Sejong Local Currency 'Yeominjeon' Surpasses 100,000 App Subscribers

Image of the Sejong local currency card-type 'Yeominjeon'. Source=Yonhap News

[Asia Economy (Sejong) Reporter Jeong Il-woong] The number of app subscribers for Sejong local currency ‘Yeominjeon’ has surpassed 100,000. This milestone was reached just over eight months after its launch. Notably, Yeominjeon’s usage rate exceeds 90% of the issued amount, contributing significantly to the revitalization of the local economy.

Sejong City announced on the 26th that Yeominjeon recorded 100,055 app subscribers 267 days after its launch in March (as of the 25th of this month).

This means that 35.2% of citizens aged 14 and older among the total local population have installed the Yeominjeon app. The total amount of Yeominjeon purchased by these users reached 140.5 billion KRW (137 billion KRW from general issuance and 3.5 billion KRW from public institution purchase policy issuance). The amount used was 130.6 billion KRW, accounting for 92.9% of the total issued amount.

Based on this, the city believes that Yeominjeon has played a significant role in revitalizing the local commercial sector, which was depressed due to the impact of the novel coronavirus disease (COVID-19).

To expand the use of Yeominjeon, the city also disclosed information on the top 10 restaurants and cafes with the highest local currency usage, as well as 27 Sangsaeng Plus affiliated stores that offer up to double discount benefits.

At Yeominjeon Sangsaeng Plus affiliated stores, the stores themselves provide an upfront discount of 5?10% to consumers using Yeominjeon, allowing consumers to receive up to double discount benefits, including a maximum 10% store discount and 10% cashback.

However, the upfront discount benefit at Sangsaeng Plus affiliated stores applies only to offline stores and is not available when using delivery services.

Additionally, the cashback benefit is supported only for payments within the monthly purchase limit of 1 million KRW when purchased through the Yeominjeon app.

Kim Hoe-san, head of the City’s Enterprise Support Division, said, “Citizens who have not yet subscribed to the Yeominjeon app or purchased Yeominjeon can still recharge up to 1 million KRW by the end of the year,” adding, “We hope they take advantage of the 10% cashback and 30% income tax deduction for year-end tax settlement for office workers by using Yeominjeon.”

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