Thailand's Digital Wallet Scheme: The Future of Money

[webfact]

 

Thailand has launched a ground-breaking digital wallet stipend scheme for eligible citizens, offering a potential glimpse into the future of money management.

 

Chai Wacharonke, the Thai Government Spokesperson, highlighted how the program forms a pivotal part of a broader economic strategy aimed at boosting household consumption and GDP.

 

This effort seeks to address short-term economic needs, albeit with critics pointing out that it doesn’t tackle deeper issues like low investment.

 

The scheme caught international attention when the Financial Times published an in-depth analysis by Eswar Prasad.

 

Prasad, an Indian-American economist and professor at Cornell University, drew comparisons between Thailand's initiative and central bank digital currencies (CBDCs) under consideration in various countries.

 

Thailand's program integrates digital wallets, already popular among its citizens, into a government transfer plan aimed at low-income individuals. The funds are designed to be spent quickly and locally, with a six-month usage period that prohibits saving or misallocation.

 

This direct approach promises to bypass traditional corruption channels by minimising the opportunities for fraud within government agencies.

 

The article outlines several compelling advantages. Firstly, targeting low-income citizens ensures that the money is spent immediately rather than saved, creating a direct boost to economic activity.

 

Secondly, by reducing opportunities for corruption through direct transfers, the scheme brings a welcomed transparency to government aid.

 

Furthermore, by restricting the funds to be spent at local businesses, the program not only ensures that the money remains within the community but also supports small enterprises. This spreads the economic benefits widely and helps strengthen local economies.

 

Prasad suggests that Thailand’s Digital Wallet scheme could pave the way for future adoption of CBDCs, potentially revolutionising the financial landscape.

 

Such programs could serve as preliminary steps toward establishing a comprehensive digital economy, aligning with the Thai government's vision of becoming a Digital Economy Hub in the region.

 

The initiative, while not without its critics, showcases a forward-thinking approach to economic management and may set a precedent for other nations considering similar digital transitions.

 

TOP Picture courtesy: NNT

 

-- 2024-08-10

 

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[watchcat]

26 minutes ago, webfact said:

This direct approach promises to bypass traditional corruption channels by minimising the opportunities for fraud within government agencies.

 

Meaning it will not be popular among government agencies?

[fondue zoo]

12 minutes ago, watchcat said:

 

Meaning it will not be popular among government agencies?

 

 

[Tropicalevo]

2 hours ago, webfact said:

Firstly, targeting low-income citizens ensures that the money is spent immediately rather than saved

Folk with 500,000 baht in the bank are not low-income.

The real poor often do not have smart phones.

So many false statements in the article. The author has believed the hype from the  government's PR people.

The whole thing is smoke and mirrors to hide the vote buying.

 

The possible scams are so obvious.

 

[bamnutsak]

3 hours ago, webfact said:

 

Thailand has launched a ground-breaking digital wallet stipend scheme for eligible citizens, offering a potential glimpse into the future of money management.

 

 

Just to be clear, this is NOT a stipend.

 

A stipend is a regular, recurring payment.

 

This 10,000 baht digital wallet scheme is a one-time payment.

 

 

And the over-under on the number of people charged with implementing or corrupting this scheme is 1,500.

 

 

[patman30]

3 hours ago, webfact said:

This direct approach promises to bypass traditional corruption channels by minimising the opportunities for fraud within government agencies.

Sorry poor people, because your government is corrupt
you will not be allowed to save any of the pittance you earn to try and bring your family out of poverty
you will also be restricted where you can spend your pittance to ensure you cannot buy any goods that would help you be less poor

[Chris Daley]

I heard it was a total disaster.  Many customers got tired of waiting for the the app to load.  It made longer ques and people started to walk away.  So the sellers went back to cash.

[Moonlover]

3 hours ago, Tropicalevo said:

The real poor often do not have smart phones.

 

'Registration can be done within an app called Tang Rat, using a national ID card and facial recognition for identity verification. Alternatively, users have the option to verify their identity through several other methods, including service counters at 7-Eleven stores, Thai Post counters, Boonterm kiosks, multi-purpose government service kiosks, as well as the ThaID app'.

 

Additionally, those who have welfare cards do not need to register as their welfare accounts will be automatically credited.

 

They are way ahead of you smart boy. 😉

 

https://www.biometricupdate.com/202407/registration-for-thailands-digital-wallet-launches

 

 

[koolkarl]

Its to get people and sellers used to a digital currency, the ultimate government control.

Kiss cash goodbye in the near future.

[Moonlover]

5 hours ago, bamnutsak said:

6 hours ago, webfact said:

 

Thailand has launched a ground-breaking digital wallet stipend scheme for eligible citizens, offering a potential glimpse into the future of money management.

 

5 hours ago, bamnutsak said:

 

 

Just to be clear, this is NOT a stipend.

 

A stipend is a regular, recurring payment.

 

This 10,000 baht digital wallet scheme is a one-time payment.

 

 

And the over-under on the number of people charged with implementing or corrupting this scheme is 1,500.

 

 

 

Just to be clear It is not going to be paid out as a 'one time payment'. It will be spread out over 6 months. So it's a bit of a stretch, but 'stipend' fits, just.

 

5 hours ago, patman30 said:

Sorry poor people, because your government is corrupt
you will not be allowed to save any of the pittance you earn to try and bring your family out of poverty
you will also be restricted where you can spend your pittance to ensure you cannot buy any goods that would help you be less poor

No one has ever claimed that it will 'bring them out of poverty.

 

Its purpose is to 'stimulate the local economy' which is why they can only use it in their local area, so saving their money isn't going to achieve that is it.

 

There are so many misconceptions about this scheme.  

[RichardColeman]

9 hours ago, webfact said:

This effort seeks to address short-term economic needs

Bunch of idiots - YOU are importing the enemy to your economy in mass tourism !

[Flying Saucage]

Transforming real taxpayer money into digital slave money, which allows the government to decide what the people can buy, where they can spend it and within what time before the switch it off.

 

This is the distopic nature of CBDCs, the means for ultimate future totalitarianism, when finally cash will be abolished. This digital wallet is nothing but a prototype for digital slavery.

 

When will the people eventually wake up and understand what's going on?

 

Not only in Thailand, it's all over the world the same globalist agenda.

[Flying Saucage]

Here an interesting statement of a British lawyer about this digital wallet scheme:

 

[sandyf]

7 hours ago, Tropicalevo said:

The author has believed the hype from the  government's PR people.

Wrong the author has believed misinformation from other sources.

The author also appears to believe, like many others, that Thailand has never had any previous digital wallet initiatives.

The 50/50 scheme had 5 phases with participation over 28 million.

Edited August 10 by sandyf

[khunjeff]

10 hours ago, webfact said:

This direct approach promises to bypass traditional corruption channels by minimising the opportunities for fraud within government agencies.

 

Uh huh - good luck with that 😂 

[patman30]

2 hours ago, Moonlover said:

No one has ever claimed that it will 'bring them out of poverty.

you clearly missed the point being made.

[brianthainess]

It will be scammed end of......

[brianthainess]

Just had a conversation with my wife, about this, who is entitled and she said " I not give any details about me to anyone, they will steal my money from my bank "

   Fair Enough I can understand her reasoning, we will see what happens only time will tell.

[patman30]

12 hours ago, brianthainess said:

Just had a conversation with my wife, about this, who is entitled and she said " I not give any details about me to anyone, they will steal my money from my bank "

   Fair Enough I can understand her reasoning, we will see what happens only time will tell.

smart lady
better to not be on any list.

[phetphet]

CBDB. It's all about control.

 

Tin hat time. Whitney Webb has some interesting videos.

 

https://www.youtube.com/watch?v=mfVahClhdfc

https://www.youtube.com/watch?v=MDidipNnQRc

[KannikaP]

21 hours ago, Moonlover said:

Just to be clear It is not going to be paid out as a 'one time payment'. It will be spread out over 6 months. So it's a bit of a stretch, but 'stipend' fits, just.

So will it be 1000/6 = 1666 per month. My Mrs spends more than that at Makro per month. Can it be accumulated?

How will anyone without a phone get access to the money?

What are the geographical limitations on spending this money?

Edited August 11 by KannikaP

[Moonlover]

15 hours ago, brianthainess said:

Just had a conversation with my wife, about this, who is entitled and she said " I not give any details about me to anyone, they will steal my money from my bank "

   Fair Enough I can understand her reasoning, we will see what happens only time will tell.

 

She will not have to give bank details when she registers. This is a digital wallet remember. The money will not be deposited into her bank account.

 

1 hour ago, KannikaP said:

So will it be 1000/6 = 1666 per month. My Mrs spends more than that at Makro per month. Can it be accumulated?

How will anyone without a phone get access to the money?

What are the geographical limitations on spending this money?

1. I don't know but it's a reasonable guess. It has to be spent within 6 months.

2. Those without smartphones will be able to use their Thai ID cards.

3. Your guess is as good as mine. How does one define 'local' in Thailand?

 

Edited August 11 by Moonlover

[BE88]

 

Dystopian future that says, you could spend your money but you couldn't save it and so you wouldn't own anything and everyone would be happy.

 

Welcome in your happy future.

 

 

 

Edited August 11 by BE88

[john donson]

a way to FORCE people into cbdc's ...   so you cannot decide what to spend your money on in the future, they will tell you ...

 

if it could help fight corruption....loooooooooooool....