Yesterday, Prime Minister Thong Than Shinawatra addressed the progress of the Digital Wallet project, which is set to be available for users aged 16-20. However, some concerns were raised regarding the requirement to scan payments through the existing government app, only accessible to those who have registered for the program.
Originally designed as an open-loop architecture, the Digital Wallet project aimed to allow banks and authorized agencies to connect for payments, including the distribution of 10,000 Baht to the public. According to Jullaphan Amornvivat, this platform will provide comprehensive services through the government app while also allowing external service providers to participate.
The money transfer systems we commonly use comprise both open-loop and closed-loop systems. In a closed-loop system, transfers must occur within the same app, such as with the previous half-and-half project, where transfers and receipts had to be done exclusively through the e-wallet app. Examples of closed-loop systems include Rabbit in Thailand, Alipay and WeChatPay in China. On the other hand, open-loop systems allow various companies to participate together, including Thai companies like PromptPay, Visa, and Mastercard.
TLDR: The Digital Wallet project is progressing, catering to users aged 16-20, but concerns arise over the mandatory use of the government app for payments. The system features both closed-loop internal transfers and open-loop external service providers.
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