Hampyeong Sarang Gift Certificates Sold Out, Bright Signal for Local Economy... Additional Issuance of 15 Billion Won

Early Sale of 25 Billion Won Planned for This Year Completed; Purchase and Exchange Available at NongHyup and Other Financial Institutions

[Hampyeong=Asia Economy Honam Reporting Headquarters, Reporter Kim Chunsu] The usage rate of Hampyeong Sarang Gift Certificates, the local currency of Hampyeong County, Jeollanam-do, has far exceeded the county's initial expectations, signaling a positive sign for the recovery of the local economy, which had been stagnant due to COVID-19.

According to Hampyeong County on the 3rd, the county planned to issue 25 billion KRW this year based on last year's gift certificate sales amount of 30 billion KRW, with additional issuance planned depending on sales trends toward the end of the year. However, by the end of June, 24 billion KRW had already been sold, prompting an urgent additional production of 15 billion KRW.

The county analyzes that this increase in local currency usage is due to the 10% special discount amid COVID-19 and the fact that the gift certificates have been in use for over 10 years, which has enhanced recognition and convenience as local currency.

With the explosive increase in demand, inquiries about inconveniences when purchasing gift certificates have also increased, leading the county to prepare various measures, including signing business agreements.

First, the county signed agreements to allow gift certificates, which were previously only purchasable through Nonghyup Bank, to be purchased and exchanged starting from the 1st at ▲Gwangju Bank ▲Saemaeul Geumgo ▲Shinhan Credit Union ▲Korea Forest Cooperative, thereby improving accessibility for buyers.

Additionally, since the end of last year, the county has signed a mobile local gift certificate distribution contract with the Korea Minting and Security Printing Corporation, enabling electronic payments via smartphones and enhancing user convenience.

Jang Cheol, chairman of the Hampyeong Traditional Market, said, “Every time the market opens, more than 50 million KRW worth of Hampyeong Sarang Gift Certificates are exchanged. With this agreement expanding purchase locations, merchants are expected to use them more conveniently,” adding, “Hampyeong Sarang Gift Certificates provide great support to small business owners going through difficult times due to COVID-19.”

A county official stated, “We will strive not only to resolve inconveniences for users due to increased demand for gift certificates but also to strengthen continuous monitoring to prevent illegal distribution and establish a sound order in gift certificate circulation.”

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