Thailand recently launched the "TouristDigiPay" program, allowing foreign tourists to convert crypto assets into Thai baht for local spending. This initiative is seen as a dual breakthrough for tourism recovery and financial innovation. In this column, Binance TH CEO Nirun Fuwattananukul shares his observations and reflections on how Thailand can leverage this opportunity to leap onto the global digital finance stage, focusing on opportunities for tourism industry transformation, global trends in crypto payments, and Thailand's strategic positioning in digital finance.
A recent significant development in Thailand has garnered international media attention: the "TouristDigiPay" pilot program, jointly launched by the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). This sandbox program allows foreign tourists to convert their digital assets into Thai baht for local spending. This initiative not only helps enhance the international competitiveness of Thailand's tourism industry but also has the potential to accelerate the development of the domestic digital asset industry, furthering the country's vision of becoming a "regional digital financial hub."
However, it's important to clarify that TouristDigiPay is not a payment system that allows consumers and merchants to directly transact using cryptocurrency. Instead, it allows travelers to convert digital assets into Thai baht and then pay using a local PromptPay QR code. PromptPay is widely used in Thailand, from street food stalls to high-end department stores. This sandbox project leverages Thailand's well-established payment infrastructure to provide travelers with a convenient way to use digital assets.
The integration opportunity of crypto payment and tourism industry
According to a recent report from Grand View Research, the global crypto payments market is valued at approximately $550 million in 2024 and is projected to grow to $2.4 billion by 2033. The report identifies increasing acceptance of digital assets as a key factor driving market growth—a trend that underscores that crypto payments are not only a symbol of financial innovation but also a crucial component of the future global financial system.
In Thailand, tourism has long been a pillar of the national economy. At its peak before the pandemic, tourism revenue accounted for nearly 20% of gross domestic product (GDP). However, in recent years, Thailand's tourism industry has faced multiple challenges, including global economic uncertainty, security concerns, and increased competition from neighboring countries. Against this backdrop, introducing crypto payments as a travel payment option presents an unprecedented opportunity. This not only provides a faster, more convenient, and cashless payment method for international travelers who value digital experiences (such as digital nomads and the growing number of global cryptocurrency holders), but also helps strengthen the attractiveness of Thailand's tourism brand.
Thailand isn't the only country exploring this path. Earlier this year, Bhutan became the world's first government-led country to launch a nationwide "crypto tourism payment system," allowing foreign tourists to seamlessly pay with digital assets. Countries like the United States and Japan are also gradually adopting crypto payments, and a growing number of countries are actively piloting this innovative technology.
With a mature tourism ecosystem and strong digital infrastructure, I believe Thailand has the potential to transform this innovative policy into scalable and viable crypto payment applications. Through public-private partnerships and forward-thinking government policies, the integration of crypto payments has the potential to not only revitalize the tourism industry but also solidify Thailand's position as a global leader in financial innovation.
Shaping the future of crypto-financial innovation in Thailand
Globally, the continued growth of the stablecoin market is becoming a key driver of the widespread adoption of crypto payments. According to a McKinsey report, the total value of stablecoins in circulation globally has reached $250 billion and is projected to reach $2 trillion by 2028. Visa and Mastercard have also launched projects to support stablecoin payment and clearing mechanisms. This clearly demonstrates that traditional finance is actively embracing the advantages offered by blockchain technology and digital assets.
While local businesses and communities are currently unable to directly access or utilize digital assets within the sandbox mechanism, the program nonetheless creates a valuable opportunity for public education. It will help enhance public awareness and understanding of this emerging technology: cryptocurrency is not just an investment tool, but a technology with real-world potential.
The Thai government's crypto payment sandbox and other related initiatives clearly demonstrate its commitment to supporting innovation through policy. I believe this nationwide initiative has the potential to be a critical turning point, serving as a bridge between Thailand's traditional financial system and the new world of digital assets.
Looking to the future
Looking ahead, if Thailand's TouristDigiPay project succeeds in its sandbox testing, it has the potential to expand from a domestic pilot into an innovative model with international significance. Regardless of its ultimate outcome, the project has already provided a key global example of how crypto payment technology can be effectively integrated into national payment infrastructure. Through innovative thinking and forward-thinking regulatory policies, the public and private sectors can collaborate to promote technological advancement and truly realize the profound impact of blockchain and crypto technologies on people's daily lives.
As Thailand's leading digital asset platform, Binance TH looks forward to participating in this innovative initiative and is committed to fostering public-private partnerships to advance Thailand's leadership in digital financial innovation. We will continue to uphold compliance principles, technological excellence, and a shared vision for the future of finance to foster a more inclusive financial ecosystem.
About the author:
Nirun Fuwattananukul, CFA, is the CEO of BINANCE TH, a joint venture between Binance Group and Gulf Energy Development. He is committed to promoting digital asset adoption in Thailand, expanding the blockchain ecosystem through innovative development and strategic partnerships, while ensuring compliance with local regulations.
Prior to this, Nirun served as Binance’s Director of Southeast Asia, responsible for regional business development and strategic planning.
Prior to entering the blockchain industry, Nirun served as General Manager of TrueMoney Thailand, a leading e-wallet service provider in Thailand. He successfully built the brand into the country's leading financial app, with over 12 million active users. He also previously worked at McKinsey & Company, a renowned global management consulting firm, and UBS, the world's largest wealth management bank, accumulating extensive experience in international finance and strategy.
Nirun holds an MBA from INSEAD and a Bachelor of Engineering from the National University of Singapore.
The article "Crypto Tourism as a New Gateway: Thailand's Bold Step into Financial Innovation" was first published on (Block Guest).