The Finance Ministry is planning to open registration for the "Ying Chai Ying Dai" (the more you spend, the more you get) e-voucher cashback scheme on Monday, says Fiscal Policy Office director-general Kulaya Tantitemit.
The registration is open to a maximum of 4 million registrants and the government expects full participation. The scheme focuses on the middle class and high-income earners, aiming to increase local purchasing power.
The local economy is struggling from the impact of the pandemic. The scheme, costing 28 billion baht, is funded by the 1-trillion-baht emergency loan.
The Ying Chai Ying Dai scheme, which won the cabinet's approval in principle on May 5, offers the right to gain cashback e-vouchers for domestic purchases, encouraging people to buy food, products and services at participating shops through the Krungthai Bank Pao Tang mobile banking application.
People can register between 6am-10pm every day. They can start purchasing products or services under the scheme between 6am to 11pm from July 1 to Sept 30.
The e-voucher discounts can be used from Aug 7 to Dec 31. Some 29,700 shops have registered to participate in the scheme. The e-vouchers are sent to recipients on the seventh day of the month following the spending.
Participants receive vouchers in their Pao Tang e-wallets at a rate of 10-15% of spending, with a maximum limit of 7,000 baht per person. The e-voucher caps the amount it uses to calculate the cashback received at 5,000 baht daily, regardless of the daily amount spent.
Eligible recipients must be Thai citizens aged 18 or above. Ineligible groups comprise holders of state welfare cards, participants in the scheme to provide extra money to those in need, and registrants for phase 3 of the Khon La Khrueng co-payment scheme.