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The newest spending incentive introduced by the government which targeted medium and high-income groups has failed to receive much interest with experts saying the program was uninspiring.
This week the Finance Ministry began registration for the e-voucher cashback campaign, with a maximum of 4 million registrants expected.
However, only around 300,000 people have signed up for the program as of Tuesday morning.
“The biggest deterrent or what renders this program relatively unappealing is the cap of 5,000 baht per day,” Maria Lapiz, Head of Institutional Research at Maybank Kim Eng Securities, told Thai Enquirer.
“For many items within that value, households are probably not planning much purchases.” she added.
According to the scheme, participants will receive e-vouchers via the Pao Tang e-wallet application offering 10-15 per cent cash back.
The cashback has a daily limit of 5,000 baht regardless of amount spent.
Kanok Wongtrangan, Deputy Leader of the Democrat Party, told reporters on Monday that the e-voucher scheme could inject extra liquidity into the economy of around 240 billion baht from a budget of 28 billion baht, if fully registered.
The package, however, should not bring more debt problems to households, Kanok warned. The current household debt has surpassed 14 trillion baht.
The e-vouchers will be valid from August 7 until the end of the year and only available to Thai nationals over the age of 18.
State-welfare card holders and registrants for phase 3 of the co-payment scheme are ineligible .