Sejong-si mandates 'Yeominjeon' franchise registration... until the end of June

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City will make it mandatory to register as a merchant for the local currency Yeominjeon.

The city announced on the 20th that starting from July 1, Yeominjeon payments will be restricted at businesses that have not registered as Yeominjeon merchants.

Until now, the city considered Hana and Nonghyup card merchants as city-registered merchants, allowing Yeominjeon payments without a separate application process.

However, with the recent revision and enforcement of the "Act on the Promotion of Local Love Gift Certificates," local government merchant registration has become mandatory.

The law stipulates that anyone who wishes to handle (make payments with) local currency in the region must register with the head of the relevant local government, and violators will be fined up to 20 million KRW.

Accordingly, to continue accepting Yeominjeon, businesses must apply for merchant registration directly to the city and receive approval by June 30.

If merchant registration is not completed by the deadline, Yeominjeon payments will be restricted from July, and users will not be able to receive rewards (10% cashback) at unregistered businesses.

The target merchants for registration include Yeominjeon-eligible merchants and new merchants, excluding department stores, large marts, complex shopping malls, and entertainment/gambling establishments. Currently, the Yeominjeon merchant registration rate is 62%.

Merchant registration applications can be submitted on the city’s website under ‘Sejong Life - Yeominjeon Merchant - Merchant Registration Application.’

The review results will be notified to the business owner via text message within 7 days after the responsible department determines eligibility.

A city official stated, “Inconveniences to small business owners and citizens are expected due to the restriction on unregistered merchants,” and added, “We urge businesses that have been handling Yeominjeon to register as merchants as soon as possible.”

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