100 Billion Issuance of Jungnang Sarang Gift Certificates with 10% Discount

Published 08 Jan.2020 09:52(KST)

Issuance of 10 Billion KRW Jungnang Sarang Gift Certificates on the 17th, Available for Purchase at 10% Discount Immediately After Launch...Issued in Mobile Form and Usable at Zero Pay Merchants, Always Available for Purchase at 7% Discount

100 Billion Issuance of Jungnang Sarang Gift Certificates with 10% Discount

[Asia Economy Reporter Jongil Park] Jungnang-gu (Mayor Ryu Kyung-gi) will start issuing the ‘Jungnang Love Gift Certificate’ applying the Zero Pay payment method worth 10 billion KRW from the 17th to revitalize the local commercial district through increased sales of small business owners and to establish a foundation for coexistence in the local community.

The district issues the Jungnang Love Gift Certificate, which can be used for consumption within the region, to resolve the difficulties faced by small business owners due to the entry of large corporations into alley markets, the activation of online transactions, the overall economic downturn, and the increase in various costs such as credit card fees.

The gift certificates will be issued in mobile form in three denominations of 10,000 KRW, 50,000 KRW, and 100,000 KRW and can be used at Zero Pay affiliated stores within the region. Residents who wish to use them can purchase up to 500,000 KRW per person per month at a 7% discount at all times. In particular, immediately after issuance, they can be purchased at a 10% discount until the total 30 billion KRW for the entire Seoul city is exhausted.

Additionally, a 30% income deduction is available, which is expected to help household expenditures.

Small business owners have no fee burden as the payment fee is 0% regardless of sales volume, and since the gift certificate payment amount is included in the value-added tax payment deduction target, they can also receive tax burden relief benefits.

To purchase the gift certificates, install a mobile gift certificate app (CheckPay, MoneyTree, BizPlay, NongHyup AllOne Bank, etc.) from the smartphone app store, register a payment account, and purchase the gift certificates at a discounted price.

The purchased gift certificates can be used in the same way as the Zero Pay payment method. Simple payments are possible by scanning the QR code displayed at Zero Pay affiliated stores, entering the amount to pay, or by showing the consumer’s QR code and having the store scan it.

As of the end of last month, there are 6,488 Zero Pay affiliated stores where the gift certificates can be used, including restaurants, beauty salons, academies, clinics, pharmacies, neighborhood marts, convenience stores, and various other industries. However, they cannot be used in entertainment and nightlife businesses, and considering the purpose of introducing the gift certificates to increase small business sales, usage is restricted in large stores, some large corporate affiliates, and franchises.

Ryu Kyung-gi, Mayor of Jungnang-gu, said, “Residents will be able to purchase gift certificates at discounted prices, which will help household economies, and the use of gift certificates is expected to greatly help increase sales of small business owners. We will actively support the use of Jungnang Love Gift Certificates by residents in the future to establish a foundation for the coexistence and development of the local community.”