The Return of Busan Currency 'Dongbaekjeon'... Cashback Resumes in the New Year

Suspended Due to Budget Exhaustion, 10% Accumulation Up to 300,000 KRW per Month from the 9th

Operation of Local Product Mall Dongbaek Mall and Introduction of QR Payment... Expected to Revitalize Small Businesses

Dongbaekjeon Card, Busan Local Currency.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The cashback for Dongbaekjeon, a local currency in Busan, will resume.

Busan City announced on the 7th that the cashback, which was suspended due to budget exhaustion, will be provided again starting from the 9th.

The cashback amount was set at 300,000 KRW per month, considering both the secured budget for this year and the users' average monthly recharge amount.

From the 9th onward, if payment is made with Dongbaekjeon, a 10% cashback benefit will be given within the monthly limit of 300,000 KRW. To prevent early budget exhaustion, the monthly issuance limit is also set at around 100 billion KRW, and it will be operated on a priority basis until February.

With the resumption of Dongbaekjeon cashback, sales of the online local product mall ‘Dongbaek Mall’ are also expected. Since December 18, Dongbaekjeon QR payments have been activated, including 50,000 affiliated stores of Busan Bank’s SumPass, which is linked, and payment fees are also expected to be reduced.

The new operator for Dongbaekjeon has not yet been decided. The operator for the local currency payment system and value-added service will be reselected in February, and a new application with more diverse functions and benefits is expected to be released by March.

Byun Sung-wan, Acting Mayor of Busan, said, “I thank the citizens who actively participated in using the local currency Dongbaekjeon to revitalize the local economy, which has been stagnant due to COVID-19, and I hope that the cashback provided from the new year will help small business owners’ sales recover.”

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