All restrictions on spending of digital wallet scheme lifted - Phumtham

File photo: Phumtham Wechayachai

About 14 million disabled and vulnerable Thai people will each receive 10,000 baht in cash under the “digital wallet” scheme this month, while the remaining 30 million people will receive the cash in two payments.

The first 5,000 baht will be in cash and the remainder in “digital money”, to be distributed next year, according to Deputy Prime Minister Phumtham Wechayachai.

He said that the Finance Ministry will submit the “digital wallet” scheme to the cabinet at its first meeting next Tuesday for immediate approval, so the initial cash handouts can be distributed this month, by transferring the money directly into their bank accounts.

This money will come from the supplementary budget from the Central Fund of the 2024 fiscal year, said Phumtham.

The remaining 30 million beneficiaries will receive the 10,000 baht funded by the 2025 fiscal budget.

Instead of distributing all of the benefit in “digital money”, as originally planned, the deputy prime minister said the scheme has been revised to make two separate payments.

If the payment infrastructure is not completed this year, he said the 30 million people will receive the first 5,000 baht wired into their bank accounts, with the balance paid in “digital money”.

All the previous restrictions on where the benefit can be spent and on what products and services have been lifted, he said, to ensure that the 10,000 baht will fulfil the ultimate goal of stimulating the sluggish economy.

Full details of the revised scheme will be announced by the Finance Minister.