KT Introduces QR Payment for Iksan Local Currency 'Iksan Dairo-um'

[Asia Economy Reporter Eunmo Koo] KT announced on the 27th that it will improve the local currency service in Iksan City, Jeonbuk, to promote co-growth with the local community and businesses and revitalize the regional economy.

KT utilizes QR payment services for local currency. The QR payment service is an eco-friendly service that does not require issuing or canceling gift certificates, and payment details can be checked through the app.

Currently, Ulsan City, Gimpo City, and Gongju City have achieved annual cost savings of up to 4 billion KRW through QR payment service-based local currency. Notably, these cost savings have been returned as benefits to small business owners.

Accordingly, KT and Iksan City will introduce QR payment services to Iksan Daero-um (Iksan Daero-um) to promote ESG management and regional economic revitalization.

KT explained that Iksan citizens can easily make payments by simply scanning the QR code after accessing the KT Good Pay app, enhancing convenience and enabling ethical consumption. Additionally, small business owners will have minimized payment fee burdens.

As of 2021, approximately 205 billion KRW worth of local currency has been issued through Iksan Daero-um. At this rate, about 350 billion KRW is expected to be issued annually. Calculations suggest that by utilizing the QR payment service alone, small business owners' card fee burdens could be reduced by approximately 2.6 billion KRW.

Im Chaehwan, Executive Director of KT AI·DX Platform Business Division, said, "KT is making various efforts to leverage the advantages of Good Pay to achieve co-prosperity through ESG management and revitalize the regional economy. Going forward, as a digital platform company, we will utilize our platform capabilities to discover services that can contribute to the people, regions, and the nation."

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