Overview

Thailand has launched a Tourist Wallet designed to facilitate QR payments in baht for foreign visitors. However, the anticipated cryptocurrency conversion feature is still awaiting regulatory review, which is not expected to conclude until mid-August.

Key Highlights

• The Tourist Wallet is part of efforts to enhance payment experiences for travelers from countries lacking cross-border QR links.
• It allows top-ups through cash, cards, or bank transfers, addressing payment issues for tourists.
• Currently, crypto conversion remains unapproved pending regulatory examination, emphasizing the importance of safety and compliance.

Payment Features

The Tourist Wallet enables tourists to load funds via cash and foreign debit or credit cards, with set spending limits:

• 500,000 baht ($13,800) per month at merchant terminals
• 50,000 baht for smaller businesses Cash withdrawals are not permitted, and accounts can only be closed through redemption processes.

Regulatory Aspects

The Securities and Exchange Commission of Thailand is scrutinizing whether regulated exchanges can allow seamless conversion of cryptocurrency to baht for Tourist Wallet users. This regulatory alignment prioritizes customer identification processes, with concerns about compliance and anti-money laundering practices preventing immediate access to this feature.

For now, the platform operates as a traditional payment solution while awaiting definitive authorization regarding its crypto functionalities.