Zcoin Thais Knot With Five Million Merchants
50 Million potential users
Zcoin (XZC) is pushing for more merchant adoption in its homeland. With the latest integration with the Satang App, customers in Thailand can now spend Zcoin through a mobile QR payment system at five million merchants throughout the country.
Any of the 50 million users of Thailand’s Promptpay e-payments system can now spend Zcoin at local merchants, both online or in-store. Merchants receive payment in the local fiat currency, the Thai Baht, with conversion taking place between Zcoin and the Baht on the regulated Satang Pro exchange.
The Zcoin team aims to reduce operation fees and safety risks, while also removing the friction involved with educating merchants about the technology. By plugging into the already-existing payments network, the team aims to help merchants become more comfortable accepting cryptocurrencies as a trusted payment method.
For merchants, a new demographic of clientele may be attracted to businesses who accept the new payment method. “It is also an opportunity to attract a new group of technology-literate customers,” said Akkrapol Warakornpipat, Dentist and Owner of Suandok Akkrapol Dental Clinic.
For some customers, it’s all about convenience and ease-of-use.
“I’m not familiar with or inclined to use cryptocurrencies but what matters to me is convenience,” said Isaree Benjapongwattana, a Marketing Executive and new Satang App user. “I already use the PromptPay app on a day-to-day basis so the Satang app is a welcome alternative that makes sense for me, especially as more stores begin to adopt the system.”
Zcoin’s founder hopes that increased adoption in Thailand can “serve as a test case for other countries as well.” Beyond the borders of Thailand, PromptPay will also be linked to Singapore’s version of the same system called PayNow. From there, Zcoin could be made available as a payment method wherever the Unified Payment Interface is used.
Zcoin founder and CEO of Satang, Pomrin Insom, says that the conditions are ideal in Thailand for cryptocurrency adoption to take place.
“Thailand has all the right elements in place for it to become the genesis point for the adoption of blockchain and cryptocurrencies in Southeast Asia,” Insom said.“It not only has a clear regulatory environment for cryptocurrencies to operate but has also adopted digital payments at a rapid rate.”