E-payment scheme nears
Registration will be launched in July
Registration for the national e-payment scheme will be open from July 15, while electronic payments will be rolled out from January next year.
People can sign up to access to the national e-payment system at financial institutions, permanent secretary for finance Somchai Sujjapongse said.
After the registration, people can link a single bank account with a mobile phone number or citizens’ ID card number for payments.
To encourage people and merchandisers to enter the e-payment system, the Finance Ministry is seeking incentives. One possible option is using tax invoices from e-payments for lucky draws with prizes of homes or cars, Mr Somchai said.
The e-payment scheme is designed to transform Thailand from a cash-based society to a cashless one. It will also help the government to stem tax avoidance and provide direct subsidies to low earners and elderly people.
It is estimated the e-payment system will help save costs of 70 billion baht a year in printing and transporting banknotes and cheques.
Under the scheme’s five modules, Any ID is a system that enables people, even those without a bank account, to transfer money and make payments using a mobile phone and ID.
Expansion of electronic data capture (EDC) machines, which runs in tandem with Any ID, will be divided into two phases. The first phase will encourage companies, state agencies and individuals who register with the value-added tax (VAT) system to install card payment machines. The second phase aims to help individuals who are running a business outside the VAT system to install the machines.
The other three modules are e-tax, allowing the Revenue Department to plug all e-payment transactions into its taxation data system to boost efficiency; subsidising particular groups directly through their ID cards; and offering incentives for making e-payments.
Electronic payments, of which 98% are made through credit cards and the remainder through debit cards, account for 19% of total transaction value.
Mr Somchai said direct subsidies and welfare for particular groups through the e-payment system, such as living allowances for senior citizens, were expected to begin in October. The Finance Ministry is discussing which subsidies and welfare will be provided.
The number of EDC terminals will be gradually increased to 2 million from about 500,000 in the early stages and financial institutions that provide e-payment will absorb the costs, he said.
The ministry earlier said e-tax was expected to start in July.