Commerce Minister Phumtham Wechayachai. Image courtesy: Thai Post

 

The Thai government has unveiled a new "digital wallet" scheme aimed at bolstering local economies and benefiting smaller retailers. However, 18 specific products and services have been excluded from being purchased through this initiative, Commerce Minister Phumtham Wechayachai confirmed today.

 

The "digital wallet" scheme permits citizens to make transactions using government-provided benefits aimed at encouraging spending within communities.

 

Yet, to ensure the scheme is utilised for essential, everyday needs and not for luxury or non-essential items, the government has outlined a list of excluded products.

 

These include lottery tickets, alcoholic beverages, tobacco products, cannabis, kratom, and their derivatives. Also on the exclusion list are souvenirs, cash vouchers, gold, diamonds, gemstones, fuel oil, natural gas, electrical appliances, electronic equipment, and communication devices. 

 

Minister Phumtham emphasised that while these exclusions are firmly in place, the list is not set in stone and may be revisited. "If we find that certain excluded products are essential for daily life or job creation, we will review and adjust the list as needed," he said.

 

In response to concerns that the scheme might disproportionately benefit large corporate retailers, Phumtham assured the public that the focus would be on smaller, community-based businesses.

 

The scheme aims to uplift independent retailers, grocery stores, community shops, Blue Flag chains, and cooperative stores, deliberately excluding major retail giants and wholesale outlets.

 

To prepare for the launch, Thailand's Commerce Ministry, along with other relevant departments such as Internal Trade and Business Development, the Interior, and Agriculture ministries, are finalising their processes. Businesses interested in joining the scheme will soon be able to register.

 

Currently, about 146,000 Blue Flag outlets, 5,000 Blue Flag eateries, and approximately 400,000 retail outlets including food shops are eligible to participate. The registration process for both businesses and individuals is slated to start in August.

 

-- 2024-07-23

 

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A practical experiment for a CBDC. 

I did not see yaba on the list...

That's the way to lure the ignorant into the slavery of CBDC!!

So soapy massage and the like is still ok then? 

They will just trade their B10,000 to the family next door to go buy their lottery tickets and booze/drugs, in fact, I wouldn't be surprised if some local stores aren't already setting up some type of bartering scam system to do this. The rest will go to 7-11 (CP Group), you know... the poor local store. This is going to be one of the biggest boondoggles in Thai history, another with Pheu Thai stamped all over it.

3 minutes ago, lordgrinz said:

They will just trade their B10,000 to the family next door to go buy their lottery tickets and booze/drugs, in fact, I wouldn't be surprised if some local stores aren't already setting up some type of bartering scam system to do this. The rest will go to 7-11 (CP Group), you know... the poor local store. This is going to be one of the biggest boondoggles in Thai history, another with Pheu Thai stamped all over it.

 

Hey if you can figure out how to register 10 times thats 100,000 baht.....Not to shabby..

1 hour ago, lordgrinz said:

They will just trade their B10,000 to the family next door to go buy their lottery tickets and booze/drugs, in fact, I wouldn't be surprised if some local stores aren't already setting up some type of bartering scam system to do this. The rest will go to 7-11 (CP Group), you know... the poor local store. This is going to be one of the biggest boondoggles in Thai history, another with Pheu Thai stamped all over it.

One way or the other in all regions of Thailand will have their economies benefit from this program. Of course to the cynical farang it's all a scam. Back in their home countries every advantage goes to the super rich so something like this is alien to them. Thailand needs this after nearly a decade of rule under a repressive military Junta. It has foreign currency reserves much higher than countries with larger economies like the UK. Just get on with it

21 minutes ago, pegman said:

One way or the other in all regions of Thailand will have their economies benefit from this program. Of course to the cynical farang it's all a scam. Back in their home countries every advantage goes to the super rich so something like this is alien to them. Thailand needs this after nearly a decade of rule under a repressive military Junta. It has foreign currency reserves much higher than countries with larger economies like the UK. Just get on with it

 

If they wanted their citizen to "benefit" from a "program", they would have spent the B500 Billion on education, especially in poorer areas. This boondoggle will do nothing for the economy, absolutely nothing, but you can bet that the "rich" will indeed "benefit" form this the most.

2 hours ago, Tropicalevo said:

So soapy massage and the like is still ok then? 

 

Isn't that the whole point of this scheme?

7 hours ago, webfact said:

The scheme aims to uplift independent retailers, grocery stores, community shops, Blue Flag chains, and cooperative stores

So just give it direct to them and stop treating the citizens like children. All of the above will be purchased anyway (lottery tickets, gold etc) after these outlets get their boost. 

So really only food and soft drinks are buyable with this scheme.

Is there any time limit on how quickly it must be spent, and geographical restrictions as first suggested?

12 minutes ago, KannikaP said:

So really only food and soft drinks are buyable with this scheme.

Is there any time limit on how quickly it must be spent, and geographical restrictions as first suggested?

 

Garden centres are OK, we wasted a lot of public money last time they were giving it away at them

CBDC , we tell you what you can or cannot buy with YOUR MONEY

They're being naive thinking that none of the money will be spent on booze or other verboten items. People will just use the digital wallet cash to buy the family food, then use the money they'd otherwise have spent on food to buy Lao Khao, or whatever they fancy.

9 hours ago, webfact said:

Yet, to ensure the scheme is utilised for essential, everyday needs and not for luxury or non-essential items, the government has outlined a list of excluded products.

Of course it's a democratic country not authoritarian

10 minutes ago, Guderian said:

They're being naive thinking that none of the money will be spent on booze or other verboten items. People will just use the digital wallet cash to buy the family food, then use the money they'd otherwise have spent on food to buy Lao Khao, or whatever they fancy.

The government cannot think that far ahead.

39 minutes ago, john donson said:

CBDC , we tell you what you can or cannot buy with YOUR MONEY

 

Yep, its not "money" or personal wealth. It's a system to control your movements, spending habits and the like. You can be taxed at source and de-funded by just a few computer clicks from your bank.

Wonder if people will be allowed to pay their ever increasing electric bill with it ?

53 minutes ago, john donson said:

CBDC , we tell you what you can or cannot buy with YOUR MONEY

Yes, and linked to a digital I.D. can be cut off if you are deemed by the powers that be to have been a naughty boy.

5 hours ago, redwood1 said:

 

Hey if you can figure out how to register 10 times thats 100,000 baht.....Not to shabby..

Some countries are so paranoid they won't have a national ID card, then complain about identity manipulation and illegal workers.

5 hours ago, lordgrinz said:

They will just trade their B10,000 to the family next door to go buy their lottery tickets and booze/drugs, in fact, I wouldn't be surprised if some local stores aren't already setting up some type of bartering scam system to do this. The rest will go to 7-11 (CP Group), you know... the poor local store. This is going to be one of the biggest boondoggles in Thai history, another with Pheu Thai stamped all over it.

Why do people insist on talking like there has never been a digital wallet scheme before.

Wait a minute, most of the foreigners had done a runner when they were in progress.

48 minutes ago, Guderian said:

They're being naive thinking that none of the money will be spent on booze or other verboten items. People will just use the digital wallet cash to buy the family food, then use the money they'd otherwise have spent on food to buy Lao Khao, or whatever they fancy.

Please let us know in what countries people would do any different.

Delusional to think that when people get their Winter Fuel allowance they are not straight down the pub.

Appears that handouts are perfectly acceptable elsewhere, just not in Thailand.

41 minutes ago, ronster said:

Wonder if people will be allowed to pay their ever increasing electric bill with it ?

That would have been one of the smartest things they could have done. Even better would have been to use it to pay off the electric “debt “ and keep the electric price down. But TIT

4 hours ago, pegman said:

One way or the other in all regions of Thailand will have their economies benefit from this program. Of course to the cynical farang it's all a scam. Back in their home countries every advantage goes to the super rich so something like this is alien to them. Thailand needs this after nearly a decade of rule under a repressive military Junta. It has foreign currency reserves much higher than countries with larger economies like the UK. Just get on with it

 

sorry, but you don;t understand about aid, unfortunately, any benefit will be short lived, it will last as long as it takes to spend the money. to deliver real benefit to those in need capital investment projects which deliver ongoing benefit into the future have a much higher success rate.

Here's a thought allow it for school registration 

1 hour ago, sandyf said:

Please let us know in what countries people would do any different.

Delusional to think that when people get their Winter Fuel allowance they are not straight down the pub.

Appears that handouts are perfectly acceptable elsewhere, just not in Thailand.

 

Firstly, as I've lived in Thailand for over 20 years I don't qualify for any handouts, whether the Thai digital wallet or the British winter fuel allowance. Secondly, the digital wallet scheme is clearly just a one-off vote-buying exercise. It's also largely unfunded and amounts to the equivalent of some 15% of the total Thai budget, rather more significant than the winter fuel allowance. IMHO, there are far more efficient and effective ways such a large sum of money could have been used to stimulate the economy, but Srettha and his unelected jailbird boss know that those wouldn't give them the same leverage with the public as this handout. Great news for the 7-elevens and breweries, not so good for the Thai economy once the money has been spent and there's nothing left to show for it.

Digital Wallet Scheme Excludes 18 Products and Services v

 

What a load of rubbish ,give the money to the people and they can't even by Petrol to go to work . what Idiot they got up there to say what people can buy or not .

Then an other problem , people have to spent/buy there products in a certain  Radius/Distance  of where they live.

Thats  Impossible for people that live in certain place as the shops in there area my not be Registered for this BS and may not have the products that are on the List that can be sold on this Impossible Stupid project.

7 hours ago, pegman said:

One way or the other in all regions of Thailand will have their economies benefit from this program. Of course to the cynical farang it's all a scam. Back in their home countries every advantage goes to the super rich so something like this is alien to them. Thailand needs this after nearly a decade of rule under a repressive military Junta. It has foreign currency reserves much higher than countries with larger economies like the UK. Just get on with it

But the whole idea is just so complicated that the average thai will not benefit and the public paying for this in the long run will be disadvantaged as the upper middle class will only benefit , if any body at all..

13 hours ago, webfact said:

electrical appliances, electronic equipment, and communication devices

 

As smart phone or tablet could actually make a real difference in a poor family's life.