BANGKOK, Thailand – Buy Now, Pay Later (BNPL) services have expanded rapidly in Thailand, with the number of accounts climbing from approximately 620,000 in 2021 to 6.3 million in 2025, raising fresh questions about consumer borrowing and household debt. Data from the Bank of Thailand, cited by Kasikorn Research Center, show that BNPL accounts increased more than tenfold over four years. The value of credit used through these services rose almost sixfold, from 6.834 billion baht in 2021 to 40.713 billion baht in 2025.
Growth remained strong last year, with BNPL accounts increasing 28.3%. By comparison, accounts for unsecured personal loans grew 3.9%, while credit card accounts rose 1.3%, according to the same data. BNPL allows customers to purchase goods or services immediately and pay in instalments, often selecting the option directly at an online checkout. The convenience can help consumers manage the timing of payments and provide access to credit for people who may face difficulties obtaining traditional loans.
However, the rapid expansion also raises concerns that shoppers may focus on the relatively small instalment for each purchase without considering their total repayment commitments. Kasikorn Research Center has highlighted the risk of consumers taking out several instalment plans across different platforms. Where information from some BNPL providers is not fully reflected in credit reporting systems, lenders may also have difficulty assessing a borrower’s overall debt burden.
Thailand’s Finance Ministry and central bank are considering tighter rules for BNPL lending, including proposed limits on credit amounts and annual interest and charges. The proposals aim to improve consumer protection and reduce the risk of borrowing beyond repayment capacity.
The challenge for regulators is to preserve the convenience of digital payments while ensuring consumers understand the full cost of borrowing and can afford repayments.
The rise in account numbers does not necessarily represent the same number of individual borrowers, since one person may hold multiple accounts. Nevertheless, the growth in BNPL use highlights how quickly digital credit is becoming part of Thailand’s consumer economy.
