Thursday, December 05, 2019

Finance Ministry seeks to extend ‘Eat, Spend, Shop’ scheme to next year

Nov 11. 2019
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By THE NATION

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The Finance Ministry will ask the Cabinet tomorrow to extend the phase 3 deadline of the “Eat, Spend, Shop” scheme to January 31 next year from the original December 31 deadline to stimulate both spending and the economy during the New Year period, Finance Minister Uttama Savanayana said on Monday (November 11).

“In phase 3, the scheme will not give away cash of Bt1,000 as in the first two phases,” he said. “Instead, we will stimulate e-money spending in the 2nd wallet via the Pao Tang app that users have to top up themselves and spend to receive cash-back rewards. For a spending of less than Bt30,000, users will be eligible to receive 15 per cent cash back, while the portion exceeding Bt30,000 will be rewarded with 20 per cent cash back.”

It is expected that phase 3 will have around 2 million participants, he added.

“The Finance Ministry and Krungthai Bank will seek partnerships with more retailers and hotels to register for phase 3 of the scheme to further stimulate 2nd wallet spending, which now stands at Bt700 million, while 1st wallet spending [which has giveaway cash of Bt1,000] stands at Bt13 billion,” Uttama said.

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