Nowon-gu Issues 21.5 Billion Won in Nowon Love Gift Certificates to Overcome COVID-19

Additional Issuance of Nowon Sarang Gift Certificates Worth 21.5 Billion KRW on the 15th at 10 AM... Usable at 10,150 Zero Pay Merchants Including Pharmacies, Convenience Stores, and Restaurants... Purchasable at a 10% Discount, 80% Income Deduction Available for Usage Until July

[Asia Economy Reporter Jongil Park] Nowon-gu (Mayor Oh Seung-rok) will issue an additional 21.5 billion KRW worth of ‘Nowon Sarang Gift Certificates’.

The Nowon Sarang Gift Certificates are mobile gift certificates issued to boost sales for small business owners struggling due to the spread of the novel coronavirus infection (COVID-19) and to revitalize the local economy.

The certificates to be issued from 10 a.m. on the 15th have already seen 8.5 billion KRW issued in three rounds since March, all of which sold out on the same day, reflecting strong interest from residents.

This fourth issuance will increase the amount by about 2.5 times compared to the previous issuance, considering the popularity and demand for the gift certificates.

The 10% purchase discount rate previously applied will be maintained for this fourth issuance. Due to high expectations from residents, the discount rate is kept at the first half of the year’s level by combining the basic 7% discount of the Seoul Sarang Gift Certificates with an additional 3% borne by the district’s own budget.

Purchases can be easily made by installing any of 13 payment apps such as Beeple Zero Pay, Check Pay, and Money Tree on a mobile phone. The gift certificates come in three denominations: 10,000 KRW, 50,000 KRW, and 100,000 KRW. Anyone can purchase them at a discounted price up to a monthly limit of 1 million KRW per person regardless of their place of residence. However, from August, the monthly discounted purchase limit will be reduced to 700,000 KRW.

The purchased gift certificates can be used at 10,150 Zero Pay affiliated stores located in Nowon-gu, including academies, pharmacies, convenience stores, and restaurants. The number of affiliated stores, which was only about 7,000 in early March, has significantly increased due to active promotion targeting local small business owners by the district, making it more convenient for residents to use the gift certificates. However, large supermarkets and gambling-related businesses are excluded from the affiliated stores as the purpose is to support the local economy and small business owners.

If more than 80% of the value of the held gift certificates is used, the remaining balance can be refunded to the payment account, and 80% of the amount used until July is eligible for income deduction.

Additionally, a monthly lottery event offers prizes such as laptops and vacuum cleaners.

Mayor Oh Seung-rok said, “I am grateful for the residents’ interest and love for the Nowon Sarang Gift Certificates, which have sold out early every time,” and added, “I hope residents will support local small business owners who are struggling due to COVID-19.”

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