(Xinhua/Rouelle Umali)

UPDATED – Registration for consumer stimulus plan to start on May 7

Macau residents will already be able to register for the consumer stimulus and discount plan on May 7, the administrative regulation of the plan revealed today (Wednesday) indicates.

Registration can be made from 9:00am of Friday at the Monetary Authority of Macau (AMCM), or at one of 100 public service stations and bank branches that joined the program.

The registration period will last between May 7 to December 10, with residents able to receive the amounts between May 24 and December 13, with the money able to be used between June 1 and December 31.

The new consumer stimulus plan will hand each permanent or non-permanent residence permit holder some MOP5,000 for immediate consumption, plus MOP3,000 in additional discounts.

As in the previous two consumer card rounds advanced last year, the initial MOP5,000 provided will have a maximum daily limit of MOP300, with the amounts not able to be used to pay utility bills, health bills or spent in financial institutions or casinos.

The additional MOP3,000 in discounts will provide 25 per cent of consumption made, so for example when making a MOP400 purchase, a MOP100 discount will be provided.

It was also revealed today that residents will be able to transfer the amounts allocated in their accounts to other residents, with each resident only allowed to receive transfers from seven people.

Therefore one person could have a amaxium of MOP40,000 on his card if seven people transfer their allocated MOP5,000. The daily spending limit will also be adjusted so a person with MOP40,000 on their account will have a daily spending limit of MOP2,400, which will be reduced as that money is used.

In total authorities predict some MOP5.9 billion will be injected into the local economy via this scheme, with the Legislative Assembly (AL) unanimously approving a MOP9.1 billion amendment to the 2021 budget proposed in order to be able to fund the different measures advanced to promote the economy and support employment and residents’ livelihoods.

The current scheme does not cover non-resident workers, with authorities saying today they are still studying if foreign workers will be included in the scheme, but with no deadline rpvoided for when that study will be completed.

Residents can opt to receive the money on the consumer cards provided in the previous rounds or eight locally registered mobile payment e-wallets, including AliPay, BOCpay, or local platform Mpay.

If they choose this payment method, residents must first open an authenticated account with a real name with the respective financial institution participating in this plan.

After the registration is completed and the respective SMS notification is received, the registration system will proceed, within 2 working days, to confirm and verify the identity with the indicated mobile payment institution and the consumption benefits by electronic means will be automatically deposited in the account with a respective SMS notificationsent if verification is approved.

However after choosing one method for using the plan, residents will not be able to switch to another.

Some of the mobile payment platforms included in the plan have already launched serval promotional deals to attract users to choose them as a means of allocating consumption benefits.

The Bank of China’s platform, for example, announced it will offer random users an instant discount of MOP5,000 maximum with a lucky draw at the end of the year with a luxury sedan as the top prize, while the Industrial and Commercial Bank of China, offers red packets for a maximum of MOP10,000 each.

Inquired if authorities would control the plans announced by platforms to attract users, Lau Hang Kun from the AMCM Admnistration Council noted that before enrolling, residents shold carefully read all the detailed information about the promotions offered by financial institutions and the rules for carrying out transactions using the various means of mobile payment.

Authorities also underlined they would monitor if the promotional packages offered by the platforms actually the announced benefits to users.

For people that choose to use the traditional consumer card, they can register and charge it in a similar fashion to previous consumer stimulus rounds, with over 100 registration and service points.

The Social Wellfare Bureau (IAS) will also provide assistance to elderly, disabled and other people in need to register in the system, with five department centers and 30 community support centres available for assistance.

The consumption benefits of the minor beneficiaries can be transferred to the mobile payment account of the father, mother or legal guardian.

In fact, in situations where minors from 12 to 17 years of age have opened an authenticated account with their real name, they can enjoy their own benefits, through prior registration.

However, the transfer of benefits and enrollment on behalf of minors are subject to subsequent verification by the respective financial institutions, by presenting documents such as proxy and resident’s identity card, among others.

For newborn babies, their parents can request the new consumption card, when completing the formalities regarding the application for their Identity Card.

[To be updated]