Pay PromptPay with Crypto Without KYC or Bank Involvement: Claimed Feasible but Legally Risky for Matchers

“Pay PromptPay with crypto without using banks or identity verification” is the claim of a service called QRSOL (qrsol.xyz), developed on the Solana network, currently attracting attention in Thailand’s crypto scene.

QRSOL’s website states that the service lets users "scan any PromptPay QR or merchant QR and pay with SOL directly via peer-to-peer transactions, without banks and no KYC."

How does this service work?

The main concept involves: 1) users holding SOL cryptocurrency in their wallets; 2) Thai merchants having standard PromptPay QR codes; and 3) QRSOL’s system acting as an intermediary.

The mechanism is that users pay with Solana → the system converts it to baht through a Matcher → merchants receive baht. Simply put, merchants do not get crypto directly; instead, an intermediary exchanges the crypto for baht and transfers it into the Thai system.

Additionally, it states the following:

• No KYC: No identity verification, no membership registration, no document checks, no account creation—just scan and pay. It is a permissionless system, open to use without approval from intermediaries.
• Peer-to-Peer: No banks, no payment processors—only two users exchanging value directly on the blockchain.
• Universal: Supports PromptPay, bank QR codes, and merchant payment terminals. If the Thai banking system can read the QR, QRSOL’s system can read it too.
• Open network: Anyone can become a Matcher and earn SOL as a reward for helping process Thai QR payments successfully.

“No KYC hardly helps,” experts say, as tracing remains possible.

Dome Charoenyos, CEO of Tokenine, an expert in this field, told Thairath Money that this system resembles foreign exchange P2P models where an intermediary (Matcher) exchanges SOL to profit, transferring baht from their own bank account to the merchant’s PromptPay, and only then is the SOL unlocked to the Matcher.

From a technical perspective, Thai regulators like the Bank of Thailand and the Securities and Exchange Commission (SEC) have clear rules prohibiting licensed crypto exchanges from using crypto as a means of payment. QRSOL’s service falls into this category.

“This model is not new, and similar attempts to link crypto with Thai payment systems have been made before, but legal issues arose because the SEC has explicitly stated it does not want digital assets used directly as payment media.”Dome Charoenyos said.

Asked about the risks if this service is actually used, Dome explained:

• Recipients or merchants: This group faces little risk since they receive baht as needed and generally are unaware of the funds originating from crypto. However, accounts may be frozen later if the money source is linked to illegal activities.
• Intermediaries or Matchers: They bear the highest risk because 1) they violate the Digital Asset Act by frequently acting as unlicensed exchangers; 2) they risk losses from volatile coin prices; and 3) they may face legal penalties and be implicated in money laundering or mule account cases.
• Buyers: Buyers bear risks from coin price volatility during transactions and may unknowingly become part of money laundering cycles.

Regarding the no-KYC claim, Dome said, “No KYC in this system hardly helps because when baht is transferred to a merchant’s bank account—which requires KYC—regulators can trace back to the account holder.”

“QRSOL won’t last long; it will be shut down quickly because it’s an easy target for investigation. The Bank of Thailand is monitoring this already. Personally, I believe using baht for payment is currently the most convenient.”Dome Charoenyos concluded.

Follow the Facebook page Thairath Money at this link -https://www.facebook.com/ThairathMoney