Gwanak Sarang Gift Certificates (10% Discount) Issued Worth 14 Billion Won

Large-Scale Issuance of 14 Billion KRW Gwanak Sarang Gift Certificates in 2nd Half of 2021, ZeroPay Merchant Network Expanded to 12,074 Locations... 10% Special Discount to Revive Consumption and Boost Local Economy Affected by COVID-19

[Asia Economy Reporter Jongil Park] Gwanak-gu (Mayor Park Junhee) will issue an additional 14 billion KRW worth of Gwanak Love Gift Certificates starting at 12 PM on the 12th.

The district decided to issue an additional 14 billion KRW following the issuance of a total of 23 billion KRW last year and 18 billion KRW in the first half of this year, totaling 41 billion KRW, to revitalize the local economy and increase sales for small business owners amid the prolonged COVID-19 pandemic.

This amount far exceeds the average issuance amount of 9.5 billion KRW among the 19 autonomous districts of Seoul in July this year, making it the second largest issuance overall. Including the planned issuance of 7 billion KRW in the second half of the year, the total issuance for this year will be 39 billion KRW, which is 16 billion KRW more than last year's total issuance of 23 billion KRW.

Benefits for consumers have also been prepared. Although the regular discount rate for the gift certificates is 7%, a special discount rate of 10% will be offered for this large-scale additional issuance to stimulate consumption and revitalize the depressed local economy, providing generous benefits to both consumers and local small business owners.

The Gwanak Love Gift Certificates have received great responses from residents with various benefits such as events, discounts, zero payment fees, and 30% income deduction. Each issuance has been sold out completely, with 88% of the sold certificates being used, resulting in a high payment rate and significantly contributing to increased sales for small business owners affected by the prolonged COVID-19 pandemic.

The gift certificates will be issued in three mobile denominations: 10,000 KRW, 50,000 KRW, and 100,000 KRW. The monthly purchase limit with discounts is 700,000 KRW, and the holding limit is 2,000,000 KRW.

Refund criteria are as follows: full refunds are possible if the purchase is canceled within 7 days; for partial refunds, if 60% or more of the face value has been used, the remaining balance excluding the 10% discount support will be refunded.

The certificates can be used at 12,074 Zero Pay affiliated stores within the region (as of the end of May 2021). However, usage is restricted at gambling establishments, large private academies for entrance exams, and movie theaters operated by large corporations or mid-sized companies.

Restricted businesses can be checked on the Seoul city website (Economy → Zero Pay → Local Love Gift Certificate Data Room).

The number of payment apps supporting Gwanak Love Gift Certificates is also increasing. With additions such as Woori WON Banking and Shinhan SOL, there are now a total of 19 options, broadening consumer choice. More detailed information about payment apps can be found on the Zero Pay mobile gift certificate website.

Park Junhee, Mayor of Gwanak-gu, stated, “With great interest and response from both consumers and small business owners, the purchase and payment of Gwanak Love Gift Certificates are actively taking place, greatly contributing to the revitalization of the local economy. We hope that this issuance of Gwanak Love Gift Certificates will serve as an opportunity to further invigorate the local commercial district in step with the gradual recovery of the domestic economy alongside smooth vaccine rollouts.”

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