Bucheon Pay Issued 40 Billion Won... Monthly Incentive Purchase Limit Raised to 500,000 Won

Incentives Usually 6%... 10% Provided in January and September

Bucheon City Local Currency 'Bucheon Pay'

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province has set this year's issuance target for the local love gift certificate 'Bucheon Pay' at 40 billion KRW to continue its growth trend and has expanded the monthly incentive purchase limit to 500,000 KRW.

Normally, a 6% incentive is provided, and in January and September, which include Lunar New Year and Chuseok holidays, a 10% incentive is given, allowing a maximum monthly incentive of 50,000 KRW.

According to the city on the 2nd, since the launch of Bucheon Pay in April last year, the issuance target of 25 billion KRW was achieved early in October, and as of December, over 73,000 cards have been issued with a total issuance of 37.2 billion KRW, marking the highest level in the province.

The city analyzed that this was due to the convenience of being usable at most businesses in the Bucheon area without separate merchant registration and the effectiveness of purchase incentives.

Additionally, analysis of big data on Bucheon Pay usage types showed that more than 32 billion KRW was actually used at traditional markets and small business establishments with annual sales under 1 billion KRW (such as supermarkets, convenience stores, restaurants, and hair salons), contributing to the real income increase of self-employed business owners.

Women (55%) used it more than men (45%), with people in their 20s using it the most by age group. Usage was higher on weekends (Saturdays) than on weekdays, mainly between 6 PM and 8 PM, with general restaurants, supermarkets, and convenience stores being the top places of use.

Going forward, the city plans to enhance convenience by promoting general sales of Bucheon Pay, expanding affiliated merchants, adding transportation card functions, diversifying card designs, and introducing mobile cards to revitalize the local economy.

Choi Seunghun, Director of the Culture and Economy Bureau of Bucheon City, said, "We thank the citizens who actively used Bucheon Pay in its first year of issuance, making a successful start," and added, "We ask for your continued interest so that Bucheon Pay can be further activated this year and local small businesses can revive."

This content was produced with the assistance of AI translation services.