Gyeongju City Lowers Regional Currency Incentive Limit ... "Usage Soars"

From the 21st, 10% Cashback Support Limited to 300,000 Won per Month from 1,000,000 Won

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Gyeongju City in Gyeongbuk announced on the 14th that it will lower the monthly limit for the 10% cashback incentive on the local currency 'Gyeongju Pay' from 1 million KRW to 300,000 KRW starting from the 21st.

This measure comes as the number of subscribers and usage have continued to increase even after the Chuseok holiday, with 32.3 billion KRW used out of the total issued amount of 44 billion KRW as of the 13th, leading to an expected early depletion of the incentive budget. Once the incentive budget is fully exhausted, no further incentives will be provided until the end of this year. However, the 30% income deduction benefit on usage will be maintained.

The first issuance of Gyeongju Pay, amounting to 20 billion KRW, which was launched by Gyeongju City in June, was fully used up early in September. Subsequently, an additional 24 billion KRW was issued.

A Gyeongju City official stated, "We have reluctantly decided to lower the monthly incentive payment limit to allow more citizens to enjoy the incentive benefits," adding, "Next year, we will further expand the issuance scale while also making efforts to register more affiliated stores and promote businesses."

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