Can Thailand’s $60 billion tourism industry become the proving ground for crypto payments, turning digital assets from speculative tools into something travelers actually use?
Thailand aims to encourage cryptocurrency spending among tourists
Thailand has rolled out TouristDigiPay, a system enabling foreign visitors to convert cryptocurrency into baht and pay via the country’s QR code network. Launched on August 18, 2025, the program operates under the supervision of the Bank of Thailand and the Securities and Exchange Commission.
Tourists register through approved providers and complete identity verification. Once onboard, they can make payments almost anywhere—from shopping malls to hotels—by scanning the same PromptPay QR codes that locals use daily.
Tourism remains a cornerstone of Thailand’s economy. Before the pandemic, it contributed nearly 20% of GDP, welcoming almost 40 million visitors who spent around $62 billion in 2019, according to UN data. The pandemic hit hard: border closures in 2020 reduced arrivals to 6.7 million and revenue to less than $12 billion. Recovery has been steady but incomplete. In 2023, 28 million visitors spent $47 billion, still short of pre-pandemic levels.
The sharp decline in Chinese travelers has been a major factor. More than 10 million visited in 2019, yet outbound travel from China has not fully resumed. Early 2025 data shows arrivals remain 34% below pre-pandemic numbers, prompting officials to diversify and attract new visitor segments.
TouristDigiPay targets this opportunity. Digital nomads, remote workers, and crypto users—who generally spend more per trip and prefer digital payments—represent a growing travel segment. Surveys indicate roughly 15% of adults worldwide hold cryptocurrency, with higher ownership in parts of Asia. By enabling direct crypto payments, Thailand becomes a more attractive destination for these travelers.
The initiative also leverages an existing advantage: QR payments are already widespread in Thailand, with over 70% of consumers using them regularly, according to the Bank for International Settlements. Merchants receive baht directly in their accounts with no disruption to their operations, while visitors avoid high card fees, currency exchanges, and long wait times.
Inside the Tourist Wallet
TouristDigiPay is designed to feel seamless for visitors, even though a structured system operates behind the scenes.
The Bank of Thailand has created a dedicated Tourist Wallet as the entry point. Travelers start by registering with a licensed digital asset provider and completing identity verification—similar to opening an online bank account. Linking the wallet to an approved e-money provider ensures compliance with financial security and anti-money laundering regulations.
Once registered, visitors can transfer cryptocurrency into the Tourist Wallet, where it is automatically converted into Thai baht. Merchants never handle crypto directly. Purchases are made by scanning the same PromptPay QR code used by locals, and the merchant instantly receives baht in their account. From the seller’s perspective, the transaction appears identical to a standard local payment.
Spending limits are built into the program. Larger businesses, such as hotels and major retailers, can process up to 500,000 baht per tourist per month, while smaller shops are capped at 50,000 baht. Cash withdrawals are not allowed, preventing the system from being used to convert crypto into physical currency. High-risk businesses are excluded entirely.
Authorities are treating TouristDigiPay as a regulatory sandbox, with oversight from the Bank of Thailand, the SEC, the Anti-Money Laundering Office, and the Ministry of Tourism. The initiative aims to test the system’s reliability, evaluate its impact on both visitors and merchants, and ensure it meets financial and security standards before any broader rollout.
Reducing fees and accelerating payments
The launch of TouristDigiPay comes as Thailand seeks to capture more value from each visitor. Government forecasts for 2025 project around 35 million arrivals and nearly $60 billion in tourism revenue. Even if those targets are met, officials recognize that transaction costs often cut into profits. Credit card networks typically charge 2–3% per transaction, with settlements taking several days.
For example, a hotel processing $1 million in international bookings could lose $20,000–$30,000 in intermediary fees. TouristDigiPay eases this burden by converting crypto into baht on the backend and settling instantly through Thailand’s domestic QR system.
Small vendors, who rely on rapid cash flow, stand to gain even more. Receiving payments the same day rather than waiting a week can determine whether their inventory expands or stalls.
Thailand’s financial sector also benefits. Licensed exchanges and e-money providers, such as TrueMoney and SCB Easy, handle the flows and provide regulators abroad with proof that the system functions smoothly. Analysts estimate that if only 5% of the projected 2025 tourism revenue were processed through TouristDigiPay, transaction volumes would exceed $3 billion—surpassing the annual trading volume of some regional crypto exchanges and highlighting the scale of opportunity for Thai fintech firms.
The regional context adds further significance. Tourism contributes 10–15% of GDP in neighboring countries such as Vietnam and Cambodia, yet none have integrated crypto directly into their visitor economies. Singapore has emphasized institutional custody, and Indonesia has focused on taxation, but both remain far from consumer payments.
Thailand’s approach is distinct. Visitors can now use crypto for a beach resort in Krabi, a meal in Phuket, or shopping in Bangkok, while merchants remain fully protected from currency volatility.
How the pilot fits Thailand’s crypto rules
TouristDigiPay is just one component of Thailand’s broader digital asset strategy. The country has taken a cautious approach to cryptocurrency: trading and holding are allowed, but everyday payments remain restricted. This policy has been in place since 2022, when the SEC and the Bank of Thailand jointly decided that consumer transactions should continue to settle in baht.
Within these boundaries, Thailand’s market infrastructure has steadily developed. Local exchanges operate under licenses, with Bitkub emerging as the leading homegrown platform and preparing for a stock exchange listing. International firms have also entered the market. Binance TH, launched in 2024 in partnership with Gulf, enables direct baht deposits and withdrawals.
Tax policy has been adjusted to encourage onshore activity. In 2024, value-added tax on crypto transfers through licensed platforms was removed, reducing costs for domestic users. A year later, the cabinet approved a five-year personal income tax exemption for gains made through licensed exchanges, covering 2025–2029. These measures aim to reduce reliance on offshore platforms and bring more trading under domestic oversight.
Adoption on the ground is already relatively high. Chainalysis ranked Thailand 16th in its 2024 Global Crypto Adoption Index, placing it among the leading countries worldwide. Independent estimates suggest more than 20% of Thai adults hold Bitcoin or other digital assets, above the global average of around 15%.
Public-sector initiatives add another layer. The central bank has completed a pilot for a retail central bank digital currency and is advancing cross-border settlement experiments with ASEAN partners. Project Nexus, designed to connect instant payment systems across multiple countries, is scheduled to launch in 2026. Meanwhile, the Ministry of Finance plans to issue 5 billion baht in digital investment tokens, effectively creating tokenized public debt instruments.
Whether TouristDigiPay remains a small side program or becomes the first step toward broader fintech adoption will depend on how effectively Thailand builds trust, education, and practical blockchain applications into daily life. Officials are treating it as a test rather than a permanent change, but linking it directly to tourism gives it visibility far beyond a technical pilot.
If the program succeeds, it could strengthen confidence in Thailand’s digital infrastructure, demonstrate to international regulators that crypto can operate safely within existing payment rails, and encourage other countries in the region to experiment. The challenge will be maintaining momentum once the novelty fades. Tourists may enjoy the convenience of spending crypto during their trip, but long-term value will depend on how well the model integrates with broader financial services, retail activity, and public-sector innovation.
