Yeongdeungpo Love Gift Certificates Sold Out at 20 Billion Won... First 12 Billion Won Payment in Seoul Autonomous District

The largest issuance among autonomous districts with 20 billion KRW... Fully sold out within 150 days of issuance... Payment amount reached 12 billion KRW by the 24th... The only Seoul autonomous district to surpass 10 billion KRW... Additional 10 billion KRW issuance on July 16... Usable at 12,500 local franchise stores

Cha Hyun-il, Mayor of Yeongdeungpo-gu, purchasing goods with Yeongdeungpo Love Gift Certificates along with employees (second from the right).

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (Mayor Chae Hyun-il) has sold out the entire issuance amount of 20 billion KRW of the local currency ‘Yeongdeungpo Sarang Gift Certificate,’ which started issuance this year, within 150 days of issuance, and on the 24th, it achieved a payment amount of 12 billion KRW, ranking first among Seoul’s autonomous districts.

To increase sales for small business owners and revitalize local neighborhood markets, the district began issuing the mobile local currency ‘Yeongdeungpo Sarang Gift Certificate’ on January 15 this year.

The Yeongdeungpo Sarang Gift Certificate can be used at any Zero Pay affiliated stores located in Yeongdeungpo, such as restaurants, marts, and convenience stores.

The district issued 20 billion KRW in local currency, the largest scale among autonomous districts along with Jongno-gu and Gangnam-gu. To maximize convenience for residents, continuous efforts have been made to secure Zero Pay affiliated stores, recruiting 12,500 affiliated stores within the region to date.

From the initial issuance date of January 15 until the end of sales, the district conducted a special 10% discount sale to boost residents’ purchasing motivation.

Along with this, the monthly purchase limit per person, which was previously 500,000 KRW, was raised to 1,000,000 KRW per person.

As a result of active promotion in the early stages of issuance, the sales amount of Yeongdeungpo Sarang Gift Certificate exceeded 100 million KRW within 2 days of issuance, and on the third day, it achieved an astonishing result of over 1,000 purchase transactions and sales amounting to 125.56 million KRW.

To revive the local market, which was depressed due to the spread of the novel coronavirus disease (COVID-19), the district applied a dramatic 15% discount rate from March 23 to April 8 and increased the income deduction benefit from the basic 30% to 60%. A 5% cashback event on the usage amount was also held simultaneously.

As a result of these efforts, sales of 6.9 billion KRW and payments of 1.6 billion KRW were achieved during the event period alone.

The enthusiastic response of residents to the Yeongdeungpo Sarang Gift Certificate did not stop there, and on June 11, about 150 days after issuance, the entire issuance amount of 20 billion KRW was sold out.

Also, by the 24th, the payment amount exceeded 12 billion KRW, and Yeongdeungpo-gu is the only autonomous district in Seoul to surpass 10 billion KRW in payment amount. The total number of sales transactions is 78,723, the number of purchasers is 30,707, and the number of payment transactions is 360,125.

With the support of residents, the district plans to issue an additional 10 billion KRW of Yeongdeungpo Sarang Gift Certificates on July 16. It will also continue to expand Zero Pay affiliated stores and make steady efforts to increase sales for small business owners and revitalize the local economy.

The ‘Yeongdeungpo Sarang Gift Certificate’ can be easily purchased after identity verification, membership registration, and account linking on nine apps including ‘CheckPay.’ The usage method of the gift certificate is the same as the existing Zero Pay payment method.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, said, “I thank all the residents who gave their unwavering love until the Yeongdeungpo Sarang Gift Certificate sold out 20 billion KRW and achieved a payment amount of 12 billion KRW,” and added, “We will strive to revitalize the local economy through additional issuance of Yeongdeungpo Sarang Gift Certificates and expansion of affiliated stores.”

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