We are proud that Zcoin XZC has become the first cryptocurrency which can be used nationwide in Thailand at any of the five million merchants registered via the Thai QR code system through the Satang App.
Satang App will allow any of the 50 million individuals that are already registered with a Promptpay account to use Zcoin to make day-to-day transactions with local merchants whether it be in-store or online in real-time by simply scanning a QR code.
Transactions are instantly settled and allow merchants to be paid in Thai Baht. The conversion from Zcoin to Thai baht is made seamlessly via Satang Pro, one of the few regulated exchanges that is approved to do so in Thailand and lead by our founder, Poramin Insom.
Although the end goal is to have Zcoin accepted in its native form, making Zcoin usable today at such a large scale is an important first step. One common problem with convincing merchants to accept cryptocurrencies is that they would need to deal with volatility, conversions and basic understanding of handling them for very little benefit as there may be only a handful of people who pay using cryptocurrencies. This often leads to merchants forgetting how to use it and dropping support after a while. By plugging into the already existing payments network, Zcoin is removing the friction involved with educating merchants about the technology, while simultaneously helping them to become more comfortable with accepting cryptocurrencies as a valid payment method.
The Thai QR code system will also be linked to Singapore’s version of the same system called PayNow. This also opens up possibilities for Zcoin payments to be made available to other countries where Unified Payment Interfaces are used.