Little need for “digital wallet” scheme : Bank of Thailand

[snoop1130]

 

A representative of the Bank of Thailand told the House Economic Affairs Committee today (Thursday) that there is little need for the digital wallet scheme, because private sector consumption for the first half of this year has been expanding, while the labour market is recovering steadily.

 

As such, claims the bank, the full potential of the scheme, as predicted by the government to justify the cost of the scheme, may not be realised.

 

Move Forward party-list MP Sitthiphol Vibulthanakul, head of the House Economics Affairs Committee, summed up the opinion, voiced by Daranee Saeju, assistant governor of the Bank of Thailand’s payment systems policy and financial consumer protection group, during her testimony to the committee today.

 

Full story: Thai PBS 2023-10-19

 

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[Pouatchee]

imo the scheme is a cockamamy populist scheme.

but, naturally, the banks would be against it if it affects there interests

[scorecard]

I wonder if any study has been done to get a 'profile of what/which business owners, by locations will benefit and what are there politial persuasions?'

 

Get my drift?

[SABloke]

On a macro scale, it has no need, and of course it will cost the country in the long run. However, for a poor person that lives day to day, a little "cash" injection might not be a bad thing - it might alleave some hardship and/or inspire some to want to have more access to funds i.e. be more productive or work harder cause they've had a taste of the "good life". I just don't buy all the doom and gloom about generational debt etc. Poor people are effed regardless - at least in this scheme they get something (unlike submarine purchases, head of state protection costs etc.)

[daveAustin]

^^^ It might, but that that might be a thing was an afterthought for this lot. Banana republic, Thailand-going-backwards stuff.

[jollyhangmon]

48 minutes ago, SABloke said:

On a macro scale, it has no need, and of course it will cost the country in the long run. However, for a poor person that lives day to day, a little "cash" injection might not be a bad thing - it might alleave some hardship and/or inspire some to want to have more access to funds i.e. be more productive or work harder cause they've had a taste of the "good life". I just don't buy all the doom and gloom about generational debt etc. Poor people are effed regardless - at least in this scheme they get something (unlike submarine purchases, head of state protection costs etc.)

 

... true, the poorer folks could well use the dosh but for that the helicopter style ain't necessary at all, restricted to the folks already registered with their existing welfare-card their scheme would most likely cost not even half but with double the profit for the ones really in need.

 

Of course that's not exactly the way populist schemes work and as the votes they bought with this are cast already they will now have to deliver 'something' thus continue to muck it up. That expensive  pile of money certainly should & could be utilized in a better, more focussed way ...

 

[george]

Why Govt need to issue another card? The Govt should use their own bank, Krungthai, or let the other commercial banks take the administration and cost of this.

 

I believe most Thais have a bank account/card already.

Use that payment channel instead of inventing new systems every time 😡

 

Rant over.

[spidermike007]

Am I the only one who gets restless standing behind someone fumbling with their phone for 4 minutes, to pay for a 17 baht item at a shop? Last time it happened I was reaching into my pocket for a 20 baht note, just to help out the sorry bugger, when he finally got it to work. 

 

Sorry, but real men always carry enough cash. 

Edited October 19, 2023 by spidermike007

[george]

1 minute ago, spidermike007 said:

Am I the only one who gets restless standing behind someone fumbling with their phone for 4 minutes, to pay for a 17 baht item at a shop? 

 

Sorry, but real men always carry enough cash. 

Yes, it’s annoying. Myself use QR code (PromptPay) wherever I can pay with it.

 

I love it, and I do it fast within 10-15 sec..

[scorecard]

8 hours ago, SABloke said:

On a macro scale, it has no need, and of course it will cost the country in the long run. However, for a poor person that lives day to day, a little "cash" injection might not be a bad thing - it might alleave some hardship and/or inspire some to want to have more access to funds i.e. be more productive or work harder cause they've had a taste of the "good life". I just don't buy all the doom and gloom about generational debt etc. Poor people are effed regardless - at least in this scheme they get something (unlike submarine purchases, head of state protection costs etc.)

"...Poor people are effed regardless...."

 

A bit blunt but reality. this expensive scheme does nothing to reduce the enormous / disgusting / gross  gap in income levels beween the ric and the poor.

 

This can be / should be fixed and it can be done. Move Forward have some good ideas on this subject.

 

I believe that the culprit is greed and the worship of money rather than sharing of the wealth. 

 

To the point, this scheme ultimately supports the rich whilst giving some short term breathing room for the poor.

[Srikcir]

13 hours ago, snoop1130 said:

may not be realised

Hardly a definitive argument, especially based on speculation and no hard evidence.

I support the wallet scheme but only as one of a bundle of solutions required to provide a determinate positive outcome for income inequality and eliminating poverty.

[Henryford]

4 hours ago, spidermike007 said:

Am I the only one who gets restless standing behind someone fumbling with their phone for 4 minutes, to pay for a 17 baht item at a shop? Last time it happened I was reaching into my pocket for a 20 baht note, just to help out the sorry bugger, when he finally got it to work. 

 

Sorry, but real men always carry enough cash. 

Yes me too, not restless though annoyed. If everyone used phones to pay we would never get served. That's why i like Makro, cash only.

Edited October 20, 2023 by Henryford

[Muhendis]

10 hours ago, scorecard said:

I wonder if any study has been done to get a 'profile of what/which business owners, by locations will benefit and what are there politial persuasions?'

 

Get my drift?

Of course a study was done and the results showed many voters would be agreeable to any party that offered 10,000 baht to them. 

[Madgee]

22 minutes ago, Henryford said:

Yes me too, not restless though annoyed. If everyone used phones to pay we would never get served. That's why i like Makro, cash only.

When's the last time you went to Makro? 

All the Makro stores near me accept payment by phone and judging by the way most customers say 'scan', it's by far the most popular way to pay. 

[jacko45k]

28 minutes ago, Henryford said:

Yes me too, not restless though annoyed. If everyone used phones to pay we would never get served. That's why i like Makro, cash only.

Yes, my thoughts too stuck behind a few pay-by-phone customers in Big-CX recently. Although the one closest irritated 2 people, one the teller, by wanting to complete a social network message prior to switching her focus to paying. Very selfish attitude.

[scorecard]

18 minutes ago, jacko45k said:

Yes, my thoughts too stuck behind a few pay-by-phone customers in Big-CX recently. Although the one closest irritated 2 people, one the teller, by wanting to complete a social network message prior to switching her focus to paying. Very selfish attitude.

Which is a separate subject.

[KannikaP]

1 hour ago, Henryford said:

Yes me too, not restless though annoyed. If everyone used phones to pay we would never get served. That's why i like Makro, cash only.

No, you can pay with QR code at Makro, and 7-11. Most customers seem to these days.

Edited October 20, 2023 by KannikaP

[Purdey]

The Bank of Thailand perhaps doesn't get the concept of free money, no paying back.

It will be difficult to backtrack on this free gift. 

[kingstonkid]

5 hours ago, scorecard said:

"...Poor people are effed regardless...."

 

A bit blunt but reality. this expensive scheme does nothing to reduce the enormous / disgusting / gross  gap in income levels beween the ric and the poor.

 

This can be / should be fixed and it can be done. Move Forward have some good ideas on this subject.

 

I believe that the culprit is greed and the worship of money rather than sharing of the wealth. 

 

To the point, this scheme ultimately supports the rich whilst giving some short term breathing room for the poor.

This is a vote buy.

 

The only people it will help are the really poor on a short time basis.

 

Better would have been to add to the pensioners monthly.

 

Consider that before this comes out all prices in stores will have risen due to the min daily pay rising.

 

In the end the big families will get richer and the poor will stay poor waiting for another government hand out.

[scorecard]

1 hour ago, kingstonkid said:

This is a vote buy.

 

The only people it will help are the really poor on a short time basis.

 

Better would have been to add to the pensioners monthly.

 

Consider that before this comes out all prices in stores will have risen due to the min daily pay rising.

 

In the end the big families will get richer and the poor will stay poor waiting for another government hand out.

All true and I agree it's just vote buying and note they are dragging it out to get the most political mileage possible.

 

Let's face it, their patron/idol is a specialist at vote buying.

[kingstonkid]

1 hour ago, scorecard said:

All true and I agree it's just vote buying and note they are dragging it out to get the most political mileage possible.

 

Let's face it, their patron/idol is a specialist at vote buying.

The best thing that could happen is the courts say no.

 

The worst thing is they have to pay out

😂

[Eric Loh]

4 hours ago, kingstonkid said:

This is a vote buy.

 

The only people it will help are the really poor on a short time basis.

 

Better would have been to add to the pensioners monthly.

 

Consider that before this comes out all prices in stores will have risen due to the min daily pay rising.

 

In the end the big families will get richer and the poor will stay poor waiting for another government hand out.

Quite a handfull of payouts during Prayut's government from 5,000 baht per month payouts to covid economic pacjages forcing cabinet to approved an emergency loan decree worth 1 trillion baht. It's the government responsibility to take care of the poor and the poor are grateful for the government handouts; they need all the help. 

[george]

7 hours ago, KannikaP said:

No, you can pay with QR code at Makro, and 7-11. Most customers seem to these days.

7-11 does not accept scan (PromptPay)

[StayinThailand2much]

On 10/19/2023 at 4:57 PM, snoop1130 said:

As such, claims the bank, the full potential of the scheme, as predicted by the government to justify the cost of the scheme, may not be realised.

So, what? When did Thai politicians ever listen to economists...

[spidermike007]

17 hours ago, Henryford said:

Yes me too, not restless though annoyed. If everyone used phones to pay we would never get served. That's why i like Makro, cash only.

Well, they do accept credit cards. But, you are forced to use the customer service counter, and it tends to make you look like a weak man who is unable to carry around some cash.