Yangcheon Sarang Gift Certificate Discount Rate Raised to 15%

·Purchase limit increased (from 500,000 KRW/month to 1,000,000 KRW/month) · Income deduction expanded to 60% (80% for traditional markets) ... 5% cashback on payment, prize event held

[Asia Economy Reporter Park Jong-il] Yangcheon-gu (Mayor Kim Soo-young) is expanding the benefits of the Yangcheon Love Gift Certificate to support local small business owners struggling due to the economic downturn caused by the spread of COVID-19 infections and to revitalize the local economy.

First, the special discount rate, which was previously 10%, has been raised to 15%, and the purchase limit, which was previously up to 500,000 KRW per month, has been expanded to 1,000,000 KRW per month. For example, when purchasing a 500,000 KRW gift certificate, it can now be bought for 425,000 KRW.

This benefit is temporarily applied until July 31. If 50 billion KRW out of the total issuance amount of 174 billion KRW for the Seoul (Yangcheon) Love Gift Certificate is exhausted before then, the discount rate will revert to the regular discount rate of 7%.

Also, until June, the income deduction benefit for Zero Pay (including Yangcheon Love Gift Certificate) payments is temporarily increased from the existing 30% to 60%. In particular, for payments made at traditional markets, the income deduction benefit can be up to 80%.

Various events are also being held. When purchasing through the CheckPay, Beeple Zero Pay, and MoneyTree apps, a 5% cashback on the total payment amount (up to a maximum of 50,000 KRW) is provided.

Additionally, the Korea Simple Payment Promotion Agency will hold a random drawing without separate entry for consumers who make payments of 10,000 KRW or more each week (a total of 25 times) until the end of September, awarding prizes worth approximately 3.5 million KRW to about 50 winners.

The Yangcheon Love Gift Certificate can be purchased through the Zero Pay system within existing bank apps and pay apps. It can be purchased and paid for via CheckPay, Beeple Zero Pay, MoneyTree, NongHyup All One Bank, and five other apps.

A Yangcheon-gu official said, “We hope that residents will contribute to revitalizing the local economy by using about 6,000 Zero Pay affiliated stores within Yangcheon-gu and that this will provide practical help to small business owners.”

For more details, please contact the Job and Economy Division.

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