The app, WORPT, was developed by e-money provider Wipay and Waan Exchange, a digital asset exchange founded by Chaval Jiaravanon of Thailand’s billionaire Chearavanont family, Bloomberg reported. Tourists can spend the baht at shops and restaurants without needing a Thai bank account.

Wipay founder Pavin Jittiwongsamarn said the app is targeting crypto holders from South Korea, Japan, the Middle East and Southeast Asia. The company expects 200,000 users in its first year and projects 15 billion baht (US$442 million) in spending over the 18-month trial.

The rollout comes as Thailand, which relies heavily on tourism, heads for a second straight annual fall in foreign arrivals, with the government increasingly courting…