Thailand has introduced a 500 billion baht ($13.85 billion) 'digital wallet' scheme to stimulate the economy.

Funding for the program will come from the state budget split over two years, with 165 billion allocated for the current fiscal year and 285 billion for the next.

The plan's funds will be sourced from the national budget, with parliament approving additional funds for this purpose.

Thailand's ruling party is proceeding with a $277 digital wallet stimulus program to boost the economy.

The 450 billion baht ($12.5 billion) fund is set to be distributed in the fourth quarter of 2024.

Citizens aged 16 and above with income below a certain threshold can register for the state-backed digital wallet from August 1 to September 15 via the 'Tang Rath' app.

Recipients are prohibited from using the money to purchase marijuana, jewellery, or lottery tickets.

The 'digital wallet' payments can only be spent at local shops, not online, and have restrictions on eligible purchases.

Registration for the 10,000 baht handout opens on August 1 through the Tangrat smartphone app.

Eligible Thais can register from August 1 to September 15 for one-time handouts of 10,000 baht ($277).

The distribution of 10,000 baht (around $280) to most adult citizens will begin in Q4.

The Finance Ministry expects 40-50 million people to register for the subsidy, aiming to distribute it in the fourth quarter of the year.

The government will fund the initiative without additional borrowing, splitting costs over two fiscal years.