Thailand is moving a step further in the acceptance of digital currencies. The country’s largest movie theater chain has recently collaborated with a digital payments company to build a digital-payment ecosystem which includes support for cryptocurrency payments. This laudable move is another plus to the cryptocurrency sector, and it brings to bear Thailand’s efforts to make the country crypto-friendly.
Major Cineplex Group Collaborates with RapidzPay
Thailand’s movie theater giant, Major Cineplex Group, has joined forces with RapidzPay to integrate cryptocurrency payments. Details have not yet been given as to which cryptocurrencies will be supported, but the movie conglomerate hopes that the move will enable its customers to pay for Cineplex’s products and services more efficiently.
RapidzPay is a Swiss payment company that provides corporate and personal payment solutions using the decentralized blockchain platform. Merchants can send payments to the RapidzPay digital wallet through a mobile app. The Rapidz point-of-sale (RapidzPOS) is a software that would enable merchants to collect cryptocurrencies and fiat currencies.
Commenting on the deal, Chanya Tamrongweenichai, director of marketing at Major Cineplex Group said:
“With RapidzPOS and the RapidzPay mobile app, you’ll be able to buy any services and products from us, such as movie tickets, popcorn, and other different products with cryptocurrency. Also, we believe that RapidzPay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless.”
Speaking on the collaboration, RapidzPay President and Founder Eddie Trent said:
“All I can say is that I’m really excited to help customers of Major Group and beyond to make their lives a little bit better and easier.”
With increasing user community support and favorable market experience, RapidzPay is expecting one million active Thais within its first year. The payments platform expects a broader acceptance of the blockchain technology, as it is secure, highly efficient, and inexpensive.
The Increasing Popularity of Cryptocurrency Payments
According to a survey carried out by the University of Cambridge, the current number of unique active users of cryptocurrency wallets is between 2.9 million and 5.8 million. This represents less than one percent of the world’s population.
Despite the popularity of digital currency, figures show that they are not as widely used as many cryptocurrency enthusiasts might think. The total market capitalization of all cryptocurrencies in July 2018 is around $300 billion USD. This figure may be staggering, but it does not reflect the growth potential of cryptocurrency markets, as it remains largely untapped.
Mobile application development combined with blockchain technology, however, continues to grow by the second and gain more acceptance. Many companies and corporate bodies are beginning to turn to cryptocurrency to use for their products and services. This is because it is safe, fast, comfortable, and secure, compared to fiat currency payments.
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