Gangnam-gu Issues 10 Billion Won in 'Sangkwon Recovery Gift Certificates'

Issued at 2 PM on the 14th... 10% Discount Up to 500,000 KRW per Person, 30% Income Deduction

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jung Soon-gyun) will issue special support gift certificates worth 10 billion KRW for commercial district recovery at 2 p.m. on the 14th to help small business owners struggling due to COVID-19 increase sales and revive the local economy.

The commercial district recovery gift certificates can be purchased as local currency at 10% discount off the face value, up to 500,000 KRW per person per month, through 12 ZeroPay simple payment apps and 10 bank apps. 10% of the payment amount can be refunded (payback) up to 20,000 KRW per month, and 30% is also eligible for income deduction.

The gift certificates are composed of mobile currency in denominations of 10,000 KRW, 50,000 KRW, and 100,000 KRW, with a usage period of six months from the purchase date. Unused gift certificates can be fully refunded if canceled within one week of purchase, and if more than 60% of the face value has been used, the remaining balance excluding the discount support fund will be refunded.

Purchased gift certificates can be used at ZeroPay affiliated stores such as restaurants, cafes, and convenience stores within the district, but cannot be used at franchise direct management stores of mid-sized companies with annual sales exceeding 1 billion KRW. Affiliated stores can be checked through the ‘Z-MAP’ app.

Previously, the district provided loan support of 28.7 billion KRW with zero interest and no collateral for small business owners and 20 billion KRW for 302 small and medium enterprises. In addition, to celebrate Korea Festa, Gangnam Love Gift Certificates worth 10.5 billion KRW were issued, making every effort to revive the local economy.

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