Namyangju City Extends Guidance on 'Mandatory Registration of Local Currency Affiliate Stores' Until March

[Asia Economy Reporter Ra Young-cheol] Namyangju City in Gyeonggi Province will extend the guidance period for mandatory registration of local currency affiliated stores until the end of March.

Namyangju City stated on the 26th, "Until now, local currency payments were possible at stores using BC Card terminals without a separate affiliated store registration process. However, with the enforcement of the 'Act on the Promotion of Use of Local Love Gift Certificates' on July 2, 2020, registration of Namyangju local currency affiliated stores has been mandatory since October 5, 2020."

Accordingly, from April 1, stores not registered as Namyangju local currency affiliated stores will face payment restrictions. New businesses and businesses relocating from other regions after October 5 last year must separately apply for local currency affiliated store registration to enable local currency payments.

The registration target includes small business stores in Namyangju using card terminals with annual sales of 1 billion KRW or less (excluding restricted industries such as large stores, hypermarkets, and gambling establishments).

Existing local currency affiliated stores must apply for affiliation by the business owner (representative) on the 'Local Currency Online Affiliated Store Registration Site (https://with.konacard.co.kr/1-9)' by March 31, the end of the second guidance period.

'Online affiliated store registration' requires mobile phone authentication in the representative's name and can be applied for through consent procedures including entering the business registration number and identity verification.

Business owners without a mobile phone in their name or who find online registration difficult can download the affiliated store registration application form from the city hall website and submit it via fax, visit, mail, or email.

Namyangju City aims to register 17,000 local currency affiliated stores and will encourage registration within the guidance period.