The government has approved the third phase of the digital wallet programme, which will distribute 10,000 baht to 2.7 million people aged 16 to 20 as part of its economic stimulus package.
Speaking after Monday's meeting of the economic stimulus committee chaired by Prime Minister Paetongtarn Shinawatra, Finance Minister Pichai Chunhavajira said the third phase is expected to be rolled out in the second quarter of this year.
He said the funds will be distributed via the digital wallet system for the first time, allowing the government to track the participants' spending and use the information to formulate future policies.
The first two phases covered welfare cardholders, people with disabilities and people aged 60 and above, with payments made via PromptPay accounts.
Mr Pichai said the programme is also expected to reduce household debt, which currently stands at 89% of GDP.
He added that the stimulus committee also aims to accelerate economic growth beyond 3% by expediting public investment, speeding up projects under the Board of Investment (BoI), increasing export growth to 4%, and extending the length of stay for foreign visitors.
Deputy Finance Minister Paopoom Rojanasakul said the government's decision to implement the digital wallet programme in phases was not due to budget constraints but to economic conditions.
He said the programme still has a budget of 150 billion baht, and the third phase will be rolled out in the second quarter because the second and third quarters are typically considered an economic low period.
He noted that the amount of money injected into the system is planned accordingly, and the 16-20 age group is more technologically adept.
It is unclear how many more handout phases there will be.
Finance Minister Pichai Chunhavajira (centre) speaks to reporters on Monday with Deputy Finance Minister Paopoom Rojanasakul (right) and Deputy Finance Minister Julapun Amornvivat (left). (Photo: Royal Thai Government)
Deputy Finance Minister Julapun Amornvivat said recipients must spend the money within the registered district.
He added that those without smartphones can register via four state banks and other channels, with details to be announced later.
According to Mr Julapun, the remaining 150 billion baht allocated for the digital wallet scheme must be spent in the 2025 fiscal year; otherwise, it will be withdrawn.
He said that if part of the budget is used, the remaining funds can be carried over into the next fiscal year.
Meanwhile, opposition MP Sirikanya Tansakul has called the scheme a failure, claiming that it failed to boost the economy and the government lacks the necessary funds to support 20 million people.
Ms Sirikanya wrote on Facebook that the first two phases of the digital wallet failed to stimulate the economy, yet the government decided to continue.
She expressed doubts that the scheme would be rolled out in the second quarter as planned, citing a lack of coordination between the Digital Government Development Agency (DGA) and the Digital Economy and Society Ministry.
The People's Party MP said while the DGA is responsible for developing the digital wallet system, the DES Ministry is tasked with implementing it, despite lacking the necessary experience and funds.
