Cabinet okays the principle for digital wallet scheme

srettha digital wallet cabinet
Prime Minister Srettha Thavisin

The cabinet approved the principle for the digital wallet scheme to boost the economy. Prime Minister Srettha Thavisin said the cabinet approved the principle for the digital wallet scheme.

The cabinet approved on a proposal of the Digital Wallet Policy Committee. Which agreed on April 10 to proceeds the plan to give out 500 billion baht each. To about 50 million Thais 16 years and older. Who earn less than 70,000 baht a month or annual income less than 840,000 baht a year. And their savings accounts have not an exceeding than 500,000 baht.

Mr Srettha said the government approved the scheme’s principle regarding target groups, criteria and registration processes for participating businesses, money disbursement and spending conditions, eligible products and services, and funding sources.

Authorized related agencies to study

“The cabinet authorized the Finance Ministry, the Bank for Agriculture and Agricultural Cooperatives (BAAC). And the Budget Bureau to study each aspect of the campaign in details”

The government on April 10 had announced it would be allocate 175.50 billion baht from the 2024 fiscal budget, a 152.70 billion baht from the 2025 fiscal budget. And a 172.30 billion on the requirement of the Section 28 of the State Fiscal and Financial Discipline Act to use mechanism of the BAAC to finance the scheme to 17 million farmers.

Mr Srettha also said the cabinet has suggested that responsible agencies that have questions about the roles and responsibilities of BAAC consult the Council of State to ensure that every step is transparent and in compliance with relevant laws.

The scheme is expected to boost 1.2-1.8% to economic growth in 2025.

Thailand Government

Govt gave green light to use fiscal budget to finance digital wallet scheme