Thailand: regulators decree e-payment master plan

The e-payments master plan is expected to save the country USD 2.1 billion (THB 75 billion) a year, the finance minister said, indiatimes.com reports. The plan is aimed at an eventual cashless society to ease financial transactions and business activity, Finance Minister Apisak Tantivorawong told reporters, the source cites.

If we can completely develop this system, the government will be able to fully collect taxes and give people better services, he said, adding the government aimed to set up the system within a year, the source cites. The system should help banks save about USD 830 million (THB 30 billion) a year and the business sector USD 1.25 billion (THB 45 billion), Apisak said.

The cabinet also approved plans for digital development projects worth USD 105 million (THB 3.76 billion) to support the digital economy policy, ICT Minister Uttama Savanayana told reporters. The projects would help bring broadband networks to 70,000 villages in Thailand by end of 2017, he added.