Thailand’s largest movie theater chain has given the green light to its clients for paying for their moviegoing with cryptocurrency according to Bitcoin.com.
Major Cineplex has reported that it plans to integrate cryptocurrency into its current payments system in partnership with Swiss payment company Rapidzpay.
There are currently 143 theaters in the Thai chain throughout the country, the largest being the Paragon Cineplex in capital Bangkok. The company also screens in Cambodia and Laos with plans to increase its total screens in the South East Asia region from 678 to 1,000, according to Forbes.
The massive ParagoCineplex, with 16 screens and 5000 seats, is in the center of a major upmarket shopping hub surrounded by restaurants, an art gallery, a concert hall and numerous retailers. Merchants will be able to use the Rapidz point of sale system which will accept both cryptocurrency and fiat payments. The currencies available for payment have not been announced although the current Rapidzpay app accepts BTC, BCH, and LTC.
The signing of the deal at the Paragon Cineplex was clearly not by chance due to its location within a major retail and service hub. Chanya Tamrongweenichai, the director of marketing at the group commented that:
“Rapidzpay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless… You’ll be able to buy any services and products from us, such as movie tickets, popcorn and other different products with cryptocurrency.”
The Swiss payment firm has said that it has targeted a million Thai users in its first year in the country hoping that both established crypto users and newcomers to cryptocurrency will realize how convenient this method of payment is.
The Thai Securities and Exchange Commission (SEC) is currently proactive in allowing to cryptocurrencies to be used as a form of payment for goods and services in the country. Currently, the following seven cryptocurrencies are earmarked for official recognition for trading purposes: BTC, ETH, BCH, ETC, LTC, XRP, and XLM.
The SEC’s secretary-general, Rapee Sucharitakul, reflected the nation’s new flexible approach to digital currency when he stated this week:
“…the SEC is (now) open for application approval for operating a digital asset business, as the Finance Ministry’s announcement on digital asset licenses has come into force.”
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