Thailand is making it easier for tourists to spend their crypto. A new payment app called WORPT allows foreign visitors to convert cryptocurrencies such as USDT and USDC into Thai baht and pay at shops, restaurants and hotels using Thailand's existing QR PromptPay network.
The service works without requiring tourists to open a local bank account. Users simply connect their crypto wallets, convert their assets into baht and scan the merchant's QR code. Businesses receive baht through their usual payment channels, so they don't need to deal with crypto directly.
The project is supported by Tether and aims to attract around 200,000 users, generating approximately $440 million in spending during its 18-month trial. Thailand hopes this initiative will attract more tourists and boost tourism revenue.
My take: Having lived in Southeast Asia for several years, I know that spending crypto there wasn't always straightforward. You usually had to find an exchange or an OTC broker to convert your crypto into local currency. This added several steps to something as simple as paying for dinner, booking accommodation or shopping.
There was also the issue of trust. Scams involving fake exchanges and fraudulent OTC brokers were not uncommon. Finding someone willing to exchange crypto wasn't necessarily difficult, but finding someone legitimate was another matter.
I think this is a practical use case for crypto. It makes spending digital assets much easier for tourists and could also benefit people who want to live in Thailand and use crypto for everyday expenses.
