Gyeonggi-do, "Gimpo-si Ranks 2nd in Local Currency Usage, Baedal Tteuk Transactions Surpass 4 Billion Won"

Local Currency Integration, Easy Payment, and Discount Benefits... Driving the Activation of Baedal Tteuk

Gyeonggi-do Public Delivery App 'Baedal Teukgeup'
Photo by Yonhap News

[Asia Economy Reporter Ra Young-cheol] Gimpo City, with a population of 480,000, ranked 2nd among 31 cities and counties in Gyeonggi Province last year for per capita usage of local currency, and the total cumulative transaction amount of Gyeonggi Province's public delivery app Baedal Teukgeup surpassed 4 billion KRW.

Gyeonggi Province stated on the 13th, "The reason Baedal Teukgeup is showing a strong upward trend in Gimpo City is analyzed to be due to the high usage rate of local currency by Gimpo citizens."

According to Gyeonggi Data Dream's 'Local Currency Issuance and Usage Status,' last year, the per capita local currency usage amount in Gimpo City was 340,000 KRW, and the total issuance amount was approximately 178 billion KRW.

Additionally, linking Baedal Teukgeup with local currency is analyzed to have driven the activation of Baedal Teukgeup by providing payment convenience and discount benefits.

In this regard, in January this year, the Gyeonggi Research Institute released data through the 'Analysis of the Impact of Gyeonggi Local Currency on Consumers and Small Business Owners in the Province,' showing that 70.8% of small business owners said it helped revitalize local commercial districts.

The additional consumption rate using cash, card, or generally issued local currency after receiving policy-issued local currency was recorded at 44.4%.

Meanwhile, Baedal Teukgeup has shown steady growth by surpassing a total cumulative transaction amount of 40 billion KRW, receiving evaluations that the expansion of service areas and consumer benefits closely tied to the region have been effective.

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