KBank Unveils Q Wallet for Tourists via Blockchain Sandbox
KBank launches Q Wallet in Regulatory sandbox to revolutionize foreign tourist payment in Thailand, leveraging blockchain to connect foreign tourists with local merchants through THBS (Programmable Payment).
In a bid to become a leader in financial innovation, KBank is advancing Thailand’s financial system into a new era with the launch of Q Wallet in a sandbox environment, a digital wallet built on blockchain technology that will transform the digital spending experience for foreign tourists in Thailand. Designed for international tourists and Thai merchants, the wallet allows tourists in Thailand to convert USDC into THBS (a programmable payment unit). THBS is an electronic data unit with a value-preservation mechanism equivalent to Thai baht deposits and can be used as a medium of exchange for goods and services in real time. Payments can be made seamlessly via THAI QR Payment without the need for a local bank account. This innovation supports the development of digital financial infrastructure, drives the cashless economy, and aims to lead Thailand’s financial services towards international standards.
Dr. Karin Boonlertvanich, Executive Vice President of KASIKORNBANK (KBank), said, “The Bank began testing Q-money, an e-money on blockchain, under the regulatory sandbox last year. Q-money operates on Quarix, a blockchain infrastructure developed by Orbix Technology and Innovation Co., Ltd., a company under KASIKORNBANK FINANCIAL CONGLOMERATE. This initiative recently progressed into the development of Q Wallet, a digital wallet specifically designed to facilitate financial transactions. It caters to Thai customers through Q-money, enabling money transfer and payment via QR code scanning, and to foreign tourists through THBS, allowing them to spend conveniently and securely in Thailand with no need to open a local bank account. The service supports a borderless financial lifestyle and aims to drive Thailand’s digital economy onto the global stage. It is currently undergoing trials under the enhanced regulatory sandbox and the digital asset regulatory sandbox.
For international tourists, Q Wallet THBS payments can be made via THAI QR Payment over 100 participating merchants in designated areas, covering various business types such as hotel, restaurants, coffee shops, spas, and sports equipment stores. Users can easily register for Q Wallet via their smartphones, benefiting from no transaction fees and transparent, reliable transaction records, which enhance the convenience of their travel experience in Thailand. The project will operate under specified limitations, including the number of users and transactions, effective now through 31 December 2025.
Dr.Karin concluded, “The launch of Q Wallet marks another milestone for KBank in elevating Thailand’s financial services to the global level. It serves as a crucial component in developing modern financial infrastructure to accommodate tourists from around the world, reinforcing KBank’s leadership in driving Thailand’s economy towards the future. Such an innovation reflects the Bank’s vision of crafting a digital financial system that understands the behavior of modern tourists, is easy to use, secure, and capable of truly positioning Thailand as a digital destination. Additionally, Q Wallet is a vital tool that enhances opportunities for Thai merchants and businesses to reach international customers, boosting the economy and supporting the long-term growth of the country’s digital economic ecosystem.”
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