BANGKOK – The 10,000 baht top-up scheme via digital wallets for people has made headlines once again, with Prime Minister and Finance Minister Srettha Thavisin confirming that the project will begin paying eligible citizens in the fourth quarter of 2024.
The prime minister simply replied to journalists’ questions about the source of the 500 billion baht financing for the project, saying, “Please wait for details to be made clear on April 10.”
The Prime Minister started the Digital Wallet Policy Committee meeting at Government House on March 27 by asking about the Governor of the Bank of Thailand, Setthaput Suthiwat Narueput, who was not present. According to reports, he disagreed with the Prime Minister over interest rate policy, which the Bank of Thailand refused to cut despite the government’s request to benefit the people.
Ronadon Numnon, Deputy Governor of the Bank of Thailand for Financial Institution Stability, stated, “The governor is on a mission abroad, sir.” The Prime Minister nodded in acceptance and began the discussion.
He highlighted that the Thai economy has been developing below its potential for a long time and is facing internal and global challenges, such as unequal income recovery following the pandemic, and that the interest burden remains high at all times. Therefore, economic stimulus measures are essential.
“I’d want to emphasise the 10,000 baht top-up scheme using digital wallet. It is one of the short-term steps that will assist raise the amount of money circulating in the economy, which will then be distributed to people. As a result, the Prime Minister stated, “This project should be driven and pushed to become concrete as soon as possible.”
He then directed the project’s responsible organizations, including the Ministry of Finance, to study and prepare specifics that were consistent with the situation and the precautions or opinions provided by various agencies. Each of the stages required by law and regulations must be carried out in a transparent and verified manner, with the state maintaining rigid fiscal discipline.
He also directed the Ministry of Digital Economy and Society and the Digital Government Board to outline the system’s progress and readiness for open or open-loop participation by financial institutions and wallet business operators in the initiative.
The Royal Thai Police is in charge of setting up a framework for investigations, accepting complaints and accusations, and imposing the refunds.
The Prime Minister stated that on April 10, all parties will reach a conclusion and bring it to the Cabinet for discussion. He also reiterated the timeline, previously disclosed by Deputy Finance Minister Chulaphan Amornvivat: retailers and the general public will start registering in the third quarter. The people will receive the money in the fourth quarter.
“All sectors have agreed, including the Secretary-General of the National Economic and Social Development Council and the Governor of the Bank of Thailand. So wait for the good news on April 10,” added the Prime Minister.
Last year’s election, the Pheu Thai Party’s main campaign policy was its digital wallet initiative. However, independent organisations and fiscal experts have questioned its practices. The National Anti-Corruption Commission has put the project on hold to conduct a review. However, people in many areas continue to question the prime minister during his visits.
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