The Ministry of Commerce reports that approximately 1.6 million vendors are poised to enroll in the digital wallet program, aiming to invigorate the economy, boost store revenues, and lower living costs.
After a visit to Nakhon Ratchasima province, Yanyong Phuangrach, advisor to the deputy prime minister, indicated that vendors have expressed their readiness to participate in the government initiative.
The Internal Trade Department disclosed that around 910,000 stores are registered with the Business Development Department, with an additional 140,000 Blue Flag stores across 878 districts nationwide authorized for digital wallet transactions.
Among the participating establishments are 5,000 Blue Flag restaurants, 400,000 small businesses and restaurants under local administrative bodies, 90,000 farmer shops and community enterprises, and 50,000 convenience stores affiliated with the Thai Retailer Association.
Yanyong noted that many shops and residents in Nakhon Ratchasima perceive the economy as stagnant, experiencing declining sales.
The government’s 10,000-baht digital wallet subsidy aims to stimulate economic activity, enhance monetary circulation within each district, and alleviate living expenses, as per Mr. Yanyong.
The program is designed for about 50 million Thai individuals aged 16 and above, earning up to 840,000 baht yearly or 70,000 baht monthly, with total bank account balances (across commercial banks and state financial institutions) not exceeding 500,000 baht by March 31, 2024.
Eligible individuals and businesses can commence registration for the program in the third quarter, with the one-time subsidy anticipated to begin in the final quarter.
Recipients can utilize the digital funds for the purchase of food, beverages, and consumer products.
Items restricted from purchase using the digital wallet include lottery tickets, alcohol, tobacco, marijuana, cannabis-related products, or their derivatives.
Moreover, the subsidy cannot be utilized for acquiring gift certificates, cash cards, gold, diamonds, pearls, settling debts, tuition fees, utility bills like water, electricity, or telephone charges, fuel, or natural gas.
The subcommittee overseeing the program’s implementation instructed the Commerce Ministry to expand the prohibition list to encompass services and online transactions.
