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Business & Finance

Thailand’s Biggest Movie Theater Announces Cryptocurrency as Payment Method

Thailand’s largest operator of movie theaters recently announced their collaboration with Rapidzpay mobile applications and introduced payment methods using cryptocurrency. This collaboration, and integration of cryptocurrency into the movie theater is indeed a step ahead towards a secure digital payment ecosystem in Thailand.

The application not only supports cryptocurrency payments, but it also collect fiat currencies as a mode of payment. The products like popcorn, movie tickets etc. could be bought using the application. The director of marketing Major Cineplex Group, said:

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.

The director was positive that this colaboration would help in expanding the business of Major Cineplex Group and would help bring a crypto revolution in the entertainment sector of Thailand. According to the tweet of Rapidpayz:

The news from Bangkokpost, seven cryptocurrencies, will be allowed as trading pairs to be traded and the list includes Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Ethereum Classic [ETC], Litecoin [LTC], Ripple [XRP], and Stellar Lumens [XLM]. These cryptocurrencies would be able to be used as payment methods on the application and the fiat currency as well.

What is RapidzPay?

RapidzPay is a decentralized payment platform that helps make the payments fast, secure and easy. It helps to manage cryptocurrency, send and receive digital money and pay for purchases with a minimal transaction fee. “Rapidz is changing the B2C and B2B payment landscape by providing a new and innovative system for digital payments that will also improve your margins. Our aim is to make online payments simple and efficient for both you and your customers.”

The apps built by the developers focus on ease of usage, accessibility, and optimal user experience.

The main partners of this startup, as of yet are only Major Cineplex cinemas, but they soon envision to change the payment ecosystem by partnering with purchasing platforms.

“All I can say is that I’m really excited to help customers of Major Group and beyond to make their lives a little bit better and easier,” said RapidzPay president and founder Eddie Trent.

Similar blockchain projects

Although the integration rate of cryptocurrency with industry around the world is lesser than what its potential shows at the moment, but more entertainment industries around the world are opting for cryptocurrency to raise fundings and use decentralized platforms. For example, a startup called Ethereum movie venture “is a blockchain  based movie platform. The first project is the worlds first Ethereum funded movie. The movie is financed by a-ticket pre-sale. The Tickets are ethereum ERC-20 certified tokens called, Ethreum Movie Venture. You can either get your Ethereum Movie Venture tokens at ethereum exchanges or you can buy early bird movie tickets. Each ticket includes 5 Ethereum Movie Venture tokens.”

Similarly, a decentralized platform, Musiconomi, is a distributed platform that connects users to the other 99% of music artists that they don’t hear on mainstream radio stations. It gives listeners a way to enjoy music knowing that their money will go to the artist and not middlemen. This decentralization attracts musicians around the world who are underpaid by the agencies and middlemen who share wages for marketing. Platform like these market the artists themselves and help them get paid accordingly.

There are quite a few blockchain products that make it to the list of addressing aspects of entertainment industry. Although the crypto market is yet to be accepted in place of fiat market, but the flourishing blockchain startups in the entertainment industries and any other industry point to the fact that it wouldn’t take long.

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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