AFTER spending two weeks in Thailand, I’ve been fascinated by how seamlessly commerce is conducted here, especially with the integration of digital payments and online business systems. My mission is to take what I learn in Thailand and across Asia and find ways to seed these ideas back into the Caribbean.

We have a long way to go, but we can certainly adopt some practices that would revolutionise our business culture. Here’s what I’ve observed so far and how we can start thinking about changing the culture of commerce back home.

1. Embrace Diverse Payment Options

One of the most remarkable things about doing business in Thailand is that every business, from street vendors to large corporations, accepts a wide range of payment options. Whether you’re using a local payment app, a credit card, or even QR codes, there’s an overwhelming sense that businesses want to make it as easy as possible for you to pay. This is especially important because Thailand is a major tourist destination, and businesses need to cater to people from all over the world, many of whom don’t carry cash.

In contrast, Jamaica still operates in a primarily cash-based society. Yes, we may love the familiarity of cash, but the rest of the world has moved on. Cash handling is cumbersome, limited, and risky. We need to start thinking about how we can broaden our payment options and reduce barriers. Businesses should aim to be more inclusive with digital payments, making it easy for customers to pay however they prefer.

2. Reduce Friction in the Buying Journey

Conducting business in Jamaica often comes with unnecessary friction. Whether it’s navigating cumbersome processes, insisting on cash payments, or requiring customers to physically show up, it can feel like a battle just to make a purchase. This friction turns people away, especially in a world where convenience is key.

In Thailand, businesses do the opposite — they minimise friction at every step. The idea here is simple: the more streamlined your process, the more customers you will attract. Businesses aren’t scared of the small fees that come with using digital payment systems because they know the increased sales volume will more than make up for it. This also allows tourists from all over the world to come and easily conduct business with them through their apps and acceptance of a wide array of payment offerings. In Jamaica, we often balk at fees for using online platforms, but by avoiding them, we lose out on potential sales and loyal customers.

We need to review our buyer’s journey from start to finish and identify areas where we can simplify processes, whether it’s enabling online payments or offering more flexible options for completing transactions. If the process is smooth and convenient, people will be more likely to engage with our businesses, and more sales will follow.

3. A National Payment System Like Thailand’s PromptPay

One of the standout systems I’ve seen in Thailand is the national digital wallet and payment platform, PromptPay, which was launched in 2017. The Thai Government developed it to reduce cash-handling costs, aiming to save over US$2 billion within 10 years. The platform connects to every citizen’s bank account, allowing them to create an account with their ID cards. Paying businesses or even sending money between individuals is as simple as scanning a QR code.

This is an area where Jamaica could make a massive leap. Imagine a similar system back home, where everyone with a bank account has access to a national digital wallet. The benefits are huge — from reducing the costs associated with cash handling to creating a more transparent and efficient payment ecosystem. It would be a game-changer for both citizens and businesses.

4. Incentivise Digital Channels

In Thailand and Southeast Asia, businesses offer constant incentives, like discounts and deals, to encourage the use of digital channels for everything from paying bills to booking flights. It’s not just young people adopting these systems; even the elderly are using them, often with help from store reps or friendly strangers. Jamaica needs similar incentives. Digital adoption requires motivation, and by offering deals and educating customers, we can foster a digitally savvy population and streamline transactions.

Changing the Culture

Jamaica has an incredible opportunity to modernise how we conduct commerce. The rest of the world is moving quickly toward digital payments, and we cannot afford to be left behind. By embracing more payment options, reducing friction in our business processes, adopting a national digital payment system, and incentivising digital channels, we can change the culture of commerce in our country. Thailand is proof that this shift is possible, and with the right mindset and systems in place, we can create a thriving, modern business environment back home.

Keron Rose is a digital strategist who works with businesses to build their digital presence and monetise their platforms. Learn more at KeronRose.com or listen to the Digipreneur FM podcast on Apple podcast, Spotify, or YouTube.