Startup communities have appealed to the Finance Ministry for the opportunity to engage in the government’s digital wallet initiative.
Expressing their desire to leverage the forthcoming launch of the digital wallet program, startups aim to promote the adoption of their digital solutions among small and medium-sized enterprises (SMEs) for enhanced digital transformation.
Pawoot Pongvitayapanu, a prominent figure in the startup realm, along with the Thai Startup Trade Association President, reached out to Julapan Amornvivat, the Deputy Finance Minister, to explore avenues for local startups to partake in the digital wallet scheme.
Although he voiced dissent towards the scheme, Pawoot emphasized the importance of startups contributing to assist entrepreneurs enrolled in the scheme in advancing their technological capabilities.
Emphasizing the need for entrepreneurs to embrace technologies such as point-of-sale systems, e-documents, e-tax systems, and various digital tools to bolster business operations and efficiency, he highlighted the opportunity for startups to drive SMEs towards digital progression through the digital wallet scheme.
Thai Startup Trade Association President, Yutthana Srisavat, underscored the association’s proposal to use the digital wallet initiative as a catalyst for aiding SMEs in their digital transformation journey, as conveyed to the Bangkok Post. The association currently comprises 200 members.
Recognizing the positive impact of prior governmental initiatives like the co-payment scheme in encouraging e-payment adoption, the association aims to motivate businesses to integrate technologies offered by startup members to modernize their operations and cater to evolving consumer preferences.
Yod Chinsupakul, CEO of Line Man Wongnai, highlighted the potential of the digital wallet scheme reaching 50 million users in driving spending on food and services while underscoring the importance of government backing for local startup technologies across various facets like point-of-sale systems, merchant management, accounting, and payment tools to cultivate a technology ecosystem for local merchants and bolster Thailand’s digital transformation.
Drawing from Line Man Wongnai’s involvement in the past co-payment scheme and the resultant technological preparedness, Yod stressed the significance of sharing this experience with policymakers to optimize the digital wallet initiative for the benefit of merchants and users alike.
Reflecting on Line Man Wongnai’s participation in the co-payment scheme during 2021-22, which spurred increased consumer spending both online and offline, Yod highlighted how the initiative facilitated connections between consumers and local merchants, subsequently bolstering merchants’ revenue streams.
Mr. Yod also acknowledged PromptPay’s successful collaboration with the government, Bank of Thailand, commercial banks, and private sectors, highlighting the importance of fusing innovation with business processes for sustainable progress in the digital realm.