Thailand is just one of the many countries in the Southeast Asia (SEA) region embracing digital assets, with the Thai government now offering tax breaks for companies issuing investment tokens. Additionally, Thailand’s opposition party leader made headlines in early April when he promised a $15 billion airdrop if elected.
It’s clear we can expect that crypto will only become more commonplace in this key market. That’s why Banxa is elated to share the availability of crypto payments via QR code across Thailand on the country’s instant bank transfer network.
Traditional payment methods that use physical cards require businesses to invest in expensive point-of-sale devices and incur significant transaction fees. QR codes show significant promise for small merchants in emerging markets to expand their businesses.
Thai QR is a standardized QR code payment, supported by all major banks and e-wallets in Thailand.
Key benefits include:
- Convenience: With Banxa’s new integration, users can simply scan the QR code and make a payment with their banking app.
- Speed: Thailand’s bank transfer network processes payments in real-time so funds are immediately transferred to the recipient’s account.
- Popularity: Bank transfers are more popular than credit card usage in Thailand, making integrating into the Thai banking system vital for projects wanting to flourish in this region.
If you’re interested in integrating Thai bank transfers or any of Banxa’s vast array of payment options to your project, reach out to Banxa’s Growth team here.