the payment infrastructure and supportingproductivity by enhancing its efficiency and inclusiveness, while also introducing newchallenges to financial sector stability in ASEAN. By enabling faster, cheaper, and more securetransfers, digital payments lower frictions, supporting the growth of e-commerce and smallenterprises (Patnam and Yao, 2020). Digitization can enhance tax compliance and transparency,strengthening public revenues. Further, digital payments can foster financial inclusion by expanding 2.Cross-border digital payments can promote local currency usage and facilitateregional trade and financial integration among ASEAN countries. Studies show thatdigitalization helps improve the efficiency of cross-border payments (He, 2021) and thus increasesinternational trade (Cortes et al., 2024). The currency of cross-border payments has implications forinternational trade and financial stability. The value of services trade is more closely associated withUS dollar exchange rates than with other bilateral exchange rates, as the use of the dominantcurrency pricing (such as the US dollar) is more extensive compared with local currency pricing, 3.Recent developments in digital cross-border payments in ASEAN have aligned with global and regional initiatives. The G20 Roadmap for Enhancing Cross-border Payments serves asa framework to address long-standing frictions such as high costs, slow transaction speeds, limitedaccessibility, and a lack of transparency. In parallel with this global effort, the ASEAN region is at the ASEAN Regional Payment Connectivity (RPC) and the ASEAN Local Currency Transaction Framework(LCTF). The RPC aims to link national payment systems seamlessly, thereby creating a moreintegrated, efficient, and user-friendly cross-border payment ecosystem. Complementing this, theLCTF serves as an important pillar by promoting the use of local currencies for cross-border 4.Within ASEAN, Thailand has been leading the transition towards cashless and digitalpayments both do