Thailand launches crypto payment pilot for foreign tourists, allowing consumption via scanning local payment codes.

November 13, according to Bloomberg, Thailand's payment app WORPT has launched for foreign tourists, allowing cryptocurrency to be exchanged for Thai baht and used for purchases at shops and restaurants by scanning the widely used local payment QR codes, without the need to open a Thai bank account. The app was jointly developed by Wipay and Waan Exchange, with founders including Chaval Jiaravanon, a member of the family of Thai billionaire Dhanin Chearavanont, and operates under the TouristDigiPay regulatory sandbox launched by the Securities and Exchange Commission of Thailand. According to official instructions, tourists can currently exchange USDT and USDC for Thai baht and pay via Thailand's PromptPay QR codes; merchants do not directly receive cryptocurrency but instead receive Thai baht through the existing payment system.

Wipay founder Pavin Jittiwongsamarn said the app mainly targets cryptocurrency holders from South Korea, Japan, the Middle East, and Southeast Asia. The company expects 200,000 users in the first year and 15 billion baht in spending during the 18-month pilot period. Thailand's foreign tourist numbers are currently heading for a second consecutive year of decline, and international tourism revenue is also falling.