Recently, a notable development in Thailand caught global media attention — the launch of a TouristDigiPay initiative jointly spearheaded by the Thai SEC and the Bank of Thailand. This sandbox program enables foreign tourists to convert digital assets into Thai baht for domestic spending. Beyond boosting the competitiveness of Thailand’s tourism sector, this initiative also holds the potential to accelerate the growth of the country’s digital asset industry, moving Thailand closer to its vision of establishing itself as a regional digital financial hub.
However, it’s important to clarify that TouristDigiPay is not a direct crypto payment system where both customers and merchants transact in digital assets. Instead, it allows users to convert digital assets into Thai Baht for payment via PromptPay QR codes, which are widely available — from street food stalls to luxury shopping malls. This sandbox offers a seamless way for tourists to use digital assets while leveraging Thailand’s robust payment infrastructure.
Integrating Crypto Payments with Tourism
According to a recent report by Grand View Research, the global crypto payments market was valued at around USD 550 million in 2024 and is projected to reach USD 2.4 billion by 2033. The report identifies increasing acceptance of digital assets as a key driver behind this expansion — a trend that underscores crypto payments not only as a symbol of financial innovation, but also as a vital component of the future global financial system.
In Thailand, tourism has long served as a cornerstone of the national economy. At the peak before covid, tourism made up almost 20% of Thai GDP. However, in recent years, the industry has faced mounting challenges, including global economic volatility, security concerns, and growing competition from neighboring countries. Against this backdrop, integrating crypto-empowered payment options presents an unprecedented opportunity. It offers international travelers — particularly those who value digital-first experiences, such as digital nomads as well as a rising number of crypto holders globally— a fast, convenient, and cashless payment alternative, while also enhancing the overall appeal of Thailand’s tourism offering.
In fact, Thailand is not alone in exploring this path. Earlier this year, Bhutan became the first country to launch a government-led national crypto tourism payment system, enabling foreign visitors to transact seamlessly using digital assets throughout their stay. Crypto payments are also being adopted in countries like the US and Japan, with more and more countries experimenting with this innovation. With Thailand’s mature tourism ecosystem and strong digital infrastructure, I also believe the country has the capacity to translate this innovative policy into scalable and practical crypto adoption. By aligning public-private collaboration with forward-looking government support, crypto payment integration can act as a strategic lever — revitalizing tourism while laying the groundwork for Thailand’s leadership in financial innovation.
Forging Crypto-Financial Innovation in Thailand
Globally, the continued growth of the stablecoin market is emerging as a vital catalyst for broader crypto payment adoption. According to McKinsey, the total value of stablecoins in circulation has already reached USD 250 billion and is expected to grow to USD 2 trillion by 2028. Visa and Mastercard are already rolling out projects to support payment and settlements in stablecoins. The momentum is clear, as traditional finance is moving to embrace the advantages of blockchain technology and digital assets.
Although local businesses and communities cannot yet be directly exposed to digital assets through the sandbox, the initiative has nevertheless provided a valuable opportunity for public education. It helps raise awareness and foster a deeper understanding of the fundamentals of this evolving technology — crypto is not merely an investment vehicle, but a technology with practical, real-world applications.
The crypto payment sandbox along with other initiatives launched by Thai authorities, has signaled the government’s clear intention to foster innovation through supportive policies. And I believe this national initiative could mark a pivotal step toward bridging Thailand’s traditional financial system with the emerging world of digital assets.
Moving Forward
Looking ahead, Thailand’s TouristDigiPay program can grow beyond a national initiative, contingent on the success of the sandbox. Regardless, it serves as a global paradigm of how crypto payments can be integrated with national payment infrastructure. With an innovative and forward-thinking mindset, supported by smart, adaptive regulation, the public and private sectors can work together to accelerate technological advancement and deliver a more meaningful impact on people’s lives — all empowered by the possibilities of blockchain and crypto technology.
As a leading digital asset platform in Thailand, Binance TH looks forward to taking part in this pioneering initiative and is committed to supporting public-private collaboration that accelerates Thailand’s leadership in digital financial innovation — guided by compliance, technological excellence, and a shared vision for a more inclusive financial future.
