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The largest movie theatre in Thailand, Major Cineplex, is planning to integrate a cryptocurrency payment system.
With the new system in place, movie attendees will now be able to pay for their tickets and make purchases using bitcoin and other virtual currencies.
The initiative has been made possible through a partnership with RapidzPay, a Swiss financial technology developer.
Under the collaborative agreement, Major Cineplex will make use of a digital payment framework to facilitate crypto payments at the theatre’s point of sale (PoS) machines.
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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,” said the Major Cineplex director of marketing, Chanya Tamrongweenichai.
Flexible Crypto and Fiat Support
Crypto users in Thailand will now be able to use a mobile application to access the RapidzPay digital wallet and make payments.
Merchants on the other hand will be able to accept payments in both virtual currencies and fiat using the company’s platform.
Major Cineplex currently operates a total of 678 screens across Thailand and is planning to expand to 1,000 by the year 2020.
The MoU between the two firms comes closely in the wake of an expansion of the Swiss firm’s operations into Thailand that saw the establishment of a new Bangkok office.
The Swiss company has set a target of getting a million new users on board within the first year of its operations in the country.
It comes as no surprise that Thailand was the choice market for their expansion project, seeing as the country is setting itself apart as a crypto friendly region.
Late in 2017, the regulator of the Thai official securities market acknowledged the “potential of ICOs” hinting at the possibility of legitimizing the sector through a regulatory framework.