April 19, 2024
Thailand's Digital Wallet Program Delayed Amidst Criticism and Funding Concerns
Policy & Regulation

Thailand’s Digital Wallet Program Delayed Amidst Criticism and Funding Concerns

The proposed digital wallet program in Thailand, which was supposed to pay out 10,000 baht ($274) to anyone over the age of 16, has been postponed, and critics are demanding that the country’s electoral commission conduct an investigation.

According to the Bangkok Post, Thailand’s deputy finance minister, Julapun Amornvivat, declared that the new digital wallet’s scheduled introduction in February 2024 has been postponed to give the system’s development more time.

To boost the local economy, the Thai government plans to use the wallet to distribute 10,000 Baht to qualified individuals.

The government wants extra time to guarantee the security of the system underlying the digital grant wallet, according to a statement from Amornvivat, which also reiterated that the launch will still occur in the first quarter of 2024.

The subcommittee in charge of the program is still debating where to get the money for it, according to reports from the nation. The anticipated price tag for the digital wallet program of the Pheu Thai Party is 548 billion baht ($15 billion).

Amornvivat further suggested that tax revenue from higher economic activity would help fund a portion of the program’s cost. The government had previously predicted that the initiative would boost economic growth by 5% next year.

Rosana Tositrakul, a former Thai senator who has been an outspoken opponent of the concept, has since asked the election commission to look into the legality of the idea.

Tositrakul has questioned the legitimacy of the effort after learning that the Thai government is considering utilizing its national budget to pay for the digital distribution due to concerns about a shortage of funding and the possibility of incurring debt to do so.

Image: Wallpapers.com

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