Digital wallet phase three targets Thais aged 16 to 20
Deputy Prime Minister and Minister of Finance Pichai Chunhavajira today announced that the third phase of the digital wallet programme will be limited to people aged 16 to 20. Efforts are being made to distribute the funds by the second quarter, with a potential fourth phase under consideration.
Today, at 8.50am, March 10, at Government House, Pichai discussed the first 2025 meeting of the Economic Stimulus Policy Committee. The committee outlined preliminary plans aimed at boosting the economy by 3%.
Details of the short-term plan will be released later today, with future structural adjustments anticipated due to ongoing challenges.
When queried about the debated 10,000 baht digital wallet, Pichai clarified that the issue is not contentious as a decision has already been reached; it is set to be discussed in the meeting.
The focus is on the age group of 16 to 20 years, with an aim to distribute the funds by the second quarter. The possibility of a fourth phase will be evaluated based on its suitability.
The Thai government is set to ease spending rules for its 10,000 baht digital wallet programme in an initiative to inject approximately 150 billion baht into the economy while concurrently exploring the possibility of allowing citizens to convert funds into cash or reinvest in business activities more efficiently.
Previous phases involved distributing cash to vulnerable groups and the elderly, with a high spending rate positively impacting economic circulation. Moving forward, arrangements are being made for those without smartphones to access the funds.
In similar news, Thailand’s economic growth in the final quarter of 2024 fell short of expectations, with official figures reporting a 3.2% increase compared to the previous year, below the 3.9% predicted by analysts in a Reuters poll.
Adding another layer to the economic mosaic, the Bank of Thailand had kept its primary interest rate steady at 2.25% in December, following a surprising 0.25% cut in October.
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