10% Annual Incentive... Up to 500,000 KRW per Person per Month, 6 Million KRW Annually Purchase
[Asia Economy Reporter Ra Young-cheol] Donghae City, Gangwon Province, will expand the issuance of the local love gift certificate 'Donghae Pay' to a record high of 60 billion KRW this year to secure competitiveness for alleyway commercial districts and small business owners and to revive the local economy.
The city announced on the 18th, "Following last year's ordinance amendment that raised the annual individual purchase limit from 4 million KRW to 6 million KRW, this year we also plan to provide a 10% incentive for 'Donghae Pay' continuously throughout the year."
Additionally, the city plans to enhance user convenience by considering the introduction of mobile QR code payment methods and payment services for city buses and taxis, thereby creating a qualitative distribution environment for the gift certificates.
A donation service using 'Donghae Pay' will also be launched, allowing users to donate any desired amount. The city plans to implement the fund donation service as early as March after signing agreements with the Gangwon Province Community Chest of Korea and the operating company.
Due to the increased awareness from the COVID-19 relief funds provided, the city will also promote the expansion of affiliated stores.
Currently, there are 1,823 affiliated stores for 'Donghae Pay.' Small business owners wishing to register new affiliated stores can apply through the 'Geu-ri-go' app or the city administrative welfare center. However, large-scale stores, entertainment bars, and gambling establishments are restricted.
The city aims to expand the issuance scale of the gift certificates to 60 billion KRW this year, a 150% increase compared to last year, to translate into actual income for the local commercial districts.
Meanwhile, 'Donghae Pay' has played a role in increasing income for local small business owners and self-employed individuals and revitalizing alleyway commercial districts, with a cumulative issuance amount exceeding 54 billion KRW, including 5.7 billion KRW in its first year and 48.3 billion KRW last year.
Park Jong-eul, head of the Economic Division, said, "We hope that Donghae Pay will support households and local small business owners during these difficult times due to COVID-19. We will do our best to serve as a catalyst for a virtuous economic cycle by maintaining discount rates, improving ease of use, and expanding affiliated stores."
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