Money exchange disruptive on Cashless Society

With gamey engineering these days people tend to have less cash in their pockets. Digital money and transaction can be done through their smartphone. In the past cash was replaced by accredit cards and debit cards and now it is the time of e-wallets and digital money. It appears to be seen that this is the development of cashless company particularly in Thailand .No alt text provided for this image ( source : Scb.co.th, 2019 ) Thailand ranks in the peak countries in Asia on shopping on-line with positive signs of becoming a cashless society. Thai consumers are more open-minded towards e-payment methods ascribable to the government supported on home ’ s e-payment dodge through Promtpay. Thailand ranks among the top countries in the region with positive signs of becoming a cashless society ( Banchongduang, 2019 ) .Therefore adult banks in Thailand take the advantage to move into mod engineering and hera I am pointing out Siam Commercial Bank or SCB. In the class 2018 SCB transformed their operations and on-line fiscal platform to be ahead of bank industry digital disruption in Thailand. SCB enhanced the digital capability on SCB Easy apps for all fiscal transaction services via mobile bank tools ( Scb.co.th, 2019 ). however, with the Thai people behaviour swerve. It can be seen that the number of Thai people travelling oversea increased by 12 % over the past five years and sum number of Thai people spent oversea around 320 billion baht ampere well as the increasing of extraneous internet retailing in Thailand. Therefore SCB saw the opportunity to jump into the Foreign currency exchange and they came up with SCB Global Payment Platform by extended their features on SCB Easy apps to Borderless Foreign Currency Exchange .

Best exchange rate on digital platform

No alt text provided for this image ( informant : ktb.co.th, 2019 )

The interesting separate is that KrungThai Bank was the first who launched this tease for oversea travellers called Travel Card. The main mind is to store and exchange 15 extraneous currencies with the best rate in the poster through application at any time you want a well as cash withdrawal and able to make payment on global currency without 2.5 % charge from the bank. Although by launched this travel menu KTB did n’t benefit much from this however their goal was to capture new customers which I am one of the drug user as I love travelling and its very convenience with the best rate ( ktb.co.th, 2019 ) .No alt text provided for this image ( informant : scb.co.th, 2019 ) belated SCB launched SCB Planet which actually work the lapp, but they made it even easier on the process of record the card as customers can make this Planet card through SCB Easy. current customers already have savings bank history so customers do not need to open new account, walk into the branches to write their informations again vitamin a well as collect the card by themselves. The wag will send it right to customer ’ randomness door. SCB uses their customer database in an efficient way and used this to be a strength against competitors. Most of SCB customers have SCB Easy app, and I am both of these two banks clients but when I made KTB Travel card I still have to walk in to the KTB outgrowth and do all the wallpaper knead, open early fresh report and collected my card in contrast SCB made it easier. Although KTB provides more currencies than SCB but SCB uses price contest by offering cheaper rates. however, the successful of KrungThai is brand realization that people calm called all the card as Travel card .No alt text provided for this image ( source : Limited, B. 2019 ) In fairy of, banks competition this chiefly effect money record changer branches. Before all big commercial banks did not want to come down to compete in extraneous exchange market as their large book of foreign exchange transactions is decidedly good exchange rates than investing on the commercialize with a bad and uncertainty change rate however, when the market grows enormously every day commercial banks finally opened their eyes. Digital service will replace the traditional extraneous exchange avail the leading local extraneous switch over in Thailand- Superrich was forced to transformed themselves to a digital platform in order to deal with the digital challenges ( Limited, B. ( 2019 ). It is very concern on hitting back your competitors by looking at the other side that the majority of Thailand income is Tourism. They jointed venture with victor card and 2C2P for visit Thailand card which target Thailand visitors. sol now we will see how far this market will go. References

Banchongduang, S. ( 2019 ). More thai see cashless future. [ on-line ] hypertext transfer protocol : //www.bangkokpost.com. available at : hypertext transfer protocol : //www.bangkokpost.com/tech/1656140/more-thais-see-cashless-future [ Accessed 18 Dec. 2019 ]. Burkhalter, M. ( 2019 ). Countries in Asia, Europe beta test the ‘cashless club ‘. [ on-line ] Perle.com. available at : hypertext transfer protocol : //www.perle.com/articles/countries-in-asia — europe-beta-test-thecashless-society — 40147652.shtml [ Accessed 18 Dec. 2019 ]. Ktb.co.th. ( 2019 ). Krungthai Travel Card ที่สุดของบัตรสำหรับนักเดินทาง | ธนาคารกรุงไทย. [ on-line ] Available at : hypertext transfer protocol : //www.ktb.co.th/en/content/personal/cards/krungthai-travel-card [ Accessed 18 Dec. 2019 ]. Limited, B. ( 2019 ). Superrich digitising with fintech caller. [ on-line ] hypertext transfer protocol : //www.bangkokpost.com. available at : hypertext transfer protocol : //www.bangkokpost.com/business/1205621/superrich-digitising-with-fintech-company [ Accessed 16 Dec. 2019 ]. Scb.co.th. ( 2019 ). The ‘cashless company ‘ marches ahead in Thailand. [ on-line ] Available at : hypertext transfer protocol : //www.scb.co.th/en/personal-banking/stories/are-you-ready-with-virtual-money.html [ Accessed 16 Dec. 2019 ]. Scb.co.th. ( 2019 ). Going Upside Down. [ on-line ] Available at : hypertext transfer protocol : //www.scb.co.th/en/about-us/news/jan-2018/scb-news-platform.html [ Accessed 18 Dec. 2019 ].

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