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Payment Method Selection Guide

Choose the optimal payment methods for your business based on target markets, customer demographics, and use cases.

Quick Selection by Market​

Thailand πŸ‡ΉπŸ‡­β€‹

Essential (Must Have):

  • PromptPay (QR) - 60M+ users, instant, universal
  • Credit/Debit Cards - International standard
  • TrueMoney Wallet - 30M+ users, most popular wallet

Recommended:

  • SCB/Kasikornbank Mobile Banking - Modern, refundable
  • Rabbit LINE Pay - 12M+ users, younger demographic
  • Internet Banking - Wider bank coverage

Optional:

  • ShopeePay - E-commerce focused
  • Direct Debit - For subscriptions

Singapore πŸ‡ΈπŸ‡¬β€‹

Essential:

  • PayNow (QR) - 5M+ users, instant, universal
  • Credit/Debit Cards - Primary method
  • GrabPay - 187M+ regional users

Recommended:

  • OCBC Mobile Banking - Major bank
  • ShopeePay - E-commerce

Malaysia πŸ‡²πŸ‡Ύβ€‹

Essential:

  • DuitNow QR - 30M+ users, universal
  • FPX (Internet Banking) - Wide bank coverage
  • Credit/Debit Cards - International standard

Recommended:

  • Touch 'n Go eWallet - 18M+ users, #1 wallet
  • Boost - 9M+ users
  • GrabPay - Regional coverage

Optional:

  • Maybank QR - If customer base is Maybank-heavy

Japan πŸ‡―πŸ‡΅β€‹

Essential:

  • Credit/Debit Cards (JCB support crucial)
  • Konbini - 55,000+ stores, cash-friendly
  • PayPay - 60M+ users, fastest growing

Recommended:

  • Pay-easy - Bank customers, higher limits
  • Online Banking - High-value, refunds

International​

Essential:

  • Credit/Debit Cards (Visa, Mastercard)
  • Apple Pay (iOS users)
  • Google Pay (Android users)

Selection by Use Case​

E-commerce (General)​

Priority 1: Payment Methods

  1. Credit/Debit Cards - Universal
  2. National QR (PromptPay/PayNow/DuitNow) - Local preference
  3. Leading Digital Wallet per market

Priority 2: Add Based on Market

  • Thailand: TrueMoney, Mobile Banking
  • Singapore: GrabPay
  • Malaysia: Touch 'n Go, FPX
  • Japan: Konbini, PayPay

Expected Coverage: 95%+ of target market

Mobile E-commerce​

Priority 1:

  • Digital Wallets (TrueMoney, GrabPay, Touch 'n Go)
  • Mobile Banking (SCB, K-Bank)
  • Apple Pay / Google Pay

Priority 2:

  • QR Payments (desktop fallback)
  • Credit Cards (international)

Expected Coverage: 90%+ mobile users

SaaS / Subscriptions​

Priority 1:

  • Credit/Debit Cards with tokenization
  • Direct Debit (Thailand)

Priority 2:

  • PayPal (international)
  • Local bank transfers

Not Recommended:

  • Cash-based methods (Konbini, QR)
  • One-time wallets (no recurring support)

High-Value Transactions (>$500)​

Priority 1:

  • Credit/Debit Cards
  • Bank Transfers (Mobile/Internet Banking)
  • Online Direct Debit

Priority 2:

  • Pay-easy (Japan, up to Β₯999,999)
  • FPX (Malaysia)

Not Recommended:

  • QR payments (lower limits)
  • Most digital wallets (transaction limits)

Digital Goods / Low-Value (<$20)​

Priority 1:

  • Digital Wallets (instant, low friction)
  • QR Payments
  • Credit Cards

Not Recommended:

  • Bank transfers (overkill for small amounts)
  • Cash methods (poor UX for digital goods)

Physical Goods​

Priority 1:

  • Credit/Debit Cards
  • National QR
  • Bank Transfers

Priority 2:

  • Digital Wallets
  • Cash methods (Konbini for Japan)

In-Store / POS​

Priority 1:

  • QR Payments (PromptPay, PayNow, DuitNow)
  • Digital Wallets with QR
  • Contactless Cards

Priority 2:

  • Traditional card terminals

Selection by Demographics​

Age 18-34 (Digital Natives)​

Prefer:

  1. Digital Wallets (GrabPay, TrueMoney, PayPay)
  2. Mobile Banking
  3. Apple Pay / Google Pay
  4. QR Payments

Avoid:

  • Internet Banking (prefer mobile)
  • Cash methods (less convenient)

Age 35-54 (Established Professionals)​

Prefer:

  1. Credit/Debit Cards
  2. Mobile Banking
  3. Internet Banking
  4. Digital Wallets

Also Consider:

  • Bank transfers for larger amounts
  • Premium payment options

Age 55+ (Seniors)​

Prefer:

  1. Cash methods (Konbini in Japan)
  2. Bank transfers (familiar, trusted)
  3. Credit Cards (established users)

Avoid:

  • New digital wallets (adoption barrier)
  • Mobile-only methods

International Customers​

Must Have:

  1. Credit/Debit Cards (Visa, Mastercard)
  2. PayPal (if available)
  3. Apple Pay / Google Pay

Avoid:

  • Country-specific methods
  • Local wallets (requires local account)

Decision Framework​

Step 1: Identify Target Market​

Thailand? β†’ PromptPay + Cards + TrueMoney
Singapore? β†’ PayNow + Cards + GrabPay
Malaysia? β†’ DuitNow + Cards + Touch 'n Go + FPX
Japan? β†’ Cards (JCB) + Konbini + PayPay
International? β†’ Cards + Apple/Google Pay

Step 2: Consider Use Case​

Subscription? β†’ Cards + Direct Debit
High-value? β†’ Cards + Bank Transfers
Mobile-first? β†’ Wallets + Mobile Banking
E-commerce? β†’ Cards + QR + Wallets

Step 3: Check Demographics​

Young (18-34)? β†’ Prioritize wallets
Middle (35-54)? β†’ Cards + banking
Older (55+)? β†’ Cards + bank transfers

Step 4: Select 3-5 Methods​

Start with:

  • 1 card method (Visa/Mastercard)
  • 1 national standard (QR or banking)
  • 1-2 popular local methods

Add more based on:

  • Customer feedback
  • Market data
  • Conversion testing

Cost Considerations​

Transaction Fees (Typical Ranges)​

MethodMerchant FeeCustomer Fee
Credit Cards2.5% - 3.5%Free
QR Payments0.5% - 1.5%Free
Digital Wallets1.5% - 2.5%Free
Bank TransfersFlat fee or %Free
KonbiniFlat feeFree

Cost Optimization:

  • Promote lower-cost methods (QR, bank transfers)
  • Offer discounts for preferred methods
  • Balance cost vs conversion rate

Feature Comparison​

Instant Confirmation​

Yes:

  • QR Payments (PromptPay, PayNow, DuitNow)
  • Mobile Banking
  • Digital Wallets
  • Credit Cards

No (Delayed):

  • Konbini (1-24 hours)
  • Pay-easy (1-24 hours)
  • Internet Banking (slower than mobile)

Refund Support​

Full & Partial:

  • Credit/Debit Cards
  • Mobile Banking
  • Digital Wallets
  • Online Banking (Japan)
  • Direct Debit

No Refunds:

  • Internet Banking (Thailand, Malaysia)
  • Konbini
  • Pay-easy

Recurring Payments​

Supported:

  • Credit/Debit Cards (tokenization)
  • Direct Debit
  • Some wallets (limited)

Not Supported:

  • QR Payments
  • Most bank transfers
  • Cash methods

Common Mistakes to Avoid​

❌ Don't:​

  1. Offer too many methods - Confuses customers, increases maintenance
  2. Ignore local preferences - Miss conversions
  3. Skip mobile optimization - Most traffic is mobile
  4. Forget refund requirements - Check if your business needs refunds
  5. Use only international methods - Missing local market share
  6. Overlook transaction limits - High-value items need appropriate methods
  7. Assume card dominance - Asia is wallet/QR-heavy

βœ… Do:​

  1. Start with 3-5 methods - Cover 90%+ of market
  2. Research local preferences - Use market data
  3. Test and iterate - Add/remove based on usage
  4. Mobile-first design - Optimize for smartphones
  5. Clear method descriptions - Help customers choose
  6. Monitor conversion rates - Track method performance
  7. Consider your industry - Different verticals have different preferences

Implementation Order​

Phase 1: Launch (Essential)​

  1. Credit/Debit Cards
  2. National standard (QR or top wallet)
  3. Test and go live

Expected Coverage: 70-80% of market

Phase 2: Optimize (1-3 months)​

  1. Add #2-3 local methods based on market
  2. Monitor conversion rates
  3. Gather customer feedback

Expected Coverage: 90%+ of market

Phase 3: Refine (3-6 months)​

  1. Add niche methods if needed
  2. Remove underperforming methods
  3. Optimize checkout flow

Expected Coverage: 95%+ of market

FAQ​

How many payment methods should I offer?

Start with 3-5 methods covering your primary market. Too few misses conversions; too many creates confusion.

Recommended minimum:

  • 1 card method (international)
  • 1 national standard (QR/banking)
  • 1-2 popular local methods
Should I offer all methods at once?

No. Launch with essentials, then add based on data. Start with 3-5 methods, monitor usage, and add more if needed.

Which methods have the lowest fees?

Generally:

  • Lowest: QR payments, bank transfers (0.5-1.5%)
  • Medium: Digital wallets (1.5-2.5%)
  • Highest: Credit cards (2.5-3.5%)

Balance cost with conversion rate and customer preference.

Do I need different methods for different countries?

Yes! Payment preferences vary significantly:

  • Thailand: QR + wallets popular
  • Japan: Cash/Konbini + cards
  • Singapore: PayNow + cards
  • Malaysia: FPX + wallets

Use local methods for each market.

Can I remove underperforming payment methods?

Yes, after monitoring for 3-6 months. If a method has <2% usage and low conversion, consider removing it to simplify checkout.

Next Steps​

  1. Identify your target market(s)
  2. Review this guide's recommendations
  3. Select 3-5 initial payment methods
  4. Implement chosen methods
  5. Test thoroughly with each method
  6. Monitor usage and conversion rates
  7. Optimize based on data

Need help choosing? Check our Comparison Matrix for detailed feature comparison.