Banks across Thailand are experiencing a surge in cash withdrawals, as state welfare card holders queue up to get their 10,000 baht cash benefit under the government’s “digital wallet” scheme.
Staff at the Bank for Agriculture and Agricultural Cooperatives (BAAC) and the Government Savings Bank (GSB) in Mae Hong Son are reportedly having to manage the queues in front of the branches. Mae Hong Son police are also present to help provide extra security.
Many eligible state welfare card holders are withdrawing the full 10,000 baht in cash. Some say they live in the rural or mountainous areas, which makes it inconvenient to make frequent visits to the bank.
After receiving the cash, some are spending it right away and businesses is brisk in nearby markets. The items being bought include mobile phones in the 2,000 to 5,000 baht price range. “They are selling very well,” according to one shop owner.
In the south, the BAAC branch in Betong District of Yala province is also busy.
A pawn-shop manager told Thai PBS that many customers are redeeming their gold jewellery.
The accumulated redemption value, since September 25th (when disbursements under the scheme began), is now over 3 million baht.
The police are taking extra precautions because, while some of the money is being used to make purchases, a number of people are using it to repay moneylenders. As such, Maha
Sarakham police says they are stationing officers at bank branches to make sure that there will be no unlawful debt collection efforts, extortion or violence committed against vulnerable people who have just received their cash.
There have not, however, been any cases reported of aggression by moneylenders since people began to receive their taxpayer funded 10,000 baht benefits.
