The Finance Ministry is set to launch a 10,000-baht digital wallet initiative, with registration opening in August 2024 for 50 million people.
Thailand’s government plans to give citizens 10,000 baht electronically to spend at local stores. This aims to boost the economy, but the program targeted Thais over 16 years old, with income below a certain threshold and limited savings.
Deputy Minister of Finance, Julapan Amornvivat, stated that the Finance Ministry is confident about the funding for the 500 billion baht Digital Wallet project, despite ongoing budget committee meetings. The funding plan includes 175 billion baht from the 2024 fiscal year budget, 152.7 billion baht from the 2025 fiscal year budget and 172.3 billion baht from the state-run Bank for Agriculture and Agricultural Cooperatives.
The ministry views the current scrutiny as a standard part of the budget approval process. If there are any issues or need for clarification, they will address them. They emphasize that this review does not indicate that the budget will be rejected by parliament. The government is reassuring the public that there’s no cause for concern about the project’s funding or implementation.
In the upcoming meeting of the 10,000 baht Digital Wallet project policy committee this Friday, the Ministry of Commerce will be invited to discuss the readiness of participating stores and product lists.
The focus will be on which types of products people should spend on to stimulate the economy, emphasizing domestically produced goods and raw materials rather than primarily imported goods.
The Ministry of Commerce will oversee this, acknowledging that stores often sell a variety of mixed products. A clear regulatory mechanism is needed. Currently, millions of stores are interested in joining the project.
Registration for 50 million people will open simultaneously in early August 2024, with a mechanism to confirm eligibility. The system will then close for rights verification by multiple agencies in late September 2024. The app system development is expected to be ready in the third quarter. It is confirmed that the 10,000 baht digital money will reach the public by the end of this year.
The government hopes to use the app for the 10,000 baht Digital Wallet project to support various state welfare programs, including transferring state welfare funds for electricity bills, gas, travel, care for vulnerable groups and the elderly, and healthcare. The aim is to link all aspects of state welfare data into a single system base. This will be Thailand’s first app containing data for 50 million people to manage public welfare, with the Ministry of Digital Economy overseeing the application. -819 (TNA)
