Thailand is a country in Southeast Asia with a population of 70 million, and a rapidly growing economy with a current GDP of USD 575 billion. The country has a young and tech-savvy population, and a vibrant tech economy across e-commerce, fintech, online gaming amongst others. Thailand also has a global crypto adoption index rank of #8 as per Chainalysis 2022 index.
The penetration of credit cards in the country is low with only 0.29 credit cards per capita as it targets more high-income earners. While debit cards are more in number, they are primarily used for cash withdrawal or utility purchases. Either of these is unsuited for digital assets onramp and offramp in the country
By contrast, alternate payment methods are much more popular in Thailand with True Money, Rabbit Line pay and Grab Pay widely prevalent across the local population. PromptPay, that enables QR code-based payments from bank accounts, in addition to instant bank transfers, has become very popular with over 50 million PromptPay IDs in the country.
TransFi is focused on fiat-to-crypto onramp and offramp in emerging markets, in particular Asia, with the widest suite of local payment methods in local currencies, 80%+ conversion rates, and with low fees. An integration with TransFi enables exchanges, wallets and DeFi protocols to offer their users the ability to buy and sell crypto with the most popular local payment method in Thailand i.e. PromptPay.