Purchase 100,000 Won Seoul Prepaid Gift Certificates for 90,000 Won... Private Companies Also Join In

Seoul Citizens Can Purchase Up to 300,000 KRW
Private Companies Also Eligible for 10% Discount and Can Use at Nearby Restaurants, etc.

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government announced on the 27th that it will issue prepaid gift certificates worth 100 billion KRW starting from the 28th to provide emergency support to small business owners who have been subjected to business restrictions due to COVID-19 prevention measures.

This issuance of prepaid gift certificates is part of Seoul's support plan for businesses restricted by social distancing measures announced on the 23rd. To provide more benefits to consumers, the city lowered the face value of the originally announced gift certificates from 110,000 KRW to 100,000 KRW, while increasing the discount rate from 9% to 10%. Gift certificates with a face value of 100,000 KRW can be purchased at a 10% discount for 90,000 KRW, and an additional benefit of over 10% is provided at participating businesses upon prepayment. The monthly purchase limit per person is 300,000 KRW, and private companies can purchase up to 10 million KRW.

The gift certificates can be used at businesses participating in the prepaid program among approximately 200,000 establishments in Seoul subject to social distancing business restrictions, including karaoke rooms, indoor sports facilities, restaurants and cafes, bathhouses, PC rooms, hair and beauty salons, and study rooms/study cafes.

To encourage prepayment, the city changed the minimum payment amount from the originally announced 110,000 KRW to 100,000 KRW, and any remaining balance on the gift certificate after payment over 100,000 KRW will be fully refunded to consumers without conditions. For example, if a consumer purchases two 100,000 KRW gift certificates and prepays 150,000 KRW, 45,000 KRW of the remaining 50,000 KRW face value will be refunded to the consumer, excluding the city's contribution of 5,000 KRW (10%).

Citizens wishing to purchase prepaid gift certificates can do so through 15 payment apps (Beeple Zero Pay, Check Pay, Money Tree, Fint, Payco, Fink, T-money Pay, Seulbaesaeng, 010 Zero Pay, All One Bank, To You Bank, Some Bank, IM Shop Jeonbuk Bank, Gwangju Bank). However, to provide emergency financial support to affected industries, all certificates must be used by January 31 of next year.

Kim Hong-chan, Zero Pay Officer of Seoul City, said, "We hope that citizens voluntarily participating in the prepayment movement to help small business owners, along with private companies joining to support their regular restaurants, will provide practical assistance to local small business owners."

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