KT Good Pay, Chuncheon City Offers 'Soyang Energy Pay'

Utilizing Incentives for Policy Participation

[Asia Economy Reporter Cha Min-young] KT announced on the 26th that it will provide Chuncheon City's 'Soyang Energy Pay' through its blockchain-based local currency platform, Good Pay. While local currencies have often been used as policy allowances to revitalize local economies, Soyang Energy Pay is the first case where a local currency platform is used as a policy participation incentive.

Soyang Energy Pay, Korea's first energy electronic currency, is a prepaid local currency designed to promote the distribution and expansion of renewable energy and create a virtuous cycle in the energy utilization system. The initial recipients of Soyang Energy Pay, which will be distributed starting on the 29th, are a total of 3,612 households, amounting to approximately 200 million KRW.

The usage of Soyang Energy Pay is simple. Users can scan a QR code by running the Soyang Energy Pay app at pre-registered merchants such as traditional markets, local restaurants, hair salons, and hospitals. After entering the payment amount and currency used and completing identity verification, the payment is finalized.

Previously, policy participation incentives issued by local governments were mostly in the form of cash, paper gift certificates, or prepaid cards. However, issuing and managing these forms was not easy, and cash was difficult to restrict for use outside the designated area. In contrast, Soyang Energy Pay utilizes KT's Good Currency platform, making distribution and usage easy. Since it can only be used at affiliated merchants, it is expected to help revitalize the local economy.

KT's Good Pay platform, currently used by eight local governments including Soyang Energy Pay, offers various benefits such as discounts and incentives. Local governments are expanding Good Pay usage not only for purchase-type currencies but also for welfare points for public officials and farmers' allowances. As a local currency that can only be used within the region, it also enhances local pride and positively impacts the local economy.

Kim Jong-chul, Executive Director of KT Blockchain Business Center, said, "Chuncheon City's Soyang Energy Pay has demonstrated that KT's blockchain-based local currency service, as a digital platform company, can be used not only for traditional local love gift certificates but also as a policy participation incentive for local governments." He added, "KT will contribute to revitalizing the local economy by ensuring the safe operation and enhanced utilization of local currencies based on blockchain technology."

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