Thai PM’s digital wallet pick: Pao Tang app unlocks blockchain integration
Prime Minister Srettha Thavisin announced yesterday that the government has chosen the Pao Tang app, operated by Krungthai Bank, for its digital wallet initiative. The integration of the app with blockchain technology was confirmed by Srettha during a policy meeting with executives from the Finance Ministry.
The government is prepared with a sufficient budget to roll out a 10,000 baht digital currency handout for 56 million Thai citizens across the nation, according to the Thai PM. The digital wallet was highlighted as a focal point during the election campaign by the Pheu Thai Party, who estimated it would cost approximately 560 billion baht. However, during this week’s governmental policy statement debate in parliament, there was a lack of clarity regarding the funding specifics, only stating that borrowing would not be a part of it.
Srettha, who also serves as the finance minister, mentioned that the government would need less than a month to specify the details, choosing an approach that most aligns with the current economic climate of the country.
The Pao Tang app is already used by over 40 million subscribers and offers an array of e-services. These include a health-wallet, gold-wallet, bond-wallet and, of course, an e-wallet.
In light of the current economic downturn, the Finance Ministry expressed readiness to back the government’s policy in aiding the public with the rising cost of living, as stated by the 61 year old Srettha. He further emphasised that fiscal discipline and prudence should be taken into account, given the substantial budget required by the programme, Bangkok Post reported.
In related news: on Saturday, August 27 last year, the Thai government took a proactive stance on unplanned pregnancies with a revolutionary free birth control pill programme. a deputy spokesperson reveals that women can now access free contraceptives via the Pao Tang mobile app. Discover more about this initiative HERE.
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