79% of Thais want digital wallet money to spend – NIDA Poll

[webfact]

 

About 79% of respondents to a National Institute of Development Administration (NIDA) poll say that they will accept the 10,000 baht one-time subsidy from the government under the “digital wallet” scheme and will use it to buy goods and services, while 60% believe that the popularity of the ruling Pheu Thai party will suffer if the scheme is scrapped.

 

The poll also shows that 13.51% of the respondents say they will not accept the money and 5.42% say they will accept it, but will not spend it.

 

25.27% say they are very concerned and 30.92% of the respondents are somewhat concerned that the scheme will drive up the prices of goods and inflation and will not stimulated the economy, as predicted by a group of 99 academics, including several former economics deans of universities and two former central bank governors. 28.47% say they are not concerned at all.

 

Full story: Thai PBS 2023-10-16

 

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[webfact]

Most People Back 10,000-Baht Digital Wallet Project: NIDA Poll
By Thai Newsroom Reporters

 

A representative image of the digital wallet scheme. Credit: Sanook.com

 

A LARGE MAJORITY of people have been found endorsing the Pheu Thai-led government’s 10,000-baht digital wallet project, the latest NIDA Poll says.

 

According to results of the NIDA Poll conducted earlier this month with a total of 1,310 Thai nationals from all walks of life and in all regions of the country and released today (Oct.15), 79% of the respondents say the digital wallet project should be carried out whilst 19% contend that the populist handout campaign should be entirely scrapped.

 

Of the 79% majority respondents, 47% advise that the project be subject to adaptations to better suit the current circumstances whilst 32% suggest it be put to work according to the Pheu Thai electoral campaign conducted earlier nationwide.

 

Full story: THAI NEWSROOM 2023-10-16

 

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[webfact]

10,000-Baht Digital Wallet Reaching People On Feb.1: PM
By Thai Newsroom Reporters

 

Photo: Matichon

 

PRIME MINISTER SRETTHA Thavisin said today (Oct.14) a sum of 10,000 baht in digital wallet will be delivered to each of the eligible people on February 1, 2024.

 

The prime minister reconfirmed that the digital wallet is scheduled to be provided for each and every Thai national aged 16 years or over on February 1, 2024, despite strong objection raised by university economists and other critics.

 

The Pheu Thai-led government’s populist handout campaign was primarily designed to boost domestic consumption by recipients in rural areas where most of the country’s population are located.

 

Full story: THAI NEWSROOM 2023-10-16

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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[Bobthegimp]

One ring to rule them all

One ring to find them 

One ring to bring them all 

And in the darkness bind them 

 

Life is hard for most of the people here but they will rue the day they grasp the poison chalice of digital money.  They will buy what they're told, when they're told, and from only whom they're permitted to buy from.  Kiss small businesses goodbye if this system takes hold. 

[daveAustin]

34 minutes ago, webfact said:

Most People Back 10,000-Baht Digital Wallet Project

Of course they do but that doesn’t mean they’ll like you for it, Srettha. 

[hotchilli]

Another useless poll...

[Bravoxray]

Try it again but after telling the people the horrific truth about what willl happen when a central bank digital currency is implemented using the data that early joiners provide under this and other schemes. 

[Mike Lister]

Ask them again in six months time when consumer prices have risen and the economy hasn't improved by but debt has increased.

[ozz1]

Unfortunately the thai people see this as free money someone has to pay for it eventually they don't think about the economy because they think it doesn't concern them but it will

[Mike Lister]

A major problem is the timing, Thailand appears to be getting ready to create inflation when other economies are trying to slay it. This is going to lead to an out of step relationship as Western economies reduce interest rates whilst Thailand is forced to increase them. A compounding timing problem of course is the blow up in the ME which threatens to push the global economy into recession, just as Thailand is trying to push it the opposite way. This wouldn't be so bad were it not that Thailand is dependent on the global economy for exports and tourism. The consumer led recover that the government seems keen to invoke needs an economy o stimulate! The handout is going to help retail but it wont help manufacturing very much at all and it certainly wont help government debt.

[2baht]

3 hours ago, webfact said:

79% of the respondents say the digital wallet project should be carried out

The rest did'nt understand the question!

[Dazinoz]

Most, if not all, countries will be brining in CBDCs, Thailand is just using a 10k carrot.

[khunjeff]

What a surprise - most people answer "yes" when asked "do you want free money" ????

[koolkarl]

The appointed dictator is manipulating the sheep to set them up for total government tracking of them forever.  Don't you just love politicians who want to always screw you while you pay them?

[jollyhangmon]

5 hours ago, webfact said:

A LARGE MAJORITY of people have been found endorsing the Pheu Thai-led government’s 10,000-baht digital wallet project, the latest NIDA Poll says ...

 

...  ... you don't say, who'd have thunk that!

 

... party dime ...      

 

[Jenkins9039]

In theory it shouldn't drive up inflation, as expats will be paying for it 

[retarius]

Quelle surprise people want free money., Srettha should be hauled before the the CE and CC for trying to bribe the electorate.

[Karma80]

1 hour ago, Dazinoz said:

Most, if not all, countries will be brining in CBDCs, Thailand is just using a 10k carrot.

On the bright side, Thailand pushing forward with it will likely just be an exercise in how to screw your economy for no reason. Sure, people will spend 10k, in the nominated businesses that they can use the walllet - because it's free. Then they will just go back to using cash and prompt pay. Businesses will still enjoy instant transfers. Prompt pay will continue to drive instant settlements across ASEAN. The cost will be a decade of debt and inflation. This government will just point fingers and the whole mess becomes a footnote in the encyclopaedia of incompetence, now several volumes deep.

[Mike Lister]

23 minutes ago, Jenkins9039 said:

In theory it shouldn't drive up inflation, as expats will be paying for it 

How do you arrive at expats paying for the 560 bill giveaway?

 

Regardless, the more money that is given away, the more demand for goods will increase and the more upwards price pressure will be generated.

[2baht]

8 minutes ago, Karma80 said:

Then they will just go back to using cash and prompt pay.

..........and "borrowing"!

 

 

Edited October 16, 2023 by 2baht

[kingstonkid]

6 hours ago, Bobthegimp said:

One ring to rule them all

One ring to find them 

One ring to bring them all 

And in the darkness bind them 

 

Life is hard for most of the people here but they will rue the day they grasp the poison chalice of digital money.  They will buy what they're told, when they're told, and from only whom they're permitted to buy from.  Kiss small businesses goodbye if this system takes hold. 

I do not think it will have the effect on small businesses that ou think.  Hell, even motorcycle taxis are using wallets to pay.

 

I think where it is going to hurt is the country's finances.

 

There will be thousands of Thais that get taken by those who can and will game the system.

[Dazinoz]

22 minutes ago, kingstonkid said:

I do not think it will have the effect on small businesses that ou think.  Hell, even motorcycle taxis are using wallets to pay.

Was at a bar the other night and a lady came around selling snacks for 20 baht. Bar lady asked me could she have a couple but I said sorry no cash on me. The seller had a "badge" hanging around her neck. She said ok and turned it around to face me. It was a QR code. So almost everyone is starting to accept it.

[Jenkins9039]

1 hour ago, retarius said:

Quelle surprise people want free money., Srettha should be hauled before the the CE and CC for trying to bribe the electorate.

Thai's should watch this: 

 

It's their future.

 

[Bobthegimp]

8 hours ago, kingstonkid said:

I do not think it will have the effect on small businesses that ou think.  Hell, even motorcycle taxis are using wallets to pay.

 

I think where it is going to hurt is the country's finances.

 

There will be thousands of Thais that get taken by those who can and will game the system.

The rules about where and how the 10k can be spent are very restricted.  One of the stipulations is that it must be spent within 4km of their home. There are also restrictions on what can be purchased, and from whom.  The favoured businesses will get a lot of custom for quite a while (think of how much rice 10k could buy) during which time the local rice vendor gets zero revenue due to the inelastic demand for staples.  

 

I agree that it will hurt the country's finances.  I'm not sure that it can be gamed with the restrictions and if proof of identity is required when using the wallet.  Whatever holes there are will be patched and the hammer will really come down when version 2 comes out. 

 

I'm pretty sure this is the implementation of Ben Bernanke's " helicopter money" that will remove retail banks from the consumer equation.  

[SABloke]

I would sell my digital wallet for 8k if possible - if no ID is required at POS then should be easy for others to use it (maybe just pin/password which I'd give them) 

 

Also, if I was an authorized local business, I would offer people the option to exchange their wallets for cash e.g. buy 10k "goods" from my store and I'll give you 8k cash instead. 

Edited October 16, 2023 by SABloke

[kingstonkid]

19 hours ago, SABloke said:

I would sell my digital wallet for 8k if possible - if no ID is required at POS then should be easy for others to use it (maybe just pin/password which I'd give them) 

 

Also, if I was an authorized local business, I would offer people the option to exchange their wallets for cash e.g. buy 10k "goods" from my store and I'll give you 8k cash instead. 

Thank you for making my point 

 

Btw the winners in this are not the Thai people but the big families.

[sirineou]

On 10/16/2023 at 2:58 AM, webfact said:

The poll also shows that 13.51% of the respondents say they will not accept the money and 5.42% say they will accept it, but will not spend it.

and 2% said they like hard boiled eggs

"I will take  the money but I will not spend it " I guess we know who said that.

 

[Bravoxray]

Governments are not permanent. Good governance today can turn into tyranny tomorrow. It is quite wonderous that people who complain about government are anxious to support a Central Bank controlled Digital Currency that enables the government they complain about to control every satang they will no longer own. A CBDC will be accompanied by ESG or some other kind of scoring because that is the power CBDCs give government. A government that can decide how much you can spend and what you can and cannot buy can and will de-bank and dehumanize people at will.  Is the convenience worth the risk? Just ask why the government is not educating people about the pitfalls? 

[sscc]

On 10/15/2023 at 7:49 PM, Mike Lister said:

A major problem is the timing, Thailand appears to be getting ready to create inflation when other economies are trying to slay it. This is going to lead to an out of step relationship as Western economies reduce interest rates whilst Thailand is forced to increase them. A compounding timing problem of course is the blow up in the ME which threatens to push the global economy into recession, just as Thailand is trying to push it the opposite way. This wouldn't be so bad were it not that Thailand is dependent on the global economy for exports and tourism. The consumer led recover that the government seems keen to invoke needs an economy o stimulate! The handout is going to help retail but it wont help manufacturing very much at all and it certainly wont help government debt.

 

The current inflation rate in Thailand is around 1%,  and you are concerned about inflation rate in Thailand  ?  

 

May as well be known that  you DO NOT like the Thai live happily in both short and long run. 

 

 

[Mike Lister]

6 minutes ago, sscc said:

 

The current inflation rate in Thailand is around 1%,  and you are concerned about inflation rate in Thailand  ?  

 

May as well be known that  you DO NOT like the Thai live happily in both short and long run. 

 

 

Only in the dreams of you and the political statistics makers is inflation in Thailand 1%. Over 53% of the Thai economy is grey hence nobody truly knows what the inflation level is but it certainly isn't 1%.

Edited October 23, 2023 by Mike Lister