Major Cineplex Group and RapidzPay have agreed to build a digitali-payment ecosystem in Thailand in a memorandum of understanding signed recently at Blu-O Rhythm & Bowl at Siam Paragon, a Major Cineplex Group venue.
Major and RapidzPay will integrate cryptocurrency payments into established payment gateways to make payment for Major products and services more seamless, secure and efficient.
RapidzPay provides corporate and personal payment solutions by using a decentralised blockchain platform. Cryptocurrency holders can send their payments to the RapidzPay digital wallet via a mobile app.
Similarly, merchants can use RapidzPOS to collect both cryptocurrencies and fiat currencies.
“Also, we believe that RapidzPay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless.”
Putting the true growth potential of the entire cryptocurrency market into perspective becomes more obvious when looking at relative numbers.
According to a study by the University of Cambridge, “The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million”, representing less than 1 per cent of the world’s population.
The growth potential of cryptocurrency markets remains largely untapped, despite the total market capitalisation of all cryptocurrencies of around US$300 billion as of July, according to Coinmarketcap.
With increasing user community support, growing market share and favourable user experience, RapidzPay is targeting a million active users in Thailand within its first year by attracting both existing and new crypto-enthusiasts who are looking for a simple and convenient platform to convert between fiat and cryptocurrency.
“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.
Mobile application development paired with blockchain technology continues to grow by the second and gain more traction between users and developers.
RapidzPay expects to see a proliferation of mobile and web apps begin to accept and integrate blockchain technology as it proves to be more secure, inexpensive and efficient, especially in maintaining a real-time irrefutable ledger of user data and transaction on an extremely large scale.
Some applicable fields include mobile in-app revenue model such as games accepting cryptocurrencies, apps securing their data using blockchain ledgers, apps marketplaces, micropayments, subscription model and e-commerce websites, all utilising blockchain technology.