The government’s controversial digital wallet scheme is likely to be downsized, with those who earn more than a yet-to be-defined amount per month not being eligible to receive the one-time 10,000 baht token, to be transferred to their digital wallet.

Deputy Finance Minister Julapun Amornvivat said today (Thursday) that the sub-committee tasked with considering the scheme has proposed that those considered “rich” should be omitted, but they are still divided over who qualifies as “rich”.

He said the subcommittee has come up with three options.

The first option is that the digital wallet scheme be limited to the 15-16 million low-income earners or state welfare card holders. In this case, the scheme will cost about 160 billion baht.

The second option is that those who earn more than Bt25,000 per month or who have Bt100,000 in their bank accounts be omitted from the scheme. In this case, about 43 million people will be eligible and about 430 billion baht will be needed to fund the scheme.

The third option is that those who earn more than 50,000 baht per month or who have at least Bt500,000 in their bank accounts be omitted. In this case, 490 billion baht will be needed to fund the scheme and 49 million people will be eligible to receive the digital money.

Under the original scheme, all Thai nationals who are 16 and older would receive the benefit, to buy goods and/or services from registered outlets within a 4km radius of their residences and from Blue Flag shops within six months. The cost for the scheme, without means testing, is estimated at 560 billion baht, resulting in heavy criticism from several economists and central bankers. The Bank of Thailand also has reservations about the scheme, suggesting that it should be selective and targeted at certain groups of people.

Julapun said that all the options will be submitted to the committee, headed by Prime Minister Srettha Thavisin, for consideration next week.

He disclosed that the subcommittee agreed that people who registered to receive state benefits from the previous government need not have to register again and only those who have never joined such programs need to register, as required by the regulations of the Bank of Thailand.

Outlets joining the digital wallet scheme can be legal entities, village funds, community enterprises or individuals. Julapun also said that he expects the scheme to be launched in April or May, instead of February as earlier speculated.