Thai PM Launches Digital Wallet to Disburse US$14 Billion in Q4 Economic Stimulus

Thai PM Launches Digital Wallet to Disburse US$14 Billion in Q4 Economic Stimulus

by April 17, 2024

Prime Minister Srettha Thavisin has officially launched a new digital wallet scheme in Thailand aimed at benefiting approximately 50 million citizens to energise the country’s economy. Initial reports indicated that the launch would be in May.

According to Thailand Business News, the programme is set to disburse 10,000 baht (around US$275) to each eligible Thai adult through a digital wallet in the fourth quarter of this year.

This initiative represents a substantial financial injection, nearly US$14 billion, intended to stimulate economic growth across the nation.

Thailand’s digital wallet scheme is designed to target adults earning under 70,000 baht monthly and those with less than 500,000 baht in their bank accounts.

The beneficiaries are required to spend the funds within six months on local goods from small shops from their area of residency that is participating in the programme, excluding purchases of alcohol, cigarettes, fuel, and online shopping.

The programme’s rollout follows a fulfillment of the government’s electoral promise to improve livelihoods and stimulate economic activity.

The funding for this large-scale distribution comes from the national budget and loans from a state lender, ensuring that the implementation aligns with the government’s financial discipline, transparency, and legal compliance guidelines.

Additionally, the Ministry of Digital Economy and Society, in collaboration with the Office of Digital Development, is set to develop a “super app” to facilitate transactions with the digital money, enhancing convenience and efficiency for users.

Officials are optimistic that Thailand’s digital wallet scheme will contribute up to 1.8 percentage points to the country’s economic growth, positioning the country for a faster recovery compared to its Southeast Asian neighbors.


Featured image source: Thailand Business News