The government will use the Krungthai Bank Pao Tang app for its digital wallet project, Prime Minister Srettha Thavisin said on Thursday.
The app will be integrated with blockchain technology, Mr Srettha said after a policy briefing with Finance Ministry executives.
He said the government has an adequate budget to disburse the 10,000-baht digital currency handout to 56 million Thais nationwide.
The Pheu Thai Party made the digital wallet the centrepiece of its election campaign, and said it would cost about 560 billion baht. But in this week’s parliamentary debate on the government’s policy statement, ministers were vague about funding details, saying only that borrowing would not be involved.
Mr Srettha, who is also the finance minister, said it would take the government less than a month to clarify the details, adding that it would opt for an approach that best suits the country’s economic situation.
The Pao Tang app — which has more than 40 million subscribers — provides several e-services, including an e-wallet, health-wallet, gold-wallet and bond-wallet.
Given the current economic slowdown, the Finance Ministry is ready to support the government’s policy to help the public deal with with the rising cost of living, Mr Srettha said.
He insisted that fiscal discipline and prudence should be considered as the programme requires a massive government budget.
