Digital wallet scheme approved in principle by Cabinet
A Cabinet meeting on Tuesday approved in principle the government’s proposed digital wallet scheme to stimulate the economy, Prime Minister and Finance Minister Srettha Thavisin announced in a press event after the meeting ended.
Under the scheme, all Thais above the age of 16 years with a monthly income of less than 70,000 baht and bank deposits lower than 500,000 baht will receive 10,000 baht via a digital wallet to spend at local businesses.
According to the Pheu Thai Party, which had proposed the scheme, the policy is expected to cost around 500 billion baht but to provide a 1.2-1.6% boost to the country’s GDP.
Srettha said the Cabinet also approved the scheme’s principle regarding target groups, criteria and registration processes for participating businesses, money disbursement and spending conditions, eligible products and services, and funding sources.
The Cabinet has tasked the Finance Ministry, the Bank for Agriculture and Agricultural Cooperatives (BAAC), and the Budget Bureau with studying each aspect of the campaign in details, Srettha said.
The government on April 10 had announced that it would be using 172.3 billion baht from the BAAC to fund the digital wallet scheme.
Srettha also said the Cabinet has suggested that responsible agencies that have questions about the roles and responsibilities of BAAC consult the Council of State to ensure that every step is transparent and in compliance with relevant laws.
