Thailand has launched a new payment system, WORPT, allowing foreign tourists to convert cryptocurrencies into Thai baht for spending on goods and services. The initiative, developed by Wipay and Waan Exchange (Waanx) with support from Tether, aims to boost tourism revenue by attracting digital asset holders.
WORPT enables tourists to convert supported digital assets, including stablecoins like USDT and USDC, into Thai baht. This converted currency can then be used for purchases through Thailand’s QR PromptPay network. According to Thai media reports, the service operates within Thailand’s TouristDigiPay regulatory sandbox, overseen by the Securities and Exchange Commission.
Merchants receive payments directly in Thai baht through their existing channels, and tourists do not need a local Thai bank account, only completing identity verification via the app. The system initially charges a 1.5% conversion fee, a detail reported with medium confidence.
This development comes as Thailand seeks to attract international visitors and revive tourism spending, which has faced recent declines. The government views crypto holders as a potentially valuable customer base, particularly as stablecoins become more common for international transactions.
Previously, tourists holding cryptocurrency often faced a more complex process to convert their assets into Thai baht for daily expenses, which could involve using exchanges, arranging over-the-counter (OTC) transactions, withdrawing cash, or transferring funds through a local bank account. Concerns over scams involving fraudulent crypto OTC brokers and fake exchanges in Thailand have also highlighted the need for legitimate conversion methods.
Future plans for WORPT include the introduction of physical Visa prepaid card services in November, with virtual cards expected in early 2027. The Mall Group is among the early retail partners for the service.
While Wipay anticipates attracting approximately 200,000 users in WORPT’s first year, this projection is based on low confidence. Similarly, the company’s projection of around 15 billion baht (approximately $440 million) in spending during the initiative’s 18-month trial also carries low confidence. Target markets for WORPT include South Korea, Japan, the Middle East, and Southeast Asia.
The long-term success and adoption of the WORPT system remain uncertain, with key factors including user uptake and the overall impact on tourism spending yet to be determined.
Why This Matters
The materials describe a narrow update: A new payment app, WORPT, has been launched in Thailand that enables foreign tourists to convert cryptocurrencies, including stablecoins like USDT and USDC, into Thai baht. The actual number of users WORPT will attract in its first year.
Broader Context
Source materials place the factual news in this context: Thailand is giving crypto holders another reason to book a holiday.
