Over One Million Vendors Sign Up for Government Digital Money Handout
PUBLISHED: 23 Jul 2024 at 20:31
In a significant update, Prime Minister Srettha Thavisin announced that more than one million shops and vendors are registering to take part in the government’s high-profile digital money handout scheme. This announcement was made by Deputy Prime Minister Phumtham Wechayachai, who stated that further details will be provided on Wednesday.
The initiative aims to clarify the guidelines for eligible recipients to receive and spend the digital funds. Key information regarding the program will be unveiled in the coming week.
Participants in the scheme include over 500,000 stores affiliated with the Thai Retailers Association, 150,000 government-certified Blue Flag shops and food stalls, along with approximately 500,000 street food vendors, as confirmed by Mr. Phumtham, who also serves as the commerce minister.
All registrations for vendors and eligible recipients are to be finalized ahead of the fund distribution scheduled to begin in October.
Responding to inquiries about the acceptance of funds at 7-Eleven stores, Mr. Phumtham expressed confidence that the convenience store chain, which operates around 15,000 locations nationwide, would indeed participate in the program.
With an estimated budget of up to 500 billion baht, this digital wallet initiative stands as the flagship stimulus policy under the Pheu Thai-led coalition government. Concerns regarding its funding have already resulted in multiple delays this year, with economists and two former central bank governors labeling the plan as fiscally questionable.
According to recent announcements from Mr. Srettha and the Ministry of Finance, the registration period for the 10,000-baht handout will commence on August 1 and will close 45 days later.
To qualify, applicants must be Thai citizens aged at least 16 as of September 30, 2024, and their bank account balances should not exceed 500,000 baht, with an annual income cap of 840,000 baht.
The disbursement of funds is set to start on October 1 and will continue for six months. Recipients are required to spend the money within their registered districts, though officials are still refining the list of acceptable expenditures.
Recently, Mr. Phumtham announced the exclusion of 18 specific goods and services from the handout. Notable exclusions include government lotteries, alcoholic beverages, tobacco, jewelry, electrical and electronic devices, communication devices, and fuel.
