Want to win a million baht? Go for e-payment," says the Thai government, offering a lucky draw as an incentive to use a new online payment scheme for business, in an effort to bring some of the massive informal economy onto the books and boost tax revenue.
As Southeast Asian economies struggle and tax income misses budget targets, Thailand's finance minister is hopeful a nationwide e-payment scheme will add tax revenue of 100 billion baht a year to the coffers.
Finance Minister Apisak Tantivorawong has estimated the move will save banks and businesses a combined 75 billion baht a year though other policymakers expect it could take some time for businesses to change their habits. Cash and cheques now make up 80% of transactions.
To promote the scheme, the junta will next year offer consumers and merchants a monthly lucky draw of cash awards worth 7 million baht for a year. Transactions made through the system will qualify for a chance to win.
Some 5.5 million baht will be for e-payment customers, with the biggest prize of one million baht and the rest for business operators that install electronic data capture (EDC) machines.
"This should make people go for e-payment quickly," Mr Apisak said, adding the junta aimed to bring big and small businesses into the e-payment system.