Since their arrival into the Thai Market, Wanda Exchange has never failed to surprise economists with their unpredictable moves. We must continue to observe their development as they continue to transform the Thai market. Wanda Exchange, the largest Crypto Payments Service Provider in Thailand, has recently announced their partnership with ?Andromeda? -a highly futuristic real estate project of the Apus Group-one of the most prestigious real estate developers in Thailand.
This partnership would enable Apus Group to sell their Real Estate for cryptocurrencies. With cryptocurrency becoming more relevant within our society, the primary question that arises is, ?Isn't this the time we should start thinking of crypto as much more than just a form of investment?? The crypto- marketplace is booming. Starting from January 2021, Wanda Exchange has taken over the Thai Luxury Marketplace by storm, with the prominent names in this industry partnering with them to begin accepting payments in cryptocurrencies.
REASONS FOR THE INCREASING ACCEPTANCE OF CRYPTOS OVER THE THAI MARKETPLACE
In a country like Thailand, where the Tourism Industry contributes to 21.9% of the National Economy, local business owners and service providers must adapt to the changing times to survive this highly competitive market. Over time, more and more tourists are willing to pay via cryptocurrency rather than the traditional FIAT for a variety of reasons.
The major reasons being exchange and banking issues, currency conversion issues, banking service backlash whilst being stuck in a foreign country, and the major one being the ease of payments and the super-fast services. We will be providing in-depth descriptions within the upcoming sections on how these issues affect tourism.
- Exchange and Banking Issues- For a tourist willing to spend a luxury vacation in Thailand, it becomes a highly dreadful task to get their currency exchanged over the currency exchanges when it is a large sum. Often the general FIAT transactions from overseas banks take a lot of time, charges, and taxes. Cryptocurrencies come as a solution to this problem as they enable a person to pay for any service in Crypto, putting an end to the need for intermediatory FIAT services, making the process super-fast and cheap!
Currency Conversion Issues- 78% of the tourists have stated in a survey that they have faced troubles at the local currency exchanges. This factor has triggered an increasing sense of the need for a decentralized monetary system, which can work worldwide without interruptions, making their travel experience a lot smoother and convenient.
A significant portion of tourists have admitted that they have faced trouble accessing their banking services when overseas, which has caused them much trouble. Therefore, to avoid such conditions, many tourists nowadays prefer to use cryptocurrencies to make their travel experience more secure and convenient.
THE ROLE OF WANDA EXCHANGE- IS THIS THE BEGINNING OF A NEW FINANCIAL ERA
The pace at which Wanda Exchange is expanding its services through the whole of Thailand is remarkable?enabling its partners to accept payments in cryptocurrencies and cash them out in traditional FIAT whenever they want. As a result, Wanda Exchange is gaining a lot of popularity among sellers.
Being the only Crypto Payments Service Providers, Wanda Exchange has emerged as a perfect choice for local merchants enabling them to accept crypto payments even if they have zero knowledge of cryptocurrencies. Furthermore, the new partnership with Apus Group would allow people throughout Thailand and Global Business owners and employees to directly purchase Real Estate in cryptocurrencies for investment purposes or even for their residential uses.
With over 100,000+ Real Estate available for sale directly in Crypto, Wanda Exchange has emerged as Market Giant. Therefore, it becomes imperative that Thai Businessmen reconsider their positions on traditional FIAT and start adapting to the market trends to survive this highly competitive market.