PUBLISHED : 12 Aug 2023 at 04:00
The Pheu Thai Party intends to reintroduce its 10,000-baht digital wallet programme once the government it is forming takes office, says deputy secretary-general Paopoom Rojanasakul.
The party shelved the policy after finishing second in the May 14 election, as the social welfare policies of the election-winning Move Forward Party (MFP) were given priority when the latter was attempting to put together a coalition government.
“Now the situation has changed, and Pheu Thai is the core [of a new coalition],” Mr Paopoom said yesterday. “Today, the party would like to officially declare that it will move ahead with the digital wallet policy using blockchain technology.”
The policy involves a 10,000-baht digital handout to every Thai aged 16 and over, delivered to a smartphone. The digital money can only be spent within a four-kilometre radius of recipients’ homes and is valid for six months.
“There won’t be any problems for those without access to this application as they can use their national ID card to get a personal code instead,” he said, adding Thailand would be among the very first countries to introduce this form of digital payment.
Mr Paopoom said Pheu Thai’s economic team had evaluated the programme and believes it would spur economic growth rather than cause more inflation.
A capital market and securities exchange commission for digital assets will be set up, he added. “That is to say, we will go ahead with the digital wallet scheme and make it fully operational for the benefit of the country.”
Srettha Thavisin, who is expected to be nominated as the party’s prime ministerial candidate, said during the election campaign the 10,000-baht handout would unleash an “economic tsunami” of consumption, delivering benefits to many sectors of the economy.
He defended the cost of the policy, which the party has put at 560 billion baht, saying it was on par with the social welfare promises and pledged handouts made by other parties.
The Thai Chamber of Commerce has predicted a GDP boost of 2.5% or more from the fund infusion. It suggested the digital wallet rollout should start with low-income earners.