Thailand's digital wallet plan proposal - what is it?

[Gaybutton]

I'd like your opinions as to whether this is a good idea or not. I'm not sure what to make of it, myself, although I am already visualizing scams and cheats galore. Does anyone think the scammers are not already cooking up their ideas?

If you don't know what the plan is all about, read this article, especially the part I highlighted in bold letters in the first article:
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Pheu Thai's digital wallet under scrutiny

Analysts question the party's goals

by Suchit Leesa-nguansuk

August 24, 2023

The campaign pledge involves a 10,000-baht digital handout to every Thai aged 16 and older, delivered to a smartphone.

Blockchain and technology analysts believe the Pheu Thai Party's digital wallet scheme could create a new digital payment infrastructure and stimulate the economy.

However, they said the scheme might not need to include blockchain technology, while there is no need to create a new digital wallet application to implement the project.

The planned digital wallet scheme using blockchain was a party pledge during the campaign, aiming to stimulate growth.

People are focusing on this pledge after parliament this week voted for Pheu Thai leader Srettha Thavisin to become Thailand's 30th prime minister.

Mr Srettha said on Tuesday he is ready to work to improve the living conditions of Thais.

Earlier, Pheu Thai deputy secretary-general Paopoom Rojanasakul said in addition to stimulating the economy, the scheme aims to create a nationwide blockchain-based financial payment system.

Thailand would be among the first countries to introduce this form of digital payment, he said.

The scheme pledges a 10,000-baht digital handout to every Thai aged 16 and older, delivered via smartphone. The digital money can only be spent within a four-kilometre radius of recipients' homes, but this is flexible depending on the locations of the recipients.

The digital money is valid for six months and there is no need to register to access the wallet.

For those without access to the digital wallet app, they can use their national ID card to obtain a personal code in order to spend the digital money.

Sathapon Patanakuha, chief executive of SmartContract Blockchain Studio, said the scheme could help to stimulate the economy and improve the country's digital capabilities.

A new digital payment infrastructure could enable the government to promote specific policies and provide subsidies to targeted sectors, such as small and medium-sized enterprises (SMEs), said Mr Sathapon.

A digital infrastructure would enable SMEs to have better access to financial infrastructure and services, he said.

This infrastructure can be used for the digital ID system to lower know your customer (KYC) system costs, said Mr Sathapon.

He said blockchain has various architectures, complexity of management and levels of security and privacy.

The platform design should be based on vision and use cases, not the technology. The architecture can be a mix of blockchain and other technologies, said Mr Sathapon.

For example, the government can promote digital coupons in second-tier tourism cities for travel and roll out digital baht or the Central Bank Digital Currency in some provinces, he said. Some digital foreign currencies are used with a variety of mixed technologies.

However, Mr Sathapon questioned which parties will be responsible for handling the process of KYC, a standard practice in the investment and financial service sectors used to verify customers.

He referred to Krungthai Bank's Paotang app, which has played a key role in government subsidy schemes. The bank has multiple branches to support the KYC process.

The new government should invite existing digital wallets and mobile banking apps to join the digital money scheme, said Mr Sathapon.

He believes the real goal of the Pheu Thai digital wallet is to create a third financial payment system other than the existing systems of banks and credit card providers.

The government could promote state projects via this new wallet as a way to encourage people to quickly adopt it, he said. This tool would be a new channel for the government to implement its policies, bypassing the existing state digital mechanism, said Mr Sathapon.

He said as a blockchain entrepreneur, he supports projects that promote Thailand's digital capabilities, as increasing digital wallet access should greatly increase the country's potential.

Thanachart Numnonda, founder of IMC Institute, said there are many digital wallet apps, including the Paotang app, that have a large customer base, so there is no need to build a new digital wallet.

The Pheu Thai digital wallet is a big project and rapid implementation as well as scaling up the project should be points of concern, said Mr Thanachart.

He said the government might intend to have its own digital payment infrastructure to provide welfare payments in separate existing payment systems.

The government can transfer the money via the Paotang app and other digital wallet apps by using the country's central database, said Mr Thanachart.

https://www.bangkokpost.com/business/general/2634849
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PT to stick to digital wallet plan

by Aekarach Aattaburuth and Chakkrapan Natanri

August 24, 2023

Srettha Thavisin of the Pheu Thai Party announced the party’s 10,000-baht digital wallet policy at a campaign rally in April. (Photo: Pattarapong Chatpattarasill)

Prime Minister Srettha Thavisin on Wednesday insisted the Pheu Thai-led government will press ahead with the party's 10,000 baht digital handout policy immediately after his cabinet is royally endorsed.

The pledge came after he was royally appointed as the country's 30th prime minister.

"This is our main policy. We will go ahead with it after the cabinet is royally endorsed,'' he said.

He said he did not see any apps stating Pheu Thai will scrap the policy going viral on the internet. Such apps have created confusion about the policy.

Many have cast doubt over the possibility of the new government implementing the Pheu Thai Party's 10,000-baht digital money handout policy, as well as other key policies promised in the run-up to the May 14 election.

The digital currency giveaway could cost up to 560 billion baht, which would be diverted from an unspecified wing of the government, the Budget Bureau said on Wednesday.

As soon as the new government takes office, the bureau will issue a report detailing the fiscal situation of the country and call for more discussions with other relevant agencies, said bureau director Chalermphol Pensoot.

The bureau alone cannot presently give any assurances as the implementation of the flagship policy, he said. "Now the bureau is waiting to hear from the new government, but it is committed to supporting this policy as much as it can," he said.

The report will give a clear picture of how much money the government has in hand and what it could do with it, he said. More reports are expected to follow.

The budget planning for the 2024 fiscal year will need to be adjusted, and budgets earmarked for certain projects which are now considered less urgent in the new government's view will possibly have to be diverted to fund the digital money handout project, he said.

Even though the digital money handout has the potential to help stimulate the economy almost instantly, the implementation is likely to face intense scrutiny under 2018 legislation on financial and fiscal discipline, said Assoc Prof Thitiwut Boonyawongwiwat, Faculty of Political Science and Public Administration, Chiang Mai University.

"And if found guilty of spending the state budget for the wrong purpose under this law, the new prime minister and his government might end up losing their stability," said Assoc Prof Thitiwut.

As for the minimum 600-baht daily wage and 25,000-baht starting monthly salary policies, the government couldn't push to implement them without support from the private sector.

https://www.bangkokpost.com/thailand/po ... allet-plan
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Cyber security agency warns of fake digital wallet apps

by THE NATION

August 24, 2023

Police have warned people not to download applications that claim to be a registration channel to receive 10,000 digital money, a key policy promised by the Pheu Thai Party during the election campaign.

“Currently no government agency has launched such a campaign nor published an application for the campaign. Therefore, these apps could be made by scammers,” Pol. General Amorn Chomchoey, Secretary-General of the National Cyber Security Agency (NCSA) said on Wednesday.

“Please do not download or install these applications, as they could allow scammers to steal your personal data or money,” he said.

Amorn added that the NCSA has alerted Google to remove such applications from its Play Store, where the applications are found.

Aimed at boosting domestic consumption, the 10,000 Baht digital money or digital wallet scheme was presented by Srettha Thavisin, who received royal endorsement as Thailand’s 30th prime minister on Wednesday evening.

Under the scheme, every Thai citizen aged 16 and up will receive 10,000 baht in a digital wallet. The money can be spent at local businesses within 4 kilometres of their registered address. The money must be spent within six months and only on items necessary for daily life.

https://www.nationthailand.com/thailand ... l/40030459

[thewayhelooks]

I thought bribery was Thaksin's forte. Especially during his election campaigns. A bit late doing it AFTER this campaign.