Thailand Recognizes E-Signatures

The eCommerce market in Southeast Asia is one of the fastest growing and most promising, with its projection to grow to $11 billion in 2025. According to the Electronic Transactions Development Agency, in 2017, the total eCommerce market in Thailand was estimated at $2 billion. The total Thai eCommerce revenue is expected to reach $3.5 billion in 2018. The driving factors arise from increased Internet and mobile phone use as well as improved logistics and e-payment systems.

Source: www.export.gov

With the rapid growth of eCommerce transactions, closing transactions via the traditional exchange of signatures opens the door to various issues. For banks and payment service providers, there is always the problem of chargebacks. Of course, verification methods are increasing, but the starting point in closing a digital transaction is an e-signature.