Seoul City Issues 'Seoul Sarang Gift Certificates' Worth 25 Billion Won... Sold at 7% Discount

Available for purchase at discounted price on the 14th... Usable at all franchise stores in 25 autonomous districts
Up to 400,000 KRW per person per month on 'Seoul Pay Plus' used by 920,000 people... Maximum balance of 1,000,000 KRW

[Asia Economy Reporter Lim Cheol-young] To ease the burden on citizens from soaring grocery prices, Seoul City will issue the ‘Seoul Sarang Gift Certificate (Metropolitan)’ usable in all 25 autonomous districts starting from the 14th. It will be sold at a 7% discount, with a total issuance scale of 25 billion KRW.

On the 10th, Seoul City announced that the consumer price index surged to the 6% range for the first time in 24 years since the foreign exchange crisis, and the living cost index, known as the ‘grocery price index,’ soared to as high as 7.4%. Due to the high inflation bomb, citizens’ difficulties are increasing, prompting the expedited issuance of the Seoul Sarang Gift Certificate (Metropolitan).

The biggest feature of this gift certificate is that, unlike before when it could only be used in the issuing autonomous district, it can now be used anywhere in all 25 autonomous districts. The goal is to reduce citizens’ inconvenience in using the gift certificates and to evenly revitalize local markets throughout Seoul. Gift certificates issued by Jung-gu were called ‘Jung-gu Sarang Gift Certificates’ and could only be used at affiliated stores within Jung-gu, but the ‘Metropolitan Sarang Gift Certificate’ is not limited to a specific district and can be used anywhere in all 25 autonomous districts.

The ‘Seoul Sarang Gift Certificate (Metropolitan)’ can be purchased at a 7% discount through the Seoul Pay Plus (SeoulPay+) app. The purchase limit per person is 400,000 KRW per month, and the holding limit is up to 1,000,000 KRW. Additionally, it can also be purchased via T-money Pay, Shinhan SOL, and Moneytree apps.

The gift certificates can be purchased in units of 10,000 KRW as needed by consumers, and unused purchases can be fully canceled regardless of the period from the purchase date. Also, if more than 60% of the gift certificate amount is used, the remaining balance can be refunded, and gifting is possible within the holding limit.

Seoul City plans to issue the ‘Seoul Sarang Gift Certificate (Metropolitan)’ worth 25 billion KRW on the 14th and will consider additional issuance promptly depending on sales trends. Furthermore, district-specific Seoul Sarang Gift Certificates with a 10% discount will be issued before Chuseok to focus on easing consumers’ burdens caused by rising prices.

Meanwhile, Seoul City plans to launch ‘Seoul Pay Plus 3.0’ in September, which will add features such as corporate purchases and online payments, and improve convenience by notifying merchants of payment details not only via text and app push but also by voice during payment. The ‘Seoul Pay Plus’ will be continuously upgraded to establish itself as an indispensable ‘financial + administrative + policy integrated platform’ in citizens’ daily lives.

Han Young-hee, Seoul City’s Director of Labor, Fairness, and Coexistence Policy, said, “We hope that the Seoul Sarang Gift Certificate (Metropolitan), usable anywhere in Seoul, will help ease the burden on citizens who are directly hit by rising grocery prices.” She added, “We will continue to add functions and expand services so that Seoul Pay Plus can establish itself as Seoul’s future payment system utilizing fintech mobile new technologies.”

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