Seongnam City Offers 10% Discount on Seongnam Sarang Gift Certificates

[Asia Economy (Seongnam) = Reporter Lee Young-gyu] Seongnam City in Gyeonggi Province will sell 'Seongnam Love Gift Certificates' (local currency) worth 30 billion KRW at a 10% discount to celebrate Chuseok.

Seongnam City announced on the 29th that to support small business owners, traditional markets, and neighborhood commercial districts struggling due to recent heavy rains and economic recession, it will increase the local currency discount rate from 6% to 10% and sell the certificates from the 1st of next month until sold out.

Accordingly, by paying 10,000 KRW in cash, one can purchase Seongnam Love Gift Certificates worth 11,000 KRW. The monthly purchase limit is 300,000 KRW.

The city will issue and sell 25 billion KRW in mobile gift certificates and 5 billion KRW in paper gift certificates during the special discount period.

Paper gift certificates can be purchased at 123 Seongnam branches of NH Nonghyup Bank, Livestock Cooperative, Credit Unions, and Saemaeul Geumgo. An ID card must be presented.

Mobile gift certificates can be purchased through the 'Local Gift Certificate Chak' app. The linked local currency check card can be applied for and issued via the app or NH Nonghyup Bank.

Seongnam Love Gift Certificates can be used like cash at 22,796 mobile affiliated stores including traditional markets, small shops, and taxis within the region, and at 21,842 paper affiliated stores.

The city plans to issue an additional 30 billion KRW by the end of the year once the current reissued amount is sold, aiming to sell a total of 300 billion KRW worth of Seongnam Love Gift Certificates this year.

Additionally, the city will conduct crackdowns to prevent illegal distribution of Seongnam Love Gift Certificates.

Until the 6th of next month, the city will inspect paper-type local currency affiliated stores for illegal activities such as refusal of gift certificate payments and cash conversion (commonly called gift certificate fraud).

A city official stated, "Seongnam Love Gift Certificates are used by 94% of the economically active population of 500,000 in the region, making them a significant part of citizens' daily lives," adding, "We will establish order in the distribution of local currency to promote regional economic revitalization."

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