BANGKOK, Thailand – Deputy Prime Minister Phumtham Wechayachai on Sep 9 announced that the Cabinet, in its first meeting on September 17, will consider the flagship 10,000 Baht digital wallet project aimed at stimulating the economy. Vulnerable groups will be the first to receive cash payments of 10,000 Baht, with no restrictions on where or what the funds can be spent on.
Phumtham revealed that if approved, the initial cash distribution will be made by the end of September 2024, benefiting around 14 million vulnerable individuals.
“There will be no restrictions on the type of goods or areas where the recipients can spend the money. They can shop for any goods, anywhere,” Phumtham stated, highlighting the government’s effort to boost economic activity.
An additional 10 million people who have registered for the program will receive the funds in two phases. The first round of 5,000 Baht is expected to be delivered digitally, pending the system’s readiness. If the digital system isn’t prepared in time, they will receive cash payments by the end of 2024. The second round of 5,000 Baht is scheduled for 2025, with a focus on using the digital wallet to push the country toward a digital economy.
The phased payments are expected to inject 100-200 billion Baht into the economy, with the first cash distribution followed by further rounds of digital wallet transactions to sustain economic momentum. (TNA)
