The Ministry of Finance remains unconcerned about the Budget Committee’s review of the 500 billion baht Digital Wallet project, assuring the public that further clarifications are normal and do not imply budget rejection.
Deputy Finance Minister Julapun Amornvivat stated that the funding for the Digital Wallet project will be sourced from three areas. These are 175 billion baht from the 2024 annual expenditure budget, 152.7 billion baht from the 2025 annual expenditure budget, and 172.3 billion baht from Section 28 of the Bank for Agriculture and Agricultural Cooperatives (BAAC).
He urged the public to remain calm, emphasizing that the Budget Committee’s request for further clarifications is a standard procedure and does not indicate that the budget will not pass Parliament.
The Policy Committee on the 10,000 baht Digital Wallet scheme will meet on Friday to discuss the readiness of participating stores and the types of products available for purchase, focusing on locally produced goods to stimulate the economy. Julapun acknowledged the challenge of managing stores that sell a mix of products and emphasized the need for clear regulatory mechanisms. Over a million stores have shown interest in participating.
Public registration for the scheme will open in early August 2024, with identity verification processes to follow. The system will close for eligibility checks by the end of September 2024. The digital wallet app is expected to be ready by the third quarter, ensuring the 10,000 baht reaches citizens by the end of the year.
It is noted that the government plans to use the digital wallet app to support various state welfare programs, including electricity, gas, transportation, and healthcare benefits, integrating all welfare data into a single system. The Ministry of Digital Economy and Society will oversee the application. (NNT)
