Bucheon-si Local Currency Issuance Surpasses 164.5 Billion Won... People in Their 40s Use It the Most

Bucheon Pay Issuance Amount and Card Issuance Volume in 2019 and This Year

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province announced on the 19th that the local currency 'Bucheon Pay' surpassed a total issuance amount of 164.5 billion KRW as of the 15th. This milestone was reached three months after surpassing 100 billion KRW in issuance in July.

Compared to the previous year, the issuance amount of Bucheon Pay increased 4.4 times, and the number of card issuances increased 3.5 times. The actual usage amount was also recorded at 151.8 billion KRW. The city explained that 15 billion KRW is used monthly in traditional markets and alley markets, contributing to the revitalization of the local economy.

The increase in Bucheon Pay issuance is mainly attributed to the special 10% incentive increase.

The city raised the Bucheon Pay incentive to 10% until the end of July to help small business owners struggling due to the spread of COVID-19 increase their sales, and continued to maintain the purchase limit (500,000 KRW) and incentive increase measures in August and September.

The places where Bucheon Pay was most used were general restaurants, followed by supermarkets and other distribution businesses, beverage and food (butcher shops and bakeries), academies, bookstores, and hospitals/pharmacies.

People in their 40s used Bucheon Pay the most, followed by those in their 20s and younger, 30s, and 50s. The day of the week with the highest usage was Friday, and the time period was between 5 PM and 7 PM.

Meanwhile, all Bucheon Pay merchants are required to register their stores. The guidance period lasts until the end of December. The city is promoting this by preparing and implementing its own promotional plans, including producing promotional notices and leaflets to ensure all merchants can register.

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