Yeongam-gun Signs Business Agreement with Korea Minting and Security Printing Corporation for Operation of 'Yeongam Sarang Card'

Expecting Efficient and Healthy Gift Certificate Distribution with the Introduction of Card-Type Gift Certificates

Yeongam County signed a business agreement with the Korea Minting and Security Printing Corporation to issue the card-type local love gift certificate, 'Yeongam Sarang Card.' (Photo by Yeongam County)

[Asia Economy Honam Reporting Headquarters Reporter Seo Young-seo] Yeongam-gun, Jeollanam-do (Governor Jeon Dong-pyeong) announced on the 18th that it signed a business agreement with the Korea Minting and Security Printing Corporation on the 17th to issue the card-type local love gift certificate, ‘Yeongam Love Card.’

This agreement ceremony was prepared to discuss mutual business for the production and issuance of the Yeongam Love Card, diversify payment methods, and revitalize the local economy through the expansion of the use of Yeongam Love Gift Certificates.

With the introduction of the card gift certificate, purchase and payment can be made without visiting the sales store, resolving inconveniences related to holding gift certificates. In addition, there is no need for separate merchant registration due to compatibility with existing registered merchants, and issues of fraudulent distribution of gift certificates can be partially resolved.

Since purchases and payments are made via mobile, it is expected to activate gift certificate use among younger generations, and it is anticipated to reduce time and costs associated with producing paper gift certificates, leading to efficient and sound distribution of gift certificates.

The Yeongam Love Card is scheduled to operate from the second half of this year. Users can issue and recharge the card at card company financial institutions, and also issue, recharge, and use the card through the mobile app (CHAK) without visiting financial institutions.

If the card gift certificate balance is insufficient, payment is automatically made by switching to the check card function.

Last year, Yeongam-gun paid various universal welfare allowances totaling 21.1 billion KRW in Yeongam Love Gift Certificates, including military disaster relief funds, government emergency disaster relief funds, agricultural public service allowances, and temporary living support for low-income groups. Currently, with 20 billion KRW in general issuance and 12.1 billion KRW in policy issuance such as military disaster relief funds and agricultural public service allowances, a total of 32.1 billion KRW worth of gift certificates have been issued, with 21.2 billion KRW sold as of May.

Since 2009, the county has been operating under the ‘Yeongam Love Gift Certificate Management and Operation Ordinance,’ and following the enactment of the ‘Act on the Promotion of Use of Local Love Gift Certificates’ in July last year, the ordinance was revised on the 6th to reflect delegated matters and terminology adjustments according to the law.

Additionally, to balance gift certificate distribution, a monthly exchange limit of 50 million KRW per merchant has been set and operated. When the distribution volume increases due to universal welfare allowance payments such as emergency disaster relief funds and agricultural public service allowances, a proviso clause was newly established to allow the limit to be raised up to 70 million KRW for a specified period.

Governor Jeon Dong-pyeong said, “We decided to introduce card-type gift certificates to reflect consumer demands, provide convenience in using card gift certificates, and activate gift certificate use among younger generations. We will strive to support local small business owners who are struggling due to COVID-19 through the activation of Yeongam Love Gift Certificate use.”

Meanwhile, Yeongam-gun introduced mobile gift certificates on December 9 last year and currently operates both paper and mobile gift certificates. There are 1,625 registered Yeongam Love Gift Certificate merchants where gift certificates are circulated. The merchant registration status can be checked on the Yeongam-gun website.

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