This week, the team behind privacy-focused cryptocurrency Zcoin announced that holders can spend their coins through the Satang App at any merchant registered with the Thai QR code system.
— Zcoin (@zcoinofficial) August 15, 2019
According to a recent article in the Bangkok Post, this equates to 5 million merchants who are QR code compliant and able to transact in Zcoin. The number of retailers utilising the system has reportedly seen a rapid increase, rising from just 3 million at the end of 2018. The rise in usage of the Thai QR system maybe in part due to the expansion of the service to include Laos and Singapore, with the National Bank of Cambodia also in the process of developing interoperable capabilities.
Important First Step
With the Satang App, any of the 50 million registered users with a Promptpay account can make payments in Zcoin. As part of the payment process, the Zcoin is instantly converted through the regulated exchange Satang Pro allowing the merchant to be paid in real-time with Thai Baht.
While Reuben Yap, Chief Operations Officer at Zcoin, acknowledges “…the end goal is to have Zcoin accepted in its native form” he does believe that “…making Zcoin usable today at such a large scale is an important first step.”
Yap reasons that “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.”
Zcoin was founded in 2014 by Poramin Insom who is also co-founder of the Satang Corporation, the umbrella organisation for the Satang App and Satang Pro exchange. The exchange was approved by the Securities and Exchange Commission of Thailand (SEC) and sanctioned by the Ministry of Finance to operate within the Kingdom at the beginning of the year.