Seoul Sarang Gift Certificate Sales Agency November Recruitment... Issuance Fees Also Reduced

Seoul City to Announce Selection of Sales Agency Early November
Targeting Financial Companies and Electronic Financial Operators...Consortiums Must Include Banks
Improving Payment Convenience While Maintaining Small Business Payment Fees Policy

[Asia Economy Reporter Han Jinju] The Seoul Metropolitan Government is inviting bids for sales agencies that will be responsible for the sales, payment, settlement, and merchant management of the Seoul Love Gift Certificates from 2022 to 2023.

On the 29th, Seoul announced that it will conduct the sales agency selection notice in early November and has disclosed the preliminary specifications in advance.

To reduce the budget, Seoul will lower the commission (issuance fee) paid to sales agencies at the time of gift certificate issuance by more than 20% compared to the current rate.

Applicants for the agency must be financial companies or electronic financial service providers qualified under the Local Love Gift Certificate Act and the Electronic Financial Transactions Act. When forming a consortium considering account operation and fund stability, a bank (a bank whose head office is located in Seoul under the Bank Act, Korea Development Bank Act, or Small and Medium Business Bank Act) must be included.

Companies wishing to apply must propose an efficient merchant (payment point) management plan that links real-time information on merchant closures, suspensions, and sales.

Due to high demand for Seoul Love Gift Certificates, servers have crashed and purchase/payment errors have occurred each time they were issued. Mobile simple payment methods and payment options for the disabled and elderly will also be introduced.

When applying for Seoul city policy funds, it will be possible to apply, receive, pay, and settle through the gift certificate payment platform without visiting separate public institutions.

Through this bid, Seoul plans to actively support increasing benefits for Zero Pay merchants and small business owners. By limiting Seoul Love Gift Certificate payment points to Zero Pay merchants, the small business payment fee benefits will be maintained, and if a new sales agency is selected, joint management of the current Zero Pay operators and merchants will also be considered.

Han Young-hee, Seoul’s Director of Labor, Fairness, and Coexistence Policy, said, "Next year, we will build an innovative platform that allows consumers to use it more conveniently, increase the use of gift certificates, and revitalize neighborhood commercial districts through this."

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