Gangnam-gu Issues 30 Billion Won of Gangnam Love Gift Certificates for Chuseok
Get an Additional 5% Payback When Using Gift Certificates in September and October
Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) will issue 30 billion KRW worth of Gangnam Love Gift Certificates in two installments at 3 PM on the 3rd and 10th of next month. The first regular issuance (on the 3rd) will be 8 billion KRW funded by a city-district matching budget, and the second issuance (on the 10th) will be 22 billion KRW fully funded by the district itself.
The purchase limit is 500,000 KRW per person per month for both the first and second rounds combined, and the certificates can be purchased at a 5% discount off the face value. Especially, during September and October, a 10 billion KRW payback event will refund 5% of the amount spent on the gift certificates back as mobile gift certificates, allowing consumers to effectively enjoy a 10% discount.
The gift certificates can be purchased in units of 10,000 KRW starting from a minimum of 10,000 KRW, with a holding limit of up to 1.5 million KRW per person. The validity period is five years from the date of purchase, and unused certificates can be fully refunded. If more than 60% is used, the remaining balance can be refunded.
The certificates can be purchased and used for payment through the ‘Seoul Pay Plus’ app on smartphones. After signing up, users link their payment account to purchase with cash or credit card.
The gift certificates can be used at about 20,000 merchants registered with Zero Pay and Seoul Pay. Consumers receive income tax deduction benefits when paying with the certificates, and merchants can expect increased sales as there are no payment fees.
Hot Picks Today
"Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- Man in His 50s Arrested for Confining Girlfriend in Car After She Announced Breakup
- Assaulted by Elementary Student During Class... No Protection Due to 'Instructor' Status
- "If You Booked This Month, You Almost Lost Out... Why You Should Wait Until 'This Day' Before Paying for Flight Tickets"
District Mayor Jo Seong-myeong stated, “Issuing local gift certificates is a commercial revitalization policy that provides practical benefits to both residents and small business owners. We operate not only regular issuances but also self-issuances to enable residents to use the certificates effectively.” He added, “We hope that the gift certificates issued for Chuseok will ease the economic burden on residents and lead to increased sales for small business owners.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
