Gyeongju City’s Card-Type Local Currency Gains Popularity with 'Cashback and Convenience'

'Gyeongju Pay' Issues 4.4 Billion Won in One Month... "Contributing to Local Economic Revitalization"

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Gyeongju City in Gyeongbuk announced on the 26th that the local love gift certificate 'Gyeongju Pay' has contributed significantly to revitalizing the local economy by issuing more than 4.4 billion won within just over a month since its launch.

Gyeongju Pay, a prepaid rechargeable card-type gift certificate, was launched as a mobile app on June 15 and began on-site issuance from June 22. As of the 23rd, the number of card users reached 12,691, with issuance amounting to approximately 4.481 billion won. Of this, about 3.075 billion won has been used, and the average usage per person is 242,000 won, showing a gradually increasing trend.

Analyzing usage data over one month, Gyeongju City found that the main usage locations were general restaurants, accounting for the largest share at 27% (830 million won) of total usage. Retail stores such as supermarkets and convenience stores followed with 14% (430 million won), and clinics and pharmacies accounted for 10% (300 million won).

By time of day, usage was highest from 6 PM to 8 PM and during lunchtime (12 PM to 1 PM). By day of the week, Saturday was the highest, followed by Friday and Thursday. By age group, those in their 40s (35%), 30s (26%), and 50s (22%), who are socially and economically active, accounted for 83% of total usage.

Gyeongju City cited two main reasons for this popularity: 'cashback benefits' and 'ease of use.' Gyeongju Pay offers a cashback of 6-10% each time it is used, which can be used like cash. For the 20 billion won issued this year, users can receive 10% cashback on the amount used (up to 100,000 won per month) until the budget is exhausted. Additionally, users can receive a 30% tax deduction when applying for income deduction.

The rechargeable card-type Gyeongju Pay can be easily applied for by downloading the 'Gyeongju Pay app' on a smartphone or by visiting designated financial institutions such as NongHyup Bank and Daegu Bank to receive the card immediately. It can be used at any business with an IC card terminal installed in Gyeongju City. However, usage is restricted in some sectors such as large-scale stores, semi-large-scale stores, gambling industries, and entertainment bars.

A Gyeongju City official stated, "Although 'Gyeongju Pay' is still in its early stages, the number of users and usage amounts are steadily increasing, quickly establishing itself as a daily card for citizens." He added, "It is expected to greatly contribute not only to small business owners but also to revitalizing the local economy through a virtuous cycle."

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