Startups seek to profit from digital wallets

The startup community is calling on the Treasury to allow them to participate in the government’s digital wallet scheme.

They want to use the opportunity of the planned launch of the digital wallet scheme to explore ways to encourage small and medium-sized enterprises (SMEs) to adopt digital technologies for digital transformation.

Paut Pongvitayapanu, a pioneer in the startup field, said he and President of the Thailand Startup Trade Association have urged Deputy Finance Minister Julappan Amornvivat to explore ways for local startups to participate in the digital wallet scheme. He said he requested it.

He added that he was against the plan. However, if the government wants to move forward with this scheme, startups should join the scheme and help entrepreneurs who enroll in the scheme improve their technical capabilities.

He said entrepreneurs should be encouraged to adopt point-of-sale technology, electronic document or electronic tax payment systems, and many other digital technologies to enhance business operations and improve productivity. added.

“Local startups proposed to the Ministry of Finance to use the digital wallet system as an opportunity to support the digital transformation of small and medium-sized enterprises,” said Yuttana Srisabat, chairman of the Thailand Startup Trade Association. bangkok post office.

The association has 200 members.

The association said it had seen the success of the previous government’s initiatives, such as the co-pay scheme, which was able to encourage people to adopt electronic payment methods.

Businesses that can receive digital wallet payments in return for their products when people purchase them through the digital wallet payment scheme should be encouraged to implement accounting, point of sale, e-Tax and many other systems from members of the association with options of service commission, no commission for small transactions and commission payment for large transactions etc.

“Besides funding sources, startups need to have a market where they can find prey,” Yuttana said.

He said the association is trying to transform Thailand from a technology user to a technology manufacturer, and this is a good opportunity to do so, he said.

Yod Chinspakul, chief executive officer of Line Man Wonnai, said: bangkok post office Digital wallet plan covering 50 million users will stimulate consumption of food and services.

He wants the government to support the use of local start-up technologies, from point-of-sale systems to merchant management, accounting and payments between small and medium-sized businesses. This will create a technology ecosystem for local merchants and accelerate Thailand’s digitalization, Yod said.

Yod said Lineman Wonnai had the opportunity to participate in the previous government’s self-pay scheme, so the company has the experience and technology readiness to serve merchants and technology users.

“We can share this experience with policymakers to optimize their digital wallet plans,” Yod said.

From 2021 to 2022, Line Man Wong Nai benefited from participating in a co-payment scheme that helped consumers spend more both offline and online. The policy connected consumers with local merchants and helped those merchants increase their revenue.

PromptPay’s success has demonstrated viable collaboration between the government, the Bank of Thailand, commercial banks, and other private sectors.

“Innovation is not just the development of technology, but also the integration of technology into business,” Yod said.