Bucheon-si Local Currency Used at Least Once Per Household... New Design Launching in May

Surpassing 310,000 Users, Bucheon City Accounts for 37% of Population

[Asia Economy Reporter Park Hyesook] The local currency of Bucheon City, Gyeonggi Province, 'Bucheon Pay,' had issued 311,620 cards as of the 19th. This corresponds to 37% of Bucheon’s population of approximately 850,000, meaning that more than one Bucheon Pay card was used per household.

As of the end of last year, the issuance of Bucheon Pay increased 5.4 times compared to the previous year, and card issuance increased 3.8 times. The city analyzed that the incentive of 10% given on a recharge limit of 500,000 KRW was used at traditional markets and small business franchise stores, contributing to the revitalization of the local economy.

A Bucheon City official stated, "As Bucheon Pay has passed its second year, it has deeply rooted itself in citizens' daily lives and established itself as a routine payment method."

With the user age range of Bucheon Pay diversifying, the city plans to introduce a new design of Bucheon Pay in May that meets citizens' needs. The new card design will feature vertical orientation and other universally relatable designs.

Meanwhile, according to the revision of the 'Act on the Promotion of Use of Local Love Gift Certificates,' franchise store owners must register and apply as franchise stores; failure to register may result in payment restrictions.