Issuance of Gangnam Sarang Gift Certificates Worth 10.5 Billion Won

Issuance of 10.5 Billion at 12 PM on the 1st... 700,000 Won Limit per Person, 10% Discount, 30% Income Deduction

[Asia Economy Reporter Jongil Park] Gangnam-gu (Mayor Jeong Soon-gyun) will issue Gangnam Love Gift Certificates worth 10.5 billion KRW at noon on the 1st to help small business owners struggling due to COVID-19 increase sales and aid local economic recovery.

The gift certificates issued to celebrate Korea Festa are local currency sold at 10% below face value, up to 700,000 KRW per person. They can be purchased through 11 Zero Pay simple payment apps and 9 bank apps. 30% of the amount spent is also eligible for income deduction.

The gift certificates can be purchased as mobile currency in denominations of 10,000 KRW, 50,000 KRW, and 100,000 KRW. Unused certificates can be fully refunded if canceled within a week of purchase, and if more than 60% of the face value is used, the remaining balance excluding a 10% discount support fund will be refunded.

Purchased gift certificates can be used at Zero Pay affiliated stores within the region, but cannot be used at general private academies with annual sales exceeding 1 billion KRW or franchise directly operated stores of mid-sized companies or larger. Affiliated stores can be checked on the ‘Z-MAP’ app.

Meanwhile, gift certificates worth 63 billion KRW issued in four rounds last year and 65 billion KRW issued in three rounds this year sold out within 30 minutes to an hour after release, selling out early.

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