NH Nonghyup Card Launches 50 Types of Card-Type Local Currencies

Promoting Local Currency Activation and Practicing ESG Management
Additional Agreements Planned with Over 20 Local Governments by the Second Half of This Year

NH Nonghyup Card held an event on the 9th to commemorate the launch of the local currency Hwacheon Sarang Check Card together with the Hwacheon County Governor. (From left) Jeong Jong-wook, Vice President of NH Nonghyup Card Membership Promotion Department; Lee Soo-hee, Head of Nonghyup Bank Hwacheon County Branch; Choi Moon-soon, Hwacheon County Governor

[Asia Economy Reporter Ki Ha-young] NH Nonghyup Card announced on the 14th that it has promoted the card-type local currency business and cooperated in the issuance of a total of 50 types of local currencies. This is part of practicing ESG (Environmental, Social, and Governance) management to contribute to revitalizing the local economy.

Starting with the launch of the Sejong-si Yeominjeon local currency in May last year, Nonghyup Card has been carrying out card-type local currency projects in various local governments such as Sangju-si, Ulsan-si, and Iksan-si. With the recent launch of the Yeongyang Love Card local currency in Yeongyang-gun, it has introduced a total of 50 card-type local currency products.

Card-type local currency is a prepaid check card method where users charge an amount to use. It can be easily recharged through each local currency application (app), and its convenience is increased compared to paper vouchers, making it more preferred. In particular, Nonghyup Card has branches of Nonghyup Bank and agricultural and livestock cooperatives nationwide, allowing even generations unfamiliar with mobile devices to use it conveniently.

Additionally, to provide smooth services to local currency users, Nonghyup Card has signed business agreements with Korea Minting and Security Printing Corporation, KT, KIS Information & Communication, and others, cooperating organically to lead the activation of local currencies.

Nonghyup Card has developed computer systems for charging and payment of local currencies tailored to the various environments of each local government. In addition to systems for managing local government affiliated stores, development for payment systems for transportation operators such as taxis is currently underway.

An official from Nonghyup Card said, "We will do our best to realize the public value of achieving economic virtuous cycles by signing additional agreements with about 20 local governments by the second half of this year and to invigorate the local economy."