Thailand to launch digital wallet handout May 2024 to stimulate economy

BANGKOK - In an effort to boost the economy, 50 million Thais will begin receiving the 10,000 baht "digital wallet" disbursement in May of next year to be used for consumer products.

Prime Minister Srettha Thavisin outlined the eligibility criteria, stating that Thais aged 16 and older, with savings below 500,000 baht, and earning less than 70,000 baht per month, would qualify for the 10,000 baht government grant.

"Those eligible for the scheme must make the first payment through the digital wallet within the first six months of implementations. The handout is expected to be distributed in May next year.

"The handout is not public assistance for those with low income.

"It is about injecting money into the economy through spending. This is to foster partnership between the people and the government in resuscitating the economy while maintaining the government’s fiscal discipline,” he said.

Srettha highlighted that the value of the scheme is approximately 3 per cent of the gross domestic product (GDP). To fund the initiative, the government intends to borrow 500 billion baht.

The 10,000 baht "digital wallet" distribution is earmarked exclusively for the purchase of food, drinks, and consumer goods.

Notably, it cannot be converted into cash and is restricted from being used for online products, services, as well as alcohol and tobacco products. The intention is to direct the funds toward essential and tangible goods, contributing directly to stimulating local economic activity. - BERNAMA