Incheon Ieum Card Cashback Varies... 5-17% Depending on Merchant

Monthly Payment Limit of 300,000 KRW, 10% for Franchisees with Annual Sales Under 300 Million KRW

Incheon Mayor Yoo Jeong-bok is announcing measures to revitalize the grassroots economy and plans to reform the Incheon Love Gift Certificate (Incheon Eum) on the 5th. [Provided by Incheon City]

[Asia Economy Reporter Hyesook Park] The Incheon local currency 'Incheon Eum' will offer cashback benefits ranging from 5% to 17% depending on the affiliated merchants starting from the 1st of next month. Currently, the maximum cashback is 5% within a monthly payment limit of 300,000 KRW.

Incheon City announced on the 5th a comprehensive reform plan to address issues such as insufficient sales increase for small business owners compared to excessive financial input and lack of utilization of the policy platform for the Eum card.

According to the reform plan, cashback for the Eum card will be differentiated: 10% cashback will be given when using merchants with annual sales under 300 million KRW within the monthly usage limit of 300,000 KRW, and 5% cashback for merchants with annual sales over 300 million KRW.

The 1-5% discount benefits voluntarily provided by 'Benefit Plus Merchants' will be converted and paid as cashback at the same level. Additionally, with the cooperation of the military and district offices, an extra 1-2% cashback benefit will be provided.

Combining all these, the cashback benefit users receive will range from 5% to 17% within the monthly limit of 300,000 KRW.

Although national funding support for local currency cashback budgets is decreasing, the city plans to allocate more than 200 billion KRW, exceeding the average of the past three years, to ensure stable operation of the Eum card.

If additional national funds are secured, the city plans to flexibly raise the cashback support limit beyond 300,000 KRW.

Furthermore, by issuing the Incheon Love Business Card, a 2% cashback will be provided up to a limit of 3 million KRW for transactions between small business owners (B2B) to curb capital outflow from the region, and the commission fees for small business owners with annual sales under 500 million KRW will be zeroed out.

In addition, the city plans to introduce mobile simple payment, establish online and offline customer centers, and strengthen platform-linked services such as delivery, taxi, and local shopping malls to enhance citizen convenience.

Mayor Yoo Jung-bok said, "This Eum card reform is the result of efforts and considerations to correct past trial and errors and move toward a new tomorrow," adding, "We will strive to expand the value of the Eum card platform to realize economic justice, revitalize the local economy, and strengthen the local community."

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