Thailand’s Digital Wallet Project Faces Technical Hurdles
The Thai government recently launched its digital wallet project, which aims to distribute 10,000 baht ($282) to most citizens. However, on the first day of registration, the system faced major technical challenges as millions of people attempted to sign up. According to Reuters, the registration portal was overwhelmed with applicants, with 10.5 million people successfully applying by early afternoon. Despite the high demand, many users reported issues with receiving the password required to complete registration via SMS.
Economic Stimulus Plan Encounters Initial Setbacks
Prime Minister Sreeta Thaveesin acknowledged the difficulties faced on the first day of registration and stated, “It’s normal to have problems on the first day, but we did our best.” The government’s ambitious 500 billion baht ($14 billion) economic stimulus plan is designed to boost Thailand’s economy, which has been grappling with high household debt and weak spending. The government expects the plan to increase economic growth by 1.2 to 1.8 percentage points next year. The scheme, set to launch in two months, aims to allow participants to use allocated funds over six months at local businesses, from large shopping malls to small suppliers, with an expected participation of 45 million out of 50 million eligible Thai citizens.
Mixed Reactions and Criticisms Towards the Plan
While the digital wallet project has garnered support, it has also faced criticism from some economists and former central bankers who have expressed concerns about its fiscal impact. Despite initial setbacks and technical challenges, the government remains committed to implementing the plan.
In conclusion, the Thai government’s digital wallet project represents a significant step towards economic recovery and financial inclusion, despite the initial hurdles encountered during the registration process. The successful implementation of the plan could potentially provide much-needed support to Thailand’s economy and its citizens in the post-pandemic era.
