Digital wallet scheme may switch to cash to boost economy

The Budget Bureau chief confirmed that funds from the digital wallet scheme could be distributed as cash, provided the original goal to stimulate the economy is maintained. Chalermphol Pensoot stated that the distribution of 10,000 baht through the digital wallet scheme could continue, depending on the new government’s policies.

“Distributing cash instead of digital money is not an issue, as long as the original objective to stimulate the economy is maintained.”

Chalermphol also indicated that the timeline for the handout remains unchanged, with no alteration to the budget calendar. The additional budget bill for fiscal 2024 is currently awaiting royal approval.

The fiscal 2025 budget is progressing through the parliamentary process, with the second and third readings scheduled for September 4 to September 6.

Caretaker Deputy Finance Minister Julapun Amornvivat mentioned yesterday that a viable solution for the digital wallet project exists but all necessary procedures must be completed before making an official announcement.

Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council, expressed uncertainty on August 19 about whether the new administration will proceed with the 500-billion-baht digital wallet handout. He stressed the importance of implementing economic support measures, particularly for low-income earners.

Danucha pointed out that stimulus measures should be carefully timed and aligned with available resources. Initial measures can be introduced and then evaluated, considering the limited resources, reported Bangkok Post.

New Prime Minister Paetongtarn Shinawatra addressed the issue on August 18, assuring that the government would not abandon its flagship handout. She stated that the government would “study and listen to additional options” to ensure the scheme is fiscally responsible.

Her comments were in response to rumours that her father, former premier Thaksin Shinawatra, had called for the controversial handout scheme to be scrapped.

In related news, Srettha Thavisin’s dismissal as prime minister cast significant doubt over the future of the much-publicised digital wallet scheme, with the ruling Pheu Thai Party and the Cabinet providing conflicting messages about the flagship policy’s direction.