KTB: Prepared to enable domestic travel payments
Krungthai Bank (KTB) has expressed confidence in providing payment gateway services for the government's 1,000-baht cash handout and 15% cash rebate for spending at destinations outside of home provinces as registration for potential travellers kicks off on Monday.
Two mobile apps developed by the bank for the government's spending perks are operated separately from KTB's mobile banking app, KTB Next, said president Payong Srivanich. He does not expect all 10 million recipients to make transactions simultaneously, which would cause payment congestion on the apps.
To carry out the scheme, the 10 million recipients are required to download the Pao Tang app, which the government will use to transfer the 1,000-baht cash giveaway and the cash rebate. Participating shops must use the Tung Ngen mobile app to receive payments.
The cash handout and cash rebate schemes are part of the government's 316-billion-baht stimulus package, hoping to boost the country's economic growth to at least 3% this year after posting 2.3% growth year-on-year in the second quarter and 2.8% in the first.
To be eligible for the cash handout and the 15% cash rebate of up to 30,000 baht for tourism-related spending, Thais aged 18 and older are required to sign up at the Tourism Authority of Thailand's website until Nov 22 and download the Pao Tang mobile app from KTB. The rebate will be paid out by the government later.
Registrants will receive an SMS to confirm their privileges within three business days.
The cash handout needs to be spent at participating shops in specified provinces, while the 15% rebate can be spent in any province. Neither perk can be used in a buyer's home province.
Speaking last Friday, finance permanent secretary Prasong Poontaneat said the number of participating shops was expected to reach 80,000.
The number of participating shops is expected to rise to 150,000-160,000 when Thong Fah Pracha Rat shops and those equipped with electronic data capture terminals are taken into account, which should suffice to serve recipient demand, Mr Prasong said.