Bangkok Post – Digital wallet criteria for vendors unclear

The digital wallet handout scheme will boost the economy, but the eligibility criteria for vendors remain unclear, according to Loxley Trading Co Ltd, the consumer goods distribution arm of trading conglomerate Loxley Plc.

Ouychai Rangchaikul, chief executive of Loxley Trading, said despite massive marketing budgets allocated for sales during this period, the returns anticipated might not be realised due to the country’s stagnant economy.

“The overall consumer goods market has experienced a slowdown in sales, but the food sector might see less of an impact compared to other segments,” said Mr Ouychai.

However, the company is forecasting sales growth of 10-13% in the second half of this year as a result of cooperation with new partners, namely the Mum Zap brand.

Referring to the 10,000-baht digital wallet handout scheme, Mr Ouychai said the scheme would stimulate the economy at the end of this year. However, the eligibility criteria for vendors remain unclear.

“Currently, there is no guidance for vendors to deal with the digital money that they will receive from buyers, such as whether they can immediately cash in the digital money at commercial and/or state banks or whether the digital money can be used to purchase goods from wholesalers,” Mr Ouychai said.

Furthermore, following the receipt of digital money by the wholesaler or manufacturing company, there is a question as to how long it would take to convert it into cash as manufacturers sometimes need to buy raw materials from abroad, he said.

At present, the company is still unable to assess the impact or benefit of the scheme to the company’s bottom line, he said.