Macroeconomics/digital wallet scheme

Chatrudee Theparat

The cabinet approved in principle for digital wallet scheme to boost the economy.

Prime Minister Srettha Thavisin said after the cabinet meeting that the cabinet approved the principle for the digital wallet scheme to stimulate the economy.

The cabinet approved a proposal of the Digital Wallet Policy Committee which agreed on April 10 to proceeds the plan to give out 500 billion baht to about 50 million Thais, with each of 10,000 baht, aged 16 years and older who earn less than 70,000 baht a month or annual income less than 840,000 baht a year, and their savings accounts have not an exceeding 500,000 baht.

Prime Minister Srettha Thavisin

Mr Srettha said the government 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 sources of funding.

The cabinet authorised the Finance Ministry, the Bank for Agriculture and Agricultural Cooperatives (BAAC), and the Budget Bureau to study each aspect of the scheme in details.

The government on April 10 announced the digital wallet project would be allocated 175.50 billion baht from the 2024 fiscal budget, a 152.70 billion baht from the 2025 fiscal budget, and a 172.30 billion on the requirement of the Section 28 of the State Fiscal and Financial Discipline Act to use mechanism of the Bank for Agriculture and Agricultural Cooperatives (BAAC) to finance the scheme to 17 million farmers.

Mr 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.

The scheme is expected to boost 1.2-1.8% to economic growth in 2025.

Government Spokesman Chai Wavharonke said the government commits to undertake the handout cash scheme. Participating shops are required to register to super application in the third quarter while the introduction is planned in the fourth quarter this year.