Accounting Verification of 'Incheon e-eum' Transaction Records... Payment Amount 8.6542 Trillion KRW, Payment Fees 81.9 Billion KRW

Incheon e-Eum Card [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] The total payment amount of Incheon local currency 'Incheon e-eum' over the past 4 years (2018?2021) was 8.6542 trillion KRW, and the payment commission revenue was approximately 81.9 billion KRW.

On the 12th, Incheon City announced that it had completed an accounting settlement review service, including customer recharge funds and cashback transaction details, to ensure the transparency of Incheon e-eum.

According to the service results, since the launch of Incheon e-eum in 2018 until the end of last year, the total payment amount of Incheon e-eum was 8.6542 trillion KRW, and the payment commission revenue of Kona I, the private operation agency, was about 81.9 billion KRW.

Additionally, the recharge and financial commission costs related to the operation of Incheon e-eum amounted to 37.1 billion KRW over 4 years, and card manufacturing and issuance costs were 12 billion KRW.

Other costs such as platform operation expenses and system development and investment costs occurred but were excluded from verification as they pertain to internal information of the agency.

The city stated that there were no particular issues in the Incheon e-eum accounting settlement service, but it decided to pursue a plan for the interest generated from customer recharge funds to be attributed from the operating agency to the city.

Incheon e-eum started in July 2018 as the nation's first mobile-based service for local love gift certificates. Users prepay (recharge) and pay with a card.

However, there have been ongoing criticisms regarding Kona I's fund management transparency, and according to the Ministry of the Interior and Safety guidelines, weekly account verification is required. Due to the weekly transaction amount reaching the 100 billion KRW level, there were limitations in verification, so the city decided to review the appropriateness of Incheon e-eum's operation through an accounting institution this time.

Thanks to the benefit of returning 10% of the payment amount as cashback, the number of subscribers to Incheon e-eum reached 2.28 million as of February.

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