Yongin City to Provide 10% Incentive on Local Currency Until July

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province will provide a 10% incentive until July for using the local currency Yongin Y-Pay to revitalize the neighborhood commercial districts that have been depressed due to COVID-19.

Yongin City announced on the 10th that, to alleviate the damage to small business owners, it had proactively increased the incentive from 6% to 10% until March starting from the 17th of last month, and has decided to extend the support period further with additional national government funding.

The maximum monthly recharge limit is 500,000 KRW, and if a user recharges 500,000 KRW, they can use 550,000 KRW. If income deduction is applied before using the card, a 30% tax benefit on the usage amount can also be received.

Mayor Baek Gun-gi of Yongin said, "Due to the impact of COVID-19, small business owners are struggling so much that they are even considering closing their businesses because they cannot even afford rent," and urged, "We ask citizens to actively use Yongin Y-Pay and participate in revitalizing the local economy."

Yongin Y-Pay can be used at small businesses with sales under 1 billion KRW, and currently there are about 34,000 affiliated stores. It can be used without restrictions at all hospitals, clinics, pharmacies, and Yongin Central Market within the city.

The city aims to issue 57 billion KRW worth of Yongin Y-Pay this year, including the additional 25 billion KRW added this time. As of the 8th, 8.7 billion KRW has been recharged, and 6.8 billion KRW, which is 78%, has been used at local small businesses.

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