Finance Ministry confirms 10,000 baht digital currency distribution
The Finance Ministry has confirmed the distribution of 10,000 baht in digital currency for phase three during the second quarter. The application is ready, with only integration with banks remaining. The release date for phase four has also been announced.
Deputy Finance Minister Chulapan Amornvivat yesterday, April 22, stated that the ministry remains committed to its schedule for the economic stimulus project, which involves distributing 10,000 baht (US$300) through digital wallets.
This phase targets eligible people between 16 and 20 years old and is set to proceed with money transfers within the second quarter of 2025. The digital wallet system on the government app is ready, pending integration with banking systems.
“The banking sector needs to develop systems to integrate with the government app’s digital wallet. Integration times vary among banks, and the government aims to avoid launching phase three with only a few banks connected, which would be incomplete. We need full readiness before proceeding,” explained Chulapan.
Progress is being made as digital wallet service platforms have already integrated their systems, being equipped to manage immediately. It is anticipated that all major Thai banks will complete the integration before the end of the second quarter.
Chulapan further noted that the digital wallet project for phase four, targeting people between 21 and 59 years old, is also on track to distribute funds within the third quarter, adhering to the original timeline, reported KhaoSod.
The government must utilise the budget for the digital wallet project by September 2025. Once phase three is completed and the digital wallet system is secure and functioning properly, phase four will commence promptly.
In similar news, the latest update on Thailand’s economic stimulus programme confirms that people without smartphones will still be able to register for the 10,000 baht digital money scheme.
Deputy Prime Minister and Finance Minister Pichai Chunhavachira announced that the Ministry of Finance has been assigned to establish an appropriate registration process and timeframe to accommodate these citizens.
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