Thailand Launches Tourist Crypto Payment Pilot, Targeting THB 15 Billion in 18 Months

TechFlow news, Nov. 13, as reported by Bloomberg, Thailand has officially allowed foreign tourists to convert cryptocurrency into Thai baht and spend it directly at stores and restaurants: the payment app WORPT lets tourists pay by scanning locally accepted payment QR codes without opening a Thai bank account.

WORPT was developed by Wipay and Waan Exchange, whose founder Chaval Jiaravanon is from Thailand's Chearavanont family, and the app operates under the TouristDigiPay regulatory pilot run by Thailand's Securities and Exchange Commission (SEC). Wipay founder Pavin Jittiwongsamarn said the target users are crypto holders from South Korea, Japan, the Middle East and Southeast Asia, and the company expects 200,000 users in the first year and THB 15 billion (about USD 440 million) in spending during the 18-month pilot.

The launch comes as Thailand's tourism sector is under pressure: inbound foreign tourist arrivals are expected to decline for a second consecutive year, international tourism receipts are falling in tandem, and the government is shifting its focus to attracting higher-spending tourists. Under the sandbox design, local merchants do not directly accept cryptocurrency; payments are still settled in Thai baht through standard payment networks.

Source: TechFlow