Digital wallet scheme may switch to cash to boost economy

[webfact]

Thaland Budget Bureau chief confirmed that funds from the digital wallet scheme could be distributed as cash, provided the original goal to stimulate the economy is maintained. Chalermphol Pensoot stated that the distribution of 10,000 baht through the digital wallet scheme could continue, depending on the new government’s policies.

 

“Distributing cash instead of digital money is not an issue, as long as the original objective to stimulate the economy is maintained.”

 

Chalermphol also indicated that the timeline for the handout remains unchanged, with no alteration to the budget calendar. The additional budget bill for fiscal 2024 is currently awaiting royal approval.

 

The fiscal 2025 budget is progressing through the parliamentary process, with the second and third readings scheduled for September 4 to September 6.

Caretaker Deputy Finance Minister Julapun Amornvivat mentioned yesterday that a viable solution for the digital wallet project exists but all necessary procedures must be completed before making an official announcement.

Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council, expressed uncertainty on August 19 about whether the new administration will proceed with the 500-billion-baht digital wallet handout. He stressed the importance of implementing economic support measures, particularly for low-income earners.

 

Danucha pointed out that stimulus measures should be carefully timed and aligned with available resources. Initial measures can be introduced and then evaluated, considering the limited resources, reported Bangkok Post.

 

New Prime Minister Paetongtarn Shinawatra addressed the issue on August 18, assuring that the government would not abandon its flagship handout. She stated that the government would “study and listen to additional options” to ensure the scheme is fiscally responsible.

Her comments were in response to rumours that her father, former premier Thaksin Shinawatra, had called for the controversial handout scheme to be scrapped.

 

In related news, Srettha Thavisin’s dismissal as prime minister cast significant doubt over the future of the much-publicised digital wallet scheme, with the ruling Pheu Thai Party and the Cabinet providing conflicting messages about the flagship policy’s direction.

 

by Bright Choomanee
Picture courtesy of Thairath

 

Source: The Thaiger 2024-08-21

 

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[Emdog]

Just when you thought (hoped?) they couldn't do anything more stupid, they do

[MikeandDow]

Worst thing they could do give cash.

[Celsius]

They are gonna talk about it for another 4 years.

[Jerzy Swirski]

Continue the hand out but if the recipient has any debts with a bank then the money goes to the bank to reduce the debt.

The government has fulfilled it's promise to voters and helped the debt crisis

[phetphet]

If they can manage to give it just in time for New Year, everyone will get well and truly plastered.

[Pouatchee]

what could possibly go wrong?

[ikke1959]

Why so difficult?? just print 20 coupons  of 500 THB with a copy of the ID card on it that can be used all over Thailand... Sim ple . easy and everywhere useable. Cash will not stimulate the economy at all.. People with an income of 70k a month will save it and also people with savings on a bank account. Best thing is  let people apply from 21yrs old and with income less than 40k a month and/ or less than 250k on a bank account. It saves a lot of money and with coupons you are sure it will be spent in the shops 

[KannikaP]

4 minutes ago, ikke1959 said:

Why so difficult?? just print 20 coupons  of 500 THB with a copy of the ID card on it that can be used all over Thailand... Sim ple . easy and everywhere useable.

20 coupons for each of 50 million people?????

I know Thais like their paperwork but that would be an Amazon forest-full .

[johng]

How many lottery tickets do they print twice a month ?

[hotchilli]

2 hours ago, webfact said:

“Distributing cash instead of digital money is not an issue, as long as the original objective to stimulate the economy is maintained.”

Distributing cash... here we go again

[ronster]

The lottery will sell out of tickets within a day of this getting handed out 😂

[hotchilli]

1 hour ago, Pouatchee said:

what could possibly go wrong?

Some cash goes mysteriously missing ?

[retarius]

Helicopter money? They would be better off investing it in improved infrastructure or sending bright young people abroad to study and get a decent education. 

[brianthainess]

Yippee do da day, 10k worth of Lao Kho, and a bucket full of Yabba tabs, what could possibly go wrong ?

[MikeandDow]

45 minutes ago, brianthainess said:

Yippee do da day, 10k worth of Lao Kho, and a bucket full of Yabba tabs, what could possibly go wrong ?

yes, that's going to happen in a lot of Thai households, don't forget the gambling

[Muhendis]

Suddenly, all those shops who signed up to the scheme have lost their guaranteed customers and all those eligible for the 10k handout are left wondering why they only got 9k plus an IOU for 1k.

 

How does this scheme help the Thai economy?

In my opinion it will be a disaster for Thailand.

[nobodysfriend]

3 hours ago, webfact said:

New Prime Minister Paetongtarn Shinawatra addressed the issue on August 18, assuring that the government would not abandon its flagship handout.

 

It will be abandoned .

No free money .

It was meant to be a joke ...

 

 

[AgMech Cowboy]

I read a few of the naysayers. IMO, that's exactly what they need to do. Yes some people will just use it on cigarettes and booze, but there's a lot of debt and many people will use it to pay off some of it.  Also, from a westerner's view point it will most likely devalue the baht for a time. Giving people money is inflationary and I would like to see the baht give up some of it's value on the currency exchange.

[MikeandDow]

13 minutes ago, AgMech Cowboy said:

I read a few of the naysayers. IMO, that's exactly what they need to do. Yes some people will just use it on cigarettes and booze, but there's a lot of debt and many people will use it to pay off some of it.  Also, from a westerner's view point it will most likely devalue the baht for a time. Giving people money is inflationary and I would like to see the baht give up some of it's value on the currency exchange.

"some people will just use it on cigarettes and booze," bit of naive statement,    giving money to drug addicts alcoholics and gamblers to feed there habits, i think this will cause a lot of problems in the family when theses addicts have spent there part but mum and dad have not  what do you think is going to happen ??

[Ben Zioner]

4 hours ago, webfact said:

Distributing cash instead of digital money is not an issue

Distributing cash without an added value counter part, will always result in [even more] inflation. With no actual gain for the recipients who will see the value of their meager earnings erode. People need skills and work, period.

[Skeptic7]

Boost booze and cigs sales❗ 

[Foxx]

I'm guessing that such money would be distributed through the local kamnan who will take a large cut for doing the distribution.  It's happened before.

[Muhendis]

27 minutes ago, Skeptic7 said:

Boost booze and cigs sales❗ 

Now I can understand why 7-11 is being taken over.

I wonder if that delightfully useful shop is partially owned by a Thai family............

[khunPer]

They don't have an app for digital wallet, and it will take (too) long time to make one. Furthermore, not all have or can use a smartphone, suitable for such an app. Their voters are getting impatient to have the election campaign promise fulfilled...

[ikke1959]

3 hours ago, KannikaP said:

20 coupons for each of 50 million people?????

I know Thais like their paperwork but that would be an Amazon forest-full .

Thai people like copies... Everything that has to be done need a copy of something and than go to immigration and in 1 year time you need almost a half package of papers just copies from everything even of the things they have already.. wasting paper is no problem in Thailand.. very ecological

[KannikaP]

1 hour ago, Muhendis said:

Now I can understand why 7-11 is being taken over.

I wonder if that delightfully useful shop is partially owned by a Thai family............

Who is taking over 7/11, not heard of it yet.

[NoDisplayName]

3 hours ago, ronster said:

The lottery will sell out of tickets within a day of this getting handed out 😂

 

Why not cut out the middleman?

 

Issue everyone 125 lottery tickets.

[OneMoreFarang]

Probably they will trust the village headmen with distributing the cash. As everybody knows, they are all highly qualified, honest and all that.

TiT

[BE88]

The incompetence and amateurism of this government is truly ridiculous, and yet they had believed that it would be easy to distribute 500 billion in electronic money while the hackers were waiting to divide up the loot on such naivety.

 

Now to do they talk about distributing cash, bars will be happy with the increase in beer to revive the economy.

 

When a person is stupid he can only solve the problem with another action even more stupid ditto for governments.