Daegu City Launches Prepaid Card 'Haengbok Pay' ... Issuance Scale 100 Billion Won

Created as a mobile app rechargeable prepaid card
10% special discount until September... Monthly limit of 500,000 won

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Daegu City will officially issue the 'Daegu Happiness Pay,' a mobile app-based prepaid card usable only within the region, on the 3rd to prevent the outflow of local funds.

'Daegu Happiness Pay' is the official name of the local love gift certificate selected through a citizen participation contest held in March. Since then, Daegu City signed a business agreement with DGB Daegu Bank on March 16 and has been accelerating the development of a local win-win model gift certificate.

Originally scheduled for issuance in the second half of the year, the issuance date was moved up by about 50 days to help recover the local economy, which has been depressed due to the novel coronavirus infection (COVID-19), and the issuance scale was also increased from 30 billion KRW to 100 billion KRW.

Daegu Happiness Pay will be sold through all branches of DGB Daegu Bank within the city, and anyone aged 14 or older can purchase it regardless of their address. A special 10% discount rate will be applied for four months after issuance (June to September), allowing a 10% pre-discount on charging and purchasing. After October, a general discount rate of 7% will apply. The monthly discount purchase limit per individual is 500,000 KRW.

After purchasing Daegu Happiness Pay at the initial branch, services such as charging, usage inquiry, and income deduction application can be used through the mobile app (IM Shop). For the digitally vulnerable, offline services with the same content as the mobile app will also be provided at bank branches.

The places where it can be used are small business franchise stores, including traditional markets registered with business addresses in Daegu City. No separate franchise registration procedure is required, and payment is possible through existing card terminals. However, usage is restricted in department stores, large marts, online businesses, and entertainment businesses.

Detailed information about the use of Daegu Happiness Pay can be found on the official website.

Mayor Kwon Young-jin of Daegu said, "I hope Daegu Happiness Pay becomes a hope for citizens and small business owners facing difficulties and a catalyst for revitalizing the local economy," adding, "I hope the values of sharing, communication, and coexistence for all to live well together will be realized through Daegu Happiness Pay."

Meanwhile, on May 29, Daegu City signed MOUs with 38 related organizations in the region, including the Office of Education, eight districts and counties, public corporations and foundations, investment institutions, and relocated public institutions, to promote the use of Daegu Happiness Pay. On the 3rd, a formal launch event for Daegu Happiness Pay will be held at the DGB Daegu Bank branch in Daegu City Hall, attended by Mayor Kwon and other key local figures.