10% Discount on Card Payments at Donghaeng Festival... 9 Card Companies 'Donghaeng'

On the 10th, the Ministry of SMEs and Startups announced that it signed a "Business Agreement for the Activation of Small Business Stores and Traditional Market Usage" together with the Financial Supervisory Service, nine domestic card companies, and the Credit Finance Association, agreeing to cooperate in establishing an efficient support system for the development of small business owners and traditional markets.

The large-scale consumption promotion event, the Donghaeng Festival, will be held four times a year seasonally from this year to expand sales channels for small and medium enterprises and small business owners and to stimulate domestic demand. Since March 1, an online-centered "Early ON Donghaeng Festival" has been underway for 28 days.

This agreement was prepared to expand the discounts and events promoted by some card companies during the Donghaeng Festival period to nine domestic card companies, starting from the three-party agreement in April 2024 between the Ministry of SMEs and Startups, BC Card, and NH Nonghyup Card to expand consumer benefits during the Donghaeng Festival.

Oh Young-joo, Minister of SMEs and Startups, is signing the agreement at the "Business Agreement Ceremony for Promoting Consumption of Small Business Owners and Traditional Markets" held on the 10th at the Korea Federation of Credit Finance Associations in Jung-gu, Seoul. Provided by the Ministry of SMEs and Startups

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Looking at the main contents of the agreement, first, the nine domestic card companies will provide a 10% discount (cashback) or up to 10,000 KRW discount when paying by card at Baeknyeon Gage, traditional markets, and small business stores. They will also support cashback provision and prize draw benefits when using Onnuri gift certificate affiliated stores, along with their own mall discount promotions and various publicity efforts to promote usage.

Lotte Card and KB Kookmin Card will participate from the March Donghaeng Festival, and the remaining card companies will participate in Donghaeng Festivals held after March. The Financial Supervisory Service will support smooth business consultations among the agreement institutions, and the Credit Finance Association will support necessary tasks such as marketing support, performance management, and publicity support for the nine card companies to ensure the smooth implementation of this agreement.

In addition to providing benefits during the Donghaeng Festival, the card industry will also promote the launch of new specialized cards or marketing promotions to stimulate consumption in traditional markets. BC, Hana, KB Kookmin, and NH Nonghyup Cards will launch new cards offering up to 10% points or cashback benefits when using traditional markets starting in May, while Lotte, Samsung, Hyundai, Shinhan, Woori, and NH Nonghyup Cards will additionally provide up to 10% discounts when using their cards in traditional markets.

Minister Oh Young-joo said, "In a situation where consumption recovery is slow due to prolonged domestic demand stagnation, this business agreement is expected to revitalize traditional markets and local commercial districts," adding, "We will continue to expand various consumption promotion programs in collaboration with the private sector so that both consumers and small business owners can enjoy benefits during the Donghaeng Festival period."

Financial Supervisory Service Governor Lee Bok-hyun said, "In difficult economic conditions, I hope the support from card companies will be of practical help to small business owners and traditional market merchants, and I look forward to the card industry and local affiliated stores growing together in mutual prosperity through this agreement."

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