Thailand Cinema Halls To Now Accept Crypto Payments

Jul 31, 2018 at 08:30 Update Date :Jul 31, 2018 at 08:30 UTC

The crypto coins are finding themselves popular among the crowd to the extent that the digital currency is being used for payments and transactions in everyday life. The most recent adoption of the virtual currency has been made by Thailand’s biggest movie theatre chain, Major Cineplex.

Major Cineplex is the largest cinema hall chain with 143 theatres across Thailand. The move has been aimed at the encouragement of crypto usage in the country.

The only obstacle in the way of crypto coins becoming popular among the general public is the lack of options where bitcoins and other altcoins can be put to use. The crypto activities in the country were lagging behind owing to the regulations passed by the Thailand SEC (Securities and Exchange Council) earlier this year, but the initiative taken by the Major Cineplex is very encouraging.

Cryptocurrency payments will be accepted in all theatres owned by Major Cineplex and can be used to purchase products and services at the cinema, movie tickets, even popcorn, and other snacks.

The action taken is a result of the partnership between Major Cineplex and RapidzPay, a Swiss payment firm, who are developing a financial ecosystem facilitating digital payments. The collaboration between the two firms proves to be one of a kind in the country.

Chanya Tamrongweenichai, the director of Major Cineplex Group, had only positive things to say about the partnership. He was quoted as saying, “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 theatre chain has not yet announced which coins will be accepted as the mode of payment but the ones anticipated are the usual top ranking coins like Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC).

Major Cineplex has a total of 490 screens across the nation with 16 screens and 5000 seats alone at the Paragon Cineplex which is the largest mall situated at Siam Paragon. The mall attracts a large crowd of visitors and is home to major attractions like a bowling alley, a karaoke centre and a concert hall.

With a massive market in its bag, Major Cineplex has the potential of giving a push to the acceptance of cryptocurrency payments throughout Thailand.  

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