Thailand movie theatre chain

Thailand’s Largest Movie Theatre Operator Introduces Crypto-Based Payments

Jul 30, 2018, 2:57PM
1 min, 40 sec READ

Major Cineplex Group has signed a deal with RapidzPay to bring cryptocurrency-based payments to its theaters across Thailand and South-East Asia.

Thailand’s largest movie theater operator, Major Cineplex Group, has reportedly partnered up with Switzerland-based crypto company RapidzPay. The collaboration is expected to bring cryptocurrency payments to hundreds of Major Cineplex-run theaters in the coming months. Local news outlet Nation Multimedia reported July 26 that the two companies had signed a deal at one of Thailand’s most famous malls, the Siam Paragon, on June 27. Paragon Cineplex, the largest cinema in Major Cineplex Group's chain, with 16 screens, is located in the Siam Paragon.

Founded in 2017, Rapidzpay currently supports Bitcoin, Bitcoin Cash, and Litecoin on its mobile wallet application. The same list of currencies is also expected to be supported at Major Cineplex Group theaters.

The director of marketing at Major Cineplex was quoted as saying,

With RapidzPOS and the RapidzPay mobile app, you’ll be able to buy any services and products from us, such as movie tickets, popcorn, and other different products with cryptocurrency.

Shortly after the signing event, RapidzPay also unveiled its encrypted digital currency Rui coin for use at point-of-sale terminals across the theater. China News reported that some of the highlights of the system included the ability to use it alongside fiat and real-time payments. A "series of experience events" were also held at the mall, in a bid to show off the convenience of the payment system. “All the activities at the event [were] paid for with Ruicoin,” reported the Chinese news website.

The Thailand Securities and Exchange Commission recently gave cryptocurrency exchanges operating in the country the green light to trade seven digital tokens. On this note, Tamrongweenichai added that the country is clearly primed towards accepting cryptocurrency on a larger scale.

He said,

We believe that RapidzPay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.