Thailand WORPT supports tourists in exchanging cryptocurrency for Thai Baht for consumption

The Thai payment application WORPT allows foreign tourists to exchange cryptocurrency for Thai Baht and spend it in stores and restaurants by scanning commonly used local payment barcodes, without the need to open a Thai bank account. The application was developed by Wipay Co and Waan Exchange Co and operates under the TouristDigiPay regulatory pilot launched by the Thai Securities and Exchange Commission.

Wipay founder Pavin Jittiwongsamarn stated that the target users of WORPT are cryptocurrency holders from South Korea, Japan, the Middle East, and Southeast Asia. The company expects to reach 200,000 users in the first year and anticipates driving 15 billion Baht (approximately 440 million USD) in spending during the 18-month pilot period. The number of foreign tourists entering Thailand is facing a decline for the second consecutive year, and international tourism revenue is also decreasing.