Digital Wallet Scheme: Over 1 Million Vendors Join

[webfact]

Reference picture courtesy: Thai PBS

 

Prime Minister Srettha Thavisin is set to provide further details on the government’s flagship digital wallet scheme today. According to a government statement issued yesterday, over 1 million shops and vendors have registered to participate in the initiative.

 

Deputy Prime Minister Phumtham Wechayachai stated that the announcement will focus on the requirements for eligible recipients to obtain and use the digital money, with more details to be released next week.

 

The participating vendors include over 500,000 stores under the Thai Retailers Association, 150,000 government-certified Blue Flag low-cost shops and food stalls, and approximately 500,000 street food vendors, according to Phumtham, who also serves as the commerce minister.

 

Both sellers and eligible recipients are expected to complete registration before the distribution of funds begins in October.

 

Addressing questions about the inclusion of 7-Eleven stores in the program, Phumtham indicated that the convenience store chain, with around 15,000 branches nationwide, is anticipated to be part of the digital wallet scheme.

 

The digital wallet scheme, estimated to cost up to 500 billion baht, is the flagship stimulus policy of the Pheu Thai-led coalition. Funding concerns have delayed its introduction twice this year.

 

Additionally, the plan has faced criticism from economists and two former central bank governors, who have labeled it fiscally irresponsible.

 

The Thai premier and the Ministry of Finance announced that the registration period for the 10,000-baht handout will begin on August 1 and conclude 45 days later.

 

Eligible individuals must be Thai nationals and at least 16 years old by September 30, meaning they must have been born before October 1, 2008.

 

To qualify, applicants must have no more than 500,000 baht in their bank accounts, according to their 2023 tax year filing records, and their annual income must be under 840,000 baht.

 

The distribution of funds will begin on October 1 and continue for six months, as confirmed by Phumtham and the ministry.

 

The money must be spent within the district where recipients are registered; however, officials are still finalizing the list of permissible and prohibited purchases.

 

Phumtham shared an updated list of 18 goods and services excluded from the handout, including government lotteries, alcoholic beverages, tobacco, jewelry, electrical appliances, electronic devices, communication devices, and petrol.

 

 

-- 2024-07-24

 

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[brianthainess]

40 minutes ago, webfact said:

Additionally, the plan has faced criticism from economists and two former central bank governors, who have labeled it fiscally irresponsible.

Oh I can't imagine why..........

[brianthainess]

41 minutes ago, webfact said:

The money must be spent within the district where recipients are registered; however, officials are still finalizing the list of permissible and prohibited purchases.

I'll swap you a bag of rice, for some lao khao, Yabba, and some tobacco......

[hotchilli]

3 hours ago, webfact said:

The money must be spent within the district where recipients are registered;

So someone lives/works in Bangkok or worse farther south in Phiket but has to return to Isaan to spend the money?

[ikke1959]

I can't get out of my mind that there is some tricking thing in it.. I suppose that everybody will be checked for tax payments as the shops and stalles as well as the people who apply for it.. Nothing for free and as many Thais don't pay any tax this could be an opportunity for the Government to get more income

[PETERTHEEATER]

Presumably vendors who wish to register can do so on-line? I can't imagine 500,000 street food vendors have already lined up at their local 'One Stop' Tessaban offices to do so in person.

[bradiston]

Weed shops?

[bamnutsak]

The skim on this will be ~ 35%.

 

 

[Wrwest]

Hmm, Stepdaughter, entering Freshman at Margo University would greatly appreciate the subsidy. As would I!

[bradiston]

4 hours ago, bradiston said:

Weed shops?

No

[UbonEagle]

The wife participated her restaurant in the last handout scheme, I’m not full bottle on it but she claimed that later on she was required to pay a large chunk of the revenue back in tax/fee, which was not communicated prior.
Believe many will be sceptical about this one.

As for the economic benefits I’d say very little, money better spent on improving infrastructure, it all ends up back in the economy 

[Puccini]

12 hours ago, UbonEagle said:

The wife participated her restaurant in the last handout scheme, I’m not full bottle on it but she claimed that later on she was required to pay a large chunk of the revenue back in tax/fee, which was not communicated prior...

 

Thank for this information. I had been wondering about it.