The government is set to launch the “digital wallet” scheme on August 1, when as many as 45 million Thai nationals, who are eligible to receive the one-time 10,000 baht benefit, can start registering to join the scheme.
This will trigger four economic “whirlwinds”, which will revive the manufacturing sector and restore confidence in the Thai economy as a whole, according to Finance Minister Pichai Chunhavajira speaking at a news conference held at the Government House today.
He claimed that the 450-billion baht scheme is intended to increase money in circulation across the country, ease the cost of living burden, improve the lives of the people, enhance the economic strength and self-dependence of individuals and communities, create job opportunities and support the development of digital technology and innovations.
He explained that the money disbursed under the scheme will trigger the first economic “whirlwind”, which is to spur spending by people and small stores, contributing to the stimulation of the grass root economy.
The second “whirlwind” will be the promotion of spending at small and large stores. The third “whirlwind” will be the promotion of spending between big stores, which will contribute to the creation of investment opportunities.
The fourth “whirlwind” will be a short-term increase in the purchasing power of the people, which will help to double economic activity, revive the production sector and restore confidence in the Thai economy.
Registration by individuals will last until September 15 and the money will be disbursed within the fourth quarter of the year. Stores interested to joining the program can start registering from October 1. About two million are expected to take part.
Thai nationals who are not eligible for the scheme include those serving prison terms, those facing demands for refunds under other governmental programs and those whose rights under the programs have been revoked.
There are two methods of registration. One is through the Thang Raj app for those who have smart phones.
The other is for people who do not have smart phones and requires personal registration between September 16 and October 15.
The ability of those without smart phones to spend the money to buy goods and services will be more restricted than for those with smart phones, because every time they make a purchase they will have to show their ID cards and each purchase must be made in person.
It is therefore recommended to have a smart phone to take full and convenient advantage of the scheme.
All the recipients of the digital wallet benefit can only buy goods or services from stores in the districts where they have their domicile and all goods and services can be purchased, except for those on the “Negative List”.
Deputy Finance Minister Julapun Amornvivat, meanwhile, assured the public that there is no problem funding the scheme.
Meanwhile 165 billion baht will come from the 2024 fiscal budget, comprising a 122 billion baht supplementary budget and 43 billion baht through budgetary management.
The second tranche, 285 billion baht, will be from the 2025 fiscal year budget.
