The largest movie theater operator in Thailand, Major Cineplex, recently started integrating cryptocurrency payments to allow moviegoers to buy tickets, popcorn, and other products with Bitcoin and other cryptocurrencies.
The multiplex movie operator has recently partnered with the Swiss fintech developer RapidzPay, deploying a digital payment ecosystem which is built by the Swiss firm. The crypto payments will be integrated with a point-of-sale (PoS) machinery in its theatres.
The news came from the local Thai publication The Nation yesterday. As reported, cryptocurrency adopters and holders can now send their payments to RapidzPay’s digital wallet with a mobile app – linking the purchases on the Swiss PoS platform.
Accepting both crypto and fiat baht (Thailand’s native currency), Major Cineplex will integrate the new system across 678 screens – 7 in Cambodia and 8 in Laos, with plans to expand to 1,000 screens by 2020. As Forbes reported, the chain’s founder also plans to integrate the model in McThai, the Mcdonald’s outlets in the country.
Major Cineplex’s director of marketing recently stated:
“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.”
Meanwhile, RapidzPay has opened a new office in Bangkok earlier this month and is now targeting a million active users in Thailand within the first year of its operations. On top of this, the Swiss fintech firm launched a wallet app that will allow users to hold, trade and exchange cryptocurrencies and buy crypto with fiat.
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“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
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