Thailand launches Tourist Wallet for foreign tourists, with cryptocurrency features still in the sandbox phase

ChainCatcher news, according to CoinDesk, Thailand has launched the Tourist Wallet for foreign tourists, which allows for QR code payments to exchange foreign currency for Thai Baht. However, the cryptocurrency exchange feature has been suspended due to regulatory review and is expected to be unavailable until mid-August.

The Bank of Thailand stated that the purpose of launching the Tourist Wallet is to address a practical issue: cross-border QR code payments are currently only available in countries including Singapore, Malaysia, and soon-to-be-launched partner countries. Tourists from other countries still face inconveniences when making payments in Thailand, and the new wallet aims to solve this pain point.

Tourists can top up their wallets in the following ways: using cash at service provider counters, linking foreign debit or credit cards, or through overseas bank transfers. The spending limits are as follows: merchants using card terminals can accept up to 500,000 Baht (approximately $13,800) per month, while small merchants can accept up to 50,000 Baht per month. Cash withdrawals are prohibited, and accounts can only be closed through redemption.