'Suwon Pay' to Issue 40.5 Billion This Year... 39.1% Increase YoY

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province plans to issue approximately 40.5 billion KRW worth of local currency 'Suwon Pay' this year. This is an increase of 11.4 billion KRW (39.1%) compared to last year's total issuance amount of 29.1 billion KRW.

Breaking down the issuance scale: ▲Youth Basic Income 15.9 billion KRW ▲Postpartum Care Expenses 4.2 billion KRW ▲General Issuance 20 billion KRW ▲Voluntary Surrender of Driver's Licenses by Seniors 100 million KRW ▲Public Officials Welfare Points Payment 300 million KRW, among others.

Suwon Pay, first issued last year, exceeded its initial target of 28 billion KRW with sales reaching 29.1 billion KRW.

In particular, for the general issuance, the sales target of 5 billion KRW was achieved early, prompting Suwon City to inject an additional 190 million KRW in contingency funds over three rounds, issuing a total of 12.8 billion KRW.

Suwon Pay is a rechargeable prepaid card-type local currency launched in April last year to support small business owners and revitalize the local economy. Users receive a 6% incentive on the amount recharged and a 30% income deduction on the amount spent.

It can be used at traditional markets within Suwon City and small business establishments with annual sales under 1 billion KRW.

It cannot be used at department stores, large supermarkets, corporate supermarkets, entertainment and gambling establishments, online shopping malls, or businesses with annual sales exceeding 1 billion KRW.

Suwon Pay can be used by installing the 'Gyeonggi Local Currency' application on a smartphone, signing up as a member, clicking 'Select Region and Apply for Card,' and selecting Suwon City to apply for the card.

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