The initiative, called TouristDigiPay, was announced on Monday by Finance Minister Pichai Chunhavajira. It’s being rolled out as an 18-month nationwide pilot and will be within a regulatory sandbox.
Pichai explained that the scheme is aimed at easing travel for foreigners while giving a fresh push to Thailand’s economy, which leans heavily on tourism.
"We want to take every action to facilitate foreign tourists for their stays in Thailand,” he said. “This new program adds a new innovation to replace overseas visitors’
So, what exactly does this mean for travellers? And how will it help Thailand revive its all-important tourism sector? Here’s a closer look at the TouristDigiPay program
How will Tourist DigiPay work?
With TouristDigiPay, travellers won’t need to rely only on cash or cards. Instead, they can convert their digital assets into baht through licensed digital-asset platforms and e-money providers. Shops and businesses in Thailand will still get paid in baht, so no direct crypto payments, just regular money.
To get started, visitors will need to open accounts with both a digital-asset business and an e-money provider. These are regulated by Thailand’s SEC and the Bank of Thailand to make sure the system is safe.
Tourists will also have to go through standard identity checks, including KYC (Know Your Customer) and CDD (Customer Due Diligence), under the Anti-Money Laundering Office’s rules.
Once set up, tourists can swap their crypto for baht and pay electronically, including by simply scanning a QR code. As
Thailand is likely to be the first country in the world to launch such a system where tourists can hey can convert their digital assets into baht. File image/reuters
To keep things secure, spending caps are in place. Tourists can spend up to 500,000 baht per month at merchants with card terminals, and up to 50,000 baht at smaller shops.
One more rule: tourists won’t be able to withdraw cash anytime they want. They can only take money out when closing their Tourist Wallet account, which helps reduce the risk of misuse.
Thailand is likely to be the first country in the world to launch such a system, Finance Minister Pichai said. If the 18-month trial goes well, spending limits could be raised in the future, according to The Bangkok Post.
Why it matters for Thailand’s tourism
Tourism has long been one of Thailand’s biggest economic lifelines, contributing about 12 per cent of the country’s GDP. Chinese travellers, in particular, have played a major role, but their numbers are now falling sharply.
As of 10 August, Thailand recorded 20.2 million visitor arrivals, a 6.9 per cent drop compared with last year. The national planning agency has already
Further, A weaker yen is making Japan a more affordable destination, while Vietnam is emerging as a low-cost alternative. To fill the gap, Thailand is now working to attract more travellers from the Middle East and Southeast Asia.
Tourism has long been one of Thailand’s biggest economic lifelines, contributing about 12 per cent of the country’s GDP. Thai leaders see digital payments as a way to stand out. File image. Reuters
Thai leaders see digital payments as a way to stand out, offering travellers not just affordability, but also a modern and unique experience.
Finance Minister Pichai believes the new TouristDigiPay scheme could boost spending by international visitors by about 10 per cent — or roughly 175 billion baht.
With input from agencies
