Yeonggwang Sarang Gift Certificates, Significant Impact on Revitalizing the Local Economy

[Asia Economy Honam Reporting Headquarters Reporter Jeon Seong] Yeonggwang-gun, Jeollanam-do (Governor Kim Jun-seong) announced on the 10th that the local currency ‘Yeonggwang Sarang Gift Certificate’ issued last year is greatly helping to revitalize the local economy.

The county signed sales and exchange business agreements with 31 financial institutions within the jurisdiction to make it easy for residents to purchase and use, and recruited affiliated stores targeting small business owners, self-employed stores registered with the county, and traditional markets so that it can be used anytime and anywhere.

Yeonggwang Sarang Gift Certificate recorded sales of over 5 billion won last year, establishing itself as a representative brand of traditional markets and alley commercial districts, laying the foundation for a virtuous economic cycle within the region.

In particular, on November 1st last year, Jeollanam-do’s first prepaid rechargeable card ‘Yeonggwang Sarang Card,’ which complements the drawbacks of paper gift certificates and adds the convenience of cards, sparked a local currency purchasing boom among men in their 40s and 50s, achieving sales of 1 billion won within two months of its launch, providing definite support to the local economy.

The county is discussing various measures to allow diverse groups to enjoy the benefits of the gift certificates and plans to support card fees for sales made with the Yeonggwang Sarang Card.

Also, for stores with annual sales under 300 million won, the county will fully support the 0.5% card fee incurred from sales made with the Yeonggwang Sarang Card to minimize the burden on small business owners, and through this card fee support, plans to increase the number of Yeonggwang Sarang Gift Certificate affiliated stores from the current 1,760 to 2,000.

Furthermore, the county plans to use the Yeonggwang Sarang Card to pay the ‘Farmers and Fishermen Public Interest Allowance,’ which will be paid for the first time in May, as well as various policy allowances.

A county official said, “To expand the purchasing demographic of the gift certificates, we plan to operate a temporary 10% incentive payment event during various festivals held in the county, along with an on-site issuance booth for the Yeonggwang Sarang Card within the festival grounds to encourage tourists visiting the festivals to spend within the jurisdiction.”

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