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Thai PM declares official launch of digital wallet program
PM announced launch of digital wallet scheme benefiting 50 million Thai citizens, improving economy and livelihoods.
Official Launch of Digital Wallet Scheme
After months of delay, Prime Minister Srettha Thavisin announced the official launch of the “digital wallet” scheme today. The estimated 50 million Thai citizens aged 16 and older will be able to register in the third quarter of this year, with the 10,000 baht to be wired to their accounts in the fourth quarter.
Here are some key details about the program:
- The program will distribute almost $14 billion in cash handouts to stimulate growth in Thailand’s economy.
- Each of the 50 million Thai citizens will receive 10,000 baht (approximately $275) via a digital wallet in the fourth quarter.
- The program targets adults earning no more than 70,000 baht a month and they should have less than 500,000 baht in their bank accounts.
- The beneficiaries need to spend the money within six months in the area where they are domiciled and they can buy goods from small shops registered under the program.
- The purchases of alcohol, cigarettes, fuel and online are not allowed.
- The program is funded by the budget and loans from a state lender.
Billed as the flagship policy of the government, the prime minister stated that they have fulfilled their election promise to the Thai people to deliver a policy that will improve livelihoods and stimulate growth in the sluggish economy.
Financial Discipline and Transparency
The prime minister assured the public that the digital wallet scheme will maintain financial discipline and comply with the Constitution and relevant laws and regulations. It will be operated transparently, cautiously, and honestly to ensure the greatest benefit to the nation.
Finance Permanent Secretary Lawaron Saengsanit disclosed the eligibility criteria for the scheme, stating that registrants must be 16 years old or over, with assessable income not exceeding 840,000 baht per annum or combined cash deposits not exceeding 500,000 baht.
Usage and Development of a Super App
Participants in the scheme can only use the money in stores within their respective districts registered with the Commerce Ministry. Stores must wait until the next settlement round to withdraw cash after a customer completes a purchase.
The Ministry of Digital Economy and Society and the Office of Digital Development will develop a “super app” for transactions using the digital money. This initiative aims to bring convenience and efficiency to the digital wallet scheme.
This initiative is part of a broader strategy to revive the Thai economy, which has been lagging behind most countries in Southeast Asia. The government officials are optimistic that the handouts could increase growth by as much as 1.8 percentage points.
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