In the first pilot project in Thailand’s entertainment scene demonstrating virtual currencies’ potential, Major Cineplex Group is collaborating with Zippex and RapidZ.
Clients can now buy movie tickets using Bitcoin and digital cryptocurrencies, adapting to the “new normal lifestyle,” local news outlet Siam Rath on March 5 reports.
Thailand’s Crypto Players Join Hands to Spur Adoption
Major Cineplex Group is the largest movie theatres operator in Thailand, while Zippex is an established crypto exchange. On the other hand, RapidZ is a digital exchange management system provider with a presence in South East Asia.
The Chief Marketing Officer (COO) of Major Cineplex Group, Narut Jiansanong, said they are customer-facing, integrating new technologies to serve their clients.
By accepting cryptocurrencies, their customers would have alternatives, outside of fiat currencies, to pay for their tickets anytime, anywhere without an intermediary.
Specifically, the pilot project determines the level of adoption and frequency of use among their younger and working-class citizens. The latter prefer technology’s convenience when booking movie tickets.
Leveraging Cryptocurrencies to Expand Business Activities
Major Cineplex Ratchayothin will be the first movie theatre to trial this new payment system. However, by the end of the year, 39 other sites will enable crypto as a means of payment.
To trial the system, moviegoers must first download the RapidZ wallet before choosing any of the selected cryptocurrencies as payment.
Commenting, the Marketing Director of RapidZ, Wisara Chokdeetaweanan, said leveraging cryptocurrencies present an opportunity for businesses to further their activities:
“We believe that the exchange of goods and services with digital assets is one of the broadest and clear use cases. It will also help businesses and enthusiasts leverage cryptocurrencies to further their existing business activities with the hot and exciting trend of cryptocurrencies. Of all countries around the world at the moment as well.”
Controversial Bill Banned
The announcement is a few days after Thailand’s Securities and Exchange Commission (SEC) retracted their proposal of harsh crypto trading restrictions.
As BTCManager reported, the regulator said it was testing waters and public sentiment. If implemented draft would have blocked low and middle-income individuals from investing in cryptocurrencies.