Thailand launches crypto payment service for tourists

详细摘要

Thailand has launched a cryptocurrency payment service for foreign tourists, allowing visitors to convert digital assets into Thai baht and use the proceeds to pay at shops,…

Thailand has launched a cryptocurrency payment service for foreign tourists, allowing visitors to convert digital assets into Thai baht and use the proceeds to pay at shops, hotels and restaurants without opening a local bank account.

Thai fintech companies Wipay and Waan Exchange announced the launch of WORPT, a cryptocurrency payment application designed for foreign visitors on November 13. After completing identity verification, users can link an external digital-asset wallet and convert their cryptocurrency holdings into baht to create an in-app balance. They can then scan PromptPay QR codes, which are widely used across Thailand, to make payments at participating businesses.

WORPT operates under TouristDigiPay, a regulatory sandbox overseen by Thailand's Securities and Exchange Commission (SEC). The programme allows participating users to convert cryptocurrencies, including stablecoins such as USDT and USDC, into baht. Tether is supporting the development of the service.

Under the payment arrangement, merchants do not receive or handle cryptocurrency directly. Instead, they receive payments in baht through existing settlement channels, allowing them to continue using their established payment systems without taking on direct cryptocurrency custody or exchange-rate exposure. The initial conversion fee is reported to be around 1.5 per cent.

Wipay aims to attract 200,000 users during the service's first year. The company has also projected that WORPT will process 15 billion baht, equivalent to approximately USD 443.3 million, in payments during its 18-month pilot period.

South Korea, Japan, the Middle East and Southeast Asia are among the company's target markets. The strategy is based on attracting international travellers who already hold digital assets and may be interested in using them to cover expenses while travelling abroad.

The companies are also planning to extend the service beyond QR-code payments.

The launch comes as Thailand seeks to attract more…

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