WORPT Brings Crypto-to-Baht Payments to Thailand’s Tourists
WORPT lets foreign tourists convert USDT and USDC into Thai baht for merchant payments, under a regulated pilot with identity checks and spending limits.
Key Notes
- WORPT converts supported USDT and USDC into baht for tourist spending through Thailand’s payment network.
- Wipay projects 200,000 users in the first year and 15 billion baht of spending over an 18-month trial.
- The service requires identity verification and applies wallet and spending limits, with cash withdrawals prohibited.
WORPT is giving foreign tourists a way to convert stablecoins into Thai baht and pay local merchants through Thailand’s QR-payment network, without opening a Thai bank account. The app connects digital-asset exchange Waan Exchange with electronic-money provider Wipay.
The company expects 200,000 users in its first year and projects 15 billion baht in spending during an 18-month trial, Bloomberg reported Friday, citing Wipay founder Pavin Jittiwongsamarn. Those are business targets, rather than recorded adoption or completed transactions.
Stablecoins Become Baht Before Checkout
The WORPT website lists support for USDT and USDC on Ethereum’s ERC-20 network. Customers deposit supported tokens, sell them for baht and load the proceeds into an e-money wallet for spending.
Merchants receive baht through the existing payment system. They do not need to accept or hold cryptocurrency. The conversion approach also appears in stablecoin-funded cards, which connect token balances with conventional merchant payments.
WORPT operates under the Thai Securities and Exchange Commission’s TouristDigiPay sandbox. The regulator describes testing periods of up to 18 months for approved operators, with identity checks, reporting requirements and an exit strategy.
The framework predates Friday’s report. WORPT’s October 26 company announcement already described the service as available, making the latest coverage a closer look at its commercial rollout and ambitions.
Passport Checks and Spending Limits Apply
The service is intended for non-Thai tourists lawfully visiting the country temporarily. Its eligibility rules require applicants to be at least 20, hold an NFC-enabled passport and complete facial verification. An NFC-capable phone is also needed for remote onboarding.
WORPT’s service terms cap the baht wallet balance at 100,000 baht. They set a base spending limit of 300,000 baht per person per month across the wallet and any linked card, subject to daily and merchant-specific restrictions.
Payments to small or individual merchants are limited to 1,700 baht per transaction and 50,000 baht per month. Higher merchant-category ceilings do not automatically override the customer’s overall spending limit.
A temporary increase to a maximum monthly ceiling of 500,000 baht requires additional due diligence and approval. It lasts no more than five days. Cash withdrawals from crypto-funded wallet balances are prohibited.
Conversion Costs Remain Part of the Service
The published fee schedule charges 1.5%, including VAT, when converting digital assets into baht or converting baht back into digital assets. Token withdrawals carry separate fees, and inactive accounts can incur maintenance charges.
Unused baht can be converted back into digital assets for transfer to the customer’s original wallet. The terms require conversion of the entire remaining baht balance, rather than a selected portion.
Each conversion must be worth at least 100 baht. The terms also prohibit payments to high-risk merchant categories, including gold and jewelry shops, currency-exchange businesses and dealers in cryptocurrencies or digital tokens.
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