Jangseong-gun to Launch 'Jangseong Love Gift Card and Mobile' Starting Next Year

[Jangseong=Asia Economy Honam Reporting Headquarters Reporter Jo Hangyu] Jangseong County, Jeollanam-do (Governor Yoo Doo-seok) announced on the 4th that starting next year, the local currency Jangseong Sarang Gift Certificates will be issued as card and mobile gift certificates.

This year, the county issued Jangseong Sarang Gift Certificates worth 27.5 billion KRW, originally planned at 7 billion KRW, but an additional 20.5 billion KRW was added to revitalize the local economy weakened by COVID-19.

The 10% discount event, which was only operated during specific periods such as holidays, was also expanded to further invigorate the livelihood economy.

Jangseong Sarang Gift Certificates, which offer economic benefits and are accepted at over 1,500 affiliated stores in the region, received high response from local residents, and all issued certificates were sold out last month.

According to the county’s data, out of the total issued amount, gift certificates worth 24.5 billion KRW were redeemed, recording an 89% redemption rate, playing a significant role in supporting the local economy.

The county plans to issue half of next year’s Jangseong Sarang Gift Certificates, amounting to 8 billion KRW out of 16 billion KRW, in electronic form (card, mobile).

It is expected to secure tax transparency by preventing tax evasion, which is cited as a problem with paper gift certificates, as well as increasing usage by residents and external tourists.

The Korea Minting and Security Printing Corporation will operate the system on behalf of the county, and the electronic certificates are scheduled to be launched early next year.

Paper-type gift certificates will be produced in three denominations of 3,000 KRW, 5,000 KRW, and 10,000 KRW, and will be issued in a total amount of 8 billion KRW over the first and second halves of the year.

The scale of electronic and paper gift certificates may be adjusted later depending on circumstances.

In addition, the county will introduce an integrated management system and operate a reporting reward system to prevent illegal distribution of gift certificates and ensure efficient management.

The purchase limit is 500,000 KRW per person per month (no limit for corporations or organizations), and 10% discounts will be applied to 10 billion KRW worth of the total issued amount to support livelihood stability and local economic circulation.

Governor Yoo Doo-seok said, “We expect that in 2021, Jangseong Sarang Gift Certificates will play a major role in revitalizing the economy by fostering local commercial districts, supporting small business owners, and preventing the outflow of local funds.”