10,000-baht digital wallet scheme will be funded by 2024-2025 budget: Thai govt
Ruling party Pheu Thai’s boldest pledge, the 10,000 baht digital wallet handout, will be funded solely by the fiscal budget and all eligible Thais should have the money by the fourth quarter.
After the National Digital Wallet Policy Committee met on Wednesday, Prime Minister Srettha Thavisin said the scheme, which will cost about 500 billion baht, will be solely funded by the 2024-2025 fiscal year budget instead of loans.
“I am able to fulfil the promise I gave to people. This [handout] adheres to laws and aligns with fiscal regulations,” said the premier, who also doubles as finance minister.
Deputy Finance Minister Julapun Amornvivat explained that the funding will come from three budgetary sources: 152.7 billion baht from the 2025 fiscal budget, 172.3 billion baht from the Bank for Agriculture and Agricultural Cooperatives 2025 budget, and 175 billion baht from the 2024 fiscal budget.
He said the handout will be given to registered Thai citizens aged 16 and above who earn no more than 840,000 baht per tax year and have no more than 500,000 baht in their bank accounts.
Recipients can use this digital wallet at specific stores within their home districts, he said, adding that these stores can use the money earned to buy goods from other stores without location restrictions.
The digital wallet cannot be used to purchase “sin” goods, fuel, services or online products, he added. Stores wishing to be part of this campaign should have a presence in the tax system, he said, adding that the money earned via this scheme cannot be withdrawn immediately.
Registration procedures for both users and stores will be available in the third quarter.
Julapun said the 10,000 baht will be distributed via a “super app” created by the Digital Economy and Society Ministry, which can be used by all banks in an open-loop model. He insisted that the entire process would be transparent.
The government also plans to set up a committee, which will include members of the Cyber Crime Investigation Bureau, to prevent fraudulent activities.
It is believed that this digital wallet handout will provide a 1.2-1.6% boost to the country’s GDP, which has been badly affected by geopolitical tensions and a slow recovery from the pandemic.
