Thailand’s government has launched its much-awaited digital wallet program. The program aims to distribute 10,000 baht ($282) to most of its citizens. However, according to Reuters, the first day of registration revealed major technical hurdles as millions attempted to sign up.
High Demand Meets Limited Capacity
On the opening day, the registration system was overwhelmed by an influx of applicants. By early afternoon, 10.5 million people had successfully applied, but many more were unable to access the portal. Numerous users reported issues with receiving the necessary text message passcodes to complete their registration.
Prime Minister Srettha Thavisin acknowledged the difficulties, stating, “It’s normal to have problems on the first day, but we are doing our best.” The government remains committed to the program despite the initial setbacks.
The 500 billion baht ($14 billion) initiative is designed to stimulate Thailand’s economy. The Thai economy has been struggling with high household debt and weak spending.
The government projects that the program could add between 1.2 and 1.8 percentage points to economic growth next year.
Set to launch in two months, the scheme will allow participants to spend their allocated funds within a six-month period at local businesses ranging from large malls to small vendors. The government anticipates that 45 million of the 50 million eligible Thai citizens will participate.
While the program has supporters, it has also been criticized by some economists and former central bank governors who express concerns about its fiscal implications.
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