Digital wallet scheme to be finalised in April: PM
After a brief meeting of the digital wallet committee on Wednesday evening, Prime Minister and Finance Minister Srettha Thavisin instructed the Finance Ministry and the Budget Bureau to finalise the details of the scheme for submission to the next committee meeting on April 10.
The meeting on Wednesday garnered considerable public attention, as it was the first to be held since Deputy Finance Minister Julapun Amornvivat announced earlier this week that the digital money would reach recipients by the fourth quarter.
A well-informed source said the government has cancelled its controversial plan to take out an off-budget loan of 500 billion baht to finance the scheme, which is a key election promise of the ruling Pheu Thai Party. Instead, it would use money from the budgets of two fiscal years to finance the handouts.
Under the scheme, all Thais over the age of 16 years old 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.
In a meeting that lasted just 20 minutes, the committee reached the following resolutions.
1. The Finance Ministry and Budget Bureau must finalise the sources of funding for the scheme that are not from an off-budget loan in the next meeting.
2. The Commerce Ministry must finalise the criteria for businesses to join the campaign, including types of eligible products and services in the next meeting.
3. The Ministry of Digital Economy and Society and the Digital Government Development Agency are to summarise progress on the development of an open system to allow business entrepreneurs and financial institutes to join the campaign.
4. The Royal Thai Police must set up investigative and legal procedures for any fraudulent attempts regarding digital money under the campaign.
The committee expects to submit all the final details of the scheme for cabinet approval within the next month, with the registration for recipients and businesses to start within 3rd quarter of this year and the money remitted in the 4th quarter.
