Bucheon City Local Currency Issuance Surpasses 202.3 Billion KRW in 2023... Incentive Maintained at 10%

Bucheon Pay Card

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province announced on the 15th that the issuance amount of the local currency 'Bucheon Pay' surpassed 202.3 billion KRW (134.9 billion KRW general issuance, 67.4 billion KRW policy issuance) as of the end of December last year.

This represents a 5.4-fold increase in issuance amount and a 3.8-fold increase in card issuance compared to the previous year. The actual usage amount was recorded at 195.3 billion KRW.

According to the Bucheon Pay satisfaction survey conducted in October last year, 94.2% of users responded that it contributed to economic revitalization. Among merchants, 93% answered that the Bucheon Pay policy was well implemented, and 84.3% said it helped increase sales.

The city plans to provide a 10% incentive not only during holidays such as Lunar New Year (February) and Chuseok (September) but also during regular periods this year. However, purchase limits and incentives may vary depending on the operating policies of higher authorities and budget balances. Detailed information will be posted on the Gyeonggi Local Currency app.

Meanwhile, following the enforcement of the 'Act on the Promotion of Use of Local Love Gift Certificates' in July last year, merchant registration has become mandatory. Even if merchants are operating without a separate application, they must apply. Payment may be restricted if not registered.

The city plans to encourage merchant registration using text messages, Bucheon Alimi, and notices until the end of March, which is the guidance period. Merchant registration can be done online (https://with.konacard.co.kr/1-11).

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