Thailand’s new Tourist Wallet helps visitors pay easier, but crypto use is still under review.
- Tourist Wallet allows QR code payments in Thai baht for foreign visitors.
- Crypto top-ups are paused until regulators finish their sandbox review.
- Spending limits and ID checks are key parts of the program’s design.
Thailand’s Wallet Aims to Make Travel Easier
The Bank of Thailand has launched a new tool for travelers called the Tourist Wallet. It helps people visiting Thailand pay for things using QR codes, even if they don’t have a Thai bank account. Users can top up their wallet with cash, foreign cards, or international transfers. However, they can’t take out cash from it. All money must be spent in-store.
Spending Limits Are in Place
To keep things secure, the wallet has rules on how much users can spend. Tourists can spend up to 500,000 baht (around $13,800) per month at places that have card terminals. At smaller shops that use basic QR codes, the limit is set at 50,000 baht per month. Users must also close their account with a full redemption process if they don’t want to use it anymore.
Crypto Support is Not Live Yet
While there were plans to allow tourists to top up their wallet with cryptocurrency, this feature is not ready. Thailand’s Securities and Exchange Commission is currently reviewing the idea. They are doing it through a testing phase called a sandbox to see if it’s safe and easy to use. They want to be sure money laundering and illegal use are prevented. Tourist users would need to show proper ID, like a passport, and go through Know-Your-Customer (KYC) checks.
When Will Crypto Payments Be Allowed?
The crypto feature will only go live if regulators approve it. That decision will come after the sandbox review ends later this month. Until then, the Tourist Wallet only works with traditional money. Crypto users will need to wait a little longer.
Source: coindesk.com