Digital Wallet Scheme to Boost Thai Economy by "Whirlwinds"

[webfact]

 

The Thai government will introduce a new "digital wallet" scheme on August 1, aiming to invigorate the economy with a 450-billion baht initiative. The scheme will offer a one-time 10,000 baht benefit to an estimated 45 million eligible citizens.

 

At a news conference at Government House, Finance Minister Pichai Chunhavajira outlined the multifaceted plan. The scheme aims to inject more money into circulation, alleviate living costs, improve citizens' lives, and promote self-sufficient communities. Additionally, it hopes to create job opportunities and advance digital technology and innovation across Thailand.

 

Minister Pichai detailed how the scheme intends to create four significant economic "whirlwinds." The first whirlwind will increase grassroots economy spending by encouraging people and small shops to transact more. The second whirlwind will boost spending at all types of stores, large and small.

 

The third whirlwind aims to foster investment opportunities by enhancing interactions between big stores. Lastly, the scheme hopes to double economic activity temporarily, thereby reviving the production sector and restoring overall economic confidence.

 

The registration for individuals will be open until September 15, with funds anticipated to be disbursed in the fourth quarter of the year. Registration for stores to join the programme begins October 1, and about two million stores are expected to participate.

 

Certain groups are ineligible for the benefit, including prisoners, individuals compelled to refund under other government programmes, and those whose entitlements have been revoked.

 

Two registration methods are available: the Thang Raj app for smartphone users and in-person registration for those without smartphones. Those without smartphones face restrictions; they need to show ID cards during each purchase, which must be made in person.

 

The recipients can only spend their digital wallet funds within their home districts and can buy all goods and services except those on the "Negative List."

 

Deputy Finance Minister Julapun Amornvivat assured adequate funding for the scheme. The budget involves 165 billion baht from the 2024 fiscal year, including a 122 billion baht supplementary budget. The remaining 285 billion baht will come from the 2025 fiscal year budget, reported Thai PBS.

 

Reference photo courtesy: Khaosod

 

-- 2024-07-25

 

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[stoner]

the negative list sounds so scary. 

[ikke1959]

whirlwinds mostly bring more damage than good

[NoDisplayName]

"Hub of Whirlywinds"

[bob smith]

the more I keep hearing about this dreadful scheme and the plan to tax foreigners on income earned from abroad - the more I think the two are closely related.

 

they spend, we pay.

 

Uncle Tony must really have it in for us farangs..

perhaps he had a bad experience in Dubai?

or did he get shafted when he bought/sold Manchester City?

 

bob.

[hotchilli]

4 hours ago, webfact said:

The Thai government will introduce a new "digital wallet" scheme on August 1, aiming to invigorate the economy with a 450-billion baht initiative. The scheme will offer a one-time 10,000 baht benefit to an estimated 45 million eligible citizens.

Bribe

[Tropicalevo]

5 hours ago, webfact said:

The scheme aims to inject more money into circulation, alleviate living costs, improve citizens' lives, and promote self-sufficient communities. Additionally, it hopes to create job opportunities and advance digital technology and innovation across Thailand.

What a load of waffle.

This PR company should be prosecuted for 'fake news'.

I am surprised that they are not saying that it will also cure cancer.

[bamnutsak]

5 hours ago, webfact said:

Minister Pichai detailed how the scheme intends to create four significant economic "whirlwinds."

 

More comparable to a toilet flushing.

 

 

[spidermike007]

Claiming that this digital wallet scheme will boost the economy here shows the level of desperation and the lack of ideas when it comes to economic policy, that this insipid and incompetent administration is saddled with.

 

Trying to stimulate the economy with this digital wallet is a bit like trying to boost the new car industry by purchasing a dozen cars. 

[harryviking]

Imagine a real heavy attack/bad code, taking down all internet communication! No money, no food. no gas and so on! Total chaos due to everything digital! Make sure you always have cash in reserve! Digital is NOT safe! I call it STUPID policy driven by ignorant people!

[TheAppletons]

8 hours ago, spidermike007 said:

Claiming that this digital wallet scheme will boost the economy here shows the level of desperation and the lack of ideas when it comes to economic policy, that this insipid and incompetent administration is saddled with.

 

Trying to stimulate the economy with this digital wallet is a bit like trying to boost the new car industry by purchasing a dozen cars. 

 

  "Trying to stimulate the economy with this digital wallet is a bit like trying to boost the new car industry by purchasing stealing a dozen cars."

 

  Fixed that for you.  

[Puccini]

The article fails to mention two limitations:

 

1. The digital wallet can only be used for purchases within a limited radius from the place of resude.

 

2. Purchases can only be made at businesses that have signed up for this scheme.

[Puccini]

Question: Within what time limit, if any, can purchases with this digital wallet be made?

[0ffshore360]

1 minute ago, Puccini said:

The article fails to mention two limitations:

 

1. The digital wallet can only be used for purchases within a limited radius from the place of resude.

 

2. Purchases can only be made at businesses that have signed up for this scheme.

Possible  correction might read as as " Purchases can only be made at businesses that have been approved affiliated financial interest parties that have been negotiating sign up to this  Scheme ?