Suwon City Offers 10% Bonus When Charging Suwon Pay... Special Lunar New Year Event

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province is offering a 10% incentive on cash recharges to the local currency 'Suwon Pay' from the 18th to the 28th in celebration of the Lunar New Year holiday.

This means an additional 4% special incentive on top of the existing 6% incentive. Accordingly, if you recharge 100,000 KRW in cash, you can use 111,000 KRW through Suwon Pay. However, incentives will not be provided to corporations or organizations.

Launched in April last year, Suwon Pay is a rechargeable prepaid card-type local currency. It can be used at small business establishments with annual sales under 1 billion KRW within the jurisdiction that have credit card terminals (such as supermarkets, convenience stores, and restaurants).

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

Any citizen aged 14 or older with a bank account in their name can apply for Suwon Pay. By installing the 'Gyeonggi Local Currency' application on a smartphone, pressing 'Apply for Free Card,' selecting Suwon City, and applying for the Suwon Pay card, they can register.

Citizens who have difficulty using smartphones can apply by visiting local NongHyup branches (21 locations) or Industrial Bank of Korea branches (12 locations) within the jurisdiction.

Up to 30% of the amount spent using Suwon Pay is eligible for income deduction. Merchants can reduce fees by about 0.3 percentage points compared to credit card payments when accepting Suwon Pay.

Last year, the city exceeded its Suwon Pay issuance target of 28 billion KRW by selling 29.1 billion KRW. This year, it plans to issue 40.5 billion KRW, an increase of 11.4 billion KRW from last year.

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