Ministry of SMEs and Startups Executes Business Promotion Expenses via Small Business Easy Payment
Minister Park Young-sun of the Ministry of SMEs and Startups. / Photo by Moon Ho-nam munonam@
View original image[Asia Economy Reporter Moon Hyewon] The Ministry of SMEs and Startups announced on the 20th that, starting from the 23rd, it will be the first central government agency to execute office operation expenses such as business promotion expenses through the Small Business Easy Payment system.
After piloting the system at the Ministry of SMEs and Startups and addressing any improvements, the plan is to expand it to other ministries, local governments, and public institutions, and eventually enable the execution of other office operation expenses such as overtime meal expenses and general reception expenses, not just business promotion expenses.
The Small Business Easy Payment system being introduced this time is a direct debit payment method where public officials use an easy payment application to make payments, which are then deposited from the national treasury account directly to small business stores, with a payment fee rate of 0%.
The Small Business Easy Payment system was introduced in December 2018 and, due to the rapid non-face-to-face and digital transition caused by the spread of COVID-19, it has quickly established itself in the payment market with 630,000 affiliated stores and 763.6 billion KRW in payments within just 1 year and 9 months.
The Ministry of SMEs and Startups and the Korea Easy Payment Promotion Agency plan to continuously expand small business affiliates while working to improve consumer usage environments by introducing online payment services and linking with famous overseas payment methods.
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Shin Jaekyung, Director of Smart Small Business Development at the Ministry of SMEs and Startups, said, “We plan to devise government-level support measures so that the Small Business Easy Payment system can grow into a universal payment method for small businesses.”
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