Bucheon-si Local Currency Issuance Surpasses 100 Billion Won... 10% Incentive Until July

[Asia Economy Reporter Park Hyesook] Bucheon City's local currency 'Bucheon Pay' has surpassed 100 billion KRW in issuance.

According to the city on the 24th, as of June, Bucheon Pay has issued a total of over 100 billion KRW, including 42.7 billion KRW from general sales and 57.3 billion KRW from policy issuance. The usage amount is 80.7%, totaling 80.7 billion KRW, and card issuance has exceeded 212,000 cards.

In response to the serious economic downturn caused by the spread of the novel coronavirus infection (COVID-19), including decreased sales in local markets, self-employed businesses, and small merchants, the expansion of general sales using local currency and the issuance of Gyeonggi Province disaster basic income and government emergency disaster relief funds have been analyzed as effective measures.

Furthermore, to overcome COVID-19, the city has specially raised the Bucheon Pay purchase limit and incentives to 1 million KRW per month and 10%, respectively, until July.

In the second half of the year, the government is considering raising local currency incentives by 10% until December to revitalize the weakened consumer sentiment, so the issuance amount is expected to increase further. The city expects Bucheon Pay's issuance amount to exceed 170 billion KRW this year.

To activate general sales, the city plans to send notices to affiliated stores by mail and focus on online promotion using the city website, etc.

Choi Seunghun, Director of the Bucheon City Culture and Economy Bureau, urged citizens to actively use Bucheon Pay so that it can play a significant role in overcoming COVID-19 by increasing sales for small merchants and revitalizing the local economy, as the slogan "Overcome COVID-19 with Bucheon Pay" suggests.

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