Movie fans in Thailand may soon start paying for their entertainment in Bitcoin (BTC-USD). Major Cineplex, the country’s largest movie theater chain has announced that it will be integrating digital currency payments to enable fans pay in Bitcoin. Customers will now be able to use Bitcoin to access the theater’s services and products like movie tickets and popcorn.
Partnership with RapidzPay
To facilitate the new program, the company has signed a partnership agreement with RapidzPay, a Swiss payment company. Through the partnership, the theater intends to build its own digital payment ecosystem in the country.
Since it was started in December 1995, the theater has grown and expanded and currently lists 143 theater in the country. 43 of these theaters are situated in Bangkok. Additionally, the company has a total of 678 screens, 9 of which are in Laos and 7 in Cambodia. The company is currently working on expanding the number of screens to 1,000 come 2020.
Through the partnership, the theater will install the Rapidz point-of-sale system, through which it will accept both fiat and cryptocurrencies. Additionally, the company says the new payment system will make its payment ecosystem seamless, efficient and secure.
Currently, Rapidzpay supports payments in Bitcoin (BTC), Litecoin (LTC-USD), and Bitcoin Cash (BCH-USD). In a statement, Major Cineplex Marketing director Chanya Tamronweenichai said they will expand the use of Rapidzpay to other businesses.
Thailand is moving to regulate the crypto market
In the recent past, Thailand has been moving to regulate the crypto sector. The country’s Securities and Exchange Commission has been accepting applications for licenses from operators. Additionally, the country has effected regulations in the crypto industry. The new regulations only allow seven cryptocurrencies to trade in the country.
In its first year in Thailand, RapidzPay is targeting over one million active users currently in the country. The payment company has announcement that it is looking for new crypto enthusiasts to join its crypto ecosystem and the entire growing sector.
There has been growing interest in the cryptocurrency industry among institutional investors. This has been so despite the unpredictable nature of the digital currency market.