‘Ontong Daejeon’ Acts as a Catalyst for Consumer Sentiment in Daily Recovery... Early Exhaustion of Cashback Expected

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The local currency of Daejeon, Ontong Daejeon, is playing a catalytic role in encouraging citizens to open their wallets as daily life recovers. The cashback planned for this year is also expected to be exhausted early due to Ontong Daejeon's popularity.

According to Daejeon City on the 25th, as citizens' consumption increased with the Ontong Sale that started this month, the issuance amount of Ontong Daejeon also rose sharply.

On the very first day of the Ontong Sale, the issuance amount was 35.4 billion KRW, marking the highest issuance amount ever. On the 10th day, it exceeded the issuance amount of the past month, and as of the 20th, the total issuance amount approached 220 billion KRW.

The city expects that reflecting this trend, the total issuance amount of Ontong Daejeon this month will exceed 300 billion KRW. This is a 114% increase compared to the average monthly issuance amount outside the Ontong Sale period, and it is forecasted that the cumulative issuance amount of Ontong Daejeon will approach 1.8 trillion KRW by the end of this month.

The number of subscribers has also increased significantly. As of this month, the cumulative number of Ontong Daejeon app subscribers has exceeded 730,000, and a total of approximately 960,000 physical cards have been issued.

One reason Ontong Daejeon has gained popularity among citizens is the increase in purchase limits and cashback rates.

Previously, the city designated November to December as the Ontong Sale period and raised the monthly individual purchase limit from the usual 500,000 KRW to 1,000,000 KRW, and the cashback rate from 10% to 15% during this period.

Additionally, various events and discount promotions stimulated citizens' consumption sentiment. Furthermore, the phased daily life recovery policy positively influenced revitalizing the previously stagnant local economy, according to the city.

However, regarding cashback, as the issuance amount of Ontong Daejeon rapidly increases and the same cashback will be provided next month, the cashback budget secured for this year is also likely to be exhausted early.

The city has not yet specified the end date for the cashback budget and plans to notify users of related information through the Ontong Daejeon app (pop-ups and push notifications) before ending cashback payments upon budget exhaustion.

Once the cashback budget is exhausted, cashback will not be provided even if Ontong Daejeon is used until midnight on the 31st of next month. However, cashback already accumulated can be used at any time.

The cashback payment will resume from midnight on January 1st of next year, and from then on, the monthly purchase limit per individual will be adjusted to 500,000 KRW.

Ko Hyun-deok, Director of the Job and Economy Bureau of the city, analyzed, "In addition to providing a basic 15% cashback during the Ontong Sale period, giving additional cashback to transportation welfare recipients and traditional market users seems to have positively influenced the recovery of citizens' consumption sentiment."

He added, "Based on these achievements, Ontong Daejeon recently ranked first place for two consecutive years in the 'Top 10 Daejeon City News.' The city will do its best until the end of the Ontong Sale period next month to ensure that all citizens can enjoy the benefits."

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