Reference image courtesy: Thai Rath Money

 

Today, Deputy Finance Minister Julapun Amornvivat announced that approximately 100,000 small-sized merchants have offered to join the new digital wallet project. This scheme, initiated by the government, aims to modernise transactions and promote cashless payments among vendors and consumers.

 

Julapun expressed optimism that more retailers, food vendors, and restaurant owners would come on board by registering with the Ministry of Commerce from October 1.

 

He addressed concerns from small vendors about the potential retroactive collection of personal income tax, ensuring that the Revenue Department would not access any database related to the project.

 

The project is designed to reach 45 million Thai nationals aged 16 and over, spread across the country. The government plans to allocate 450 billion baht to fund this initiative. So far, around 27 million eligible recipients have signed up via the Stateway App, with more expected to register before the September 15 deadline.

 

Julapun noted that Prime Minister Srettha Thavisin has instructed all relevant authorities to ensure the project becomes effective by November. While there were initial hopes of starting the project in October, marking the beginning of Q4, the timeline has been adjusted to ensure complete readiness, reported Thai Newsroom.

 

This digital wallet initiative is part of a broader effort to increase financial inclusion and reduce reliance on cash. By encouraging digital payments, the government aims to streamline economic transactions, improve transparency, and enhance the overall efficiency of the market.

 

As the registration deadline approaches, both merchants and consumers are expected to participate in large numbers, propelling Thailand towards a more digitally integrated economy. The success of this project could set a benchmark for similar initiatives in the future, fostering a more modern financial landscape.

 

-- 2024-08-09

 

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6 hours ago, webfact said:

This scheme, initiated by the government, aims to modernise transactions and promote cashless payments among vendors and consumers.

Good forr them, but I bet CP group will get the biggest slice.

6 minutes ago, hotchilli said:

Good forr them, but I bet CP group will get the biggest slice.

 

My wife's old village only has a 7 Eleven that can be used. It will be similar elsewhere. This is going to be a huge money transfer from the Thai treasury to CP.

The goverment has urged citizens who with to register to do so using the 'Tang Rat' application downloaded from Apple Store or Play Store dependent on preferred IO.

Being interested I have tried to locate Tang Rat app on the Google Play Store without success.