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Thailand’s Largest Movie Theater Chain Accepts Bitcoin

  • Posted On - 2021-03-05 12:21:03

The biggest operator of movie theaters in Thailand, Major Cineplex Group has reportedly provided the facility to purchase movie tickets with cryptocurrencies to some of their customers.

According to Siam Rath, a local news agency, Major Cineplex has announced the launch of its cryptocurrency payment pilot project in addition to support the innovation and to be a part of new technology.

To integrate the new payment system, Company has collaborated  with local crypto exchange Zipmex and digital payment startup RapidZ.

Major Cineplex implemented the new feature at Bangkok’s Major Cineplex Ratchayothin movie theater from March 4, allowing customers to buy tickets accepting Bitcoin via RapidZ by scanning a QR code. Major Cineplex is expecting to extend the pilot to more of its 39 movie theaters across Bangkok by the end of this year.

The news apparently marks the first time in history that Thai movie theaters have accepted crypto as a form of payment.

Narut Jiansanong, a spokesperson for Major Cineplex, said that the new initiative intended to attract more customers who are crypto lovers. He said that the country is now estimated to have up to 1 million Bitcoin holders, almost 2% of the country's total adult population.

In mid-February, the Securities and Exchange Commission of Thailand proposed to adopt specific requirements for people who are willing to invest in crypto, reportedly planning to propose a requirement that investors should have an annual income of at least $33,250. However, the authority subsequently appeared to back off some of its proposed requirements, stating that its initial proposals intended to measure the investor sentiment.