Thailand’s Digital Wallet Programme to Begin Registrations in August

Thailand to Launch Controversial Digital Cash Handout Programme in August
Thailand’s Prime Minister Srettha Thavisin announced that registration for a digital cash handout programme will begin on August 1. The initiative, known as the "Digital Wallet," will distribute 10,000 baht ($456 NZD) in digital currency to 50 million citizens to stimulate the local economy. The programme, a key promise of the ruling Pheu Thai party, is expected to boost GDP growth by 1.2% to 1.6%.
Despite its potential benefits, economists have criticised the programme as unsustainable. Funding issues have also delayed its implementation, with the cost now projected at 450 billion baht ($20.5 billion NZD), to be covered by the 2024 and 2025 fiscal budgets. The scheme will exclude individuals with a history of fraud and certain goods, details of which will be finalised by the Commerce Ministry.
The World Bank projects a modest GDP growth of 2.4% for Thailand in 2024, reflecting ongoing economic struggles. Initially aimed at all Thais aged 16 and older, the programme will now target lower-income individuals.