Thailand launches first phase of $14B digital wallet handout scheme

The initial phase will see THB10,000 (about $295) distributed in cash to 14.5 million welfare card holders and disabled people, and is expected to be complete by the end of the month.

Speaking at an event to mark the start of the program, Prime Minister Paetongtarn Shinawatra said that giving money to people will create a tornado of spending, adding that there will be more stimulus measures and the "digital wallet" policy will be continued.

The "digital wallet" program is considered the foundation of the plan to revive the country's economy, which grew only 2.3% in the second quarter of 2024. The earlier-than-expected rollout reflects the new government’s determination to boost economic recovery. The "digital wallet" program was initially structured to distribute the funds through a smartphone app with the money to be spent in local communities within six months.

Southeast Asia's second-largest economy is forecast to grow 2.6% in 2024, up from 1.9% last year.