[Asia Economy Reporter Joo Sang-don] Emart is excluded from the Win-Win Consumption Support Fund (card cashback), but it has been found that if you purchase Emart Mall products through Naver, you can receive cashback credit.
The Win-Win Consumption Support Fund is a policy that returns 10% of the excess amount in cash-equivalent card points if you spend more than 3% compared to the average monthly card usage in the second quarter (April to June) of this year. For example, if a person who spent an average of 1 million KRW per month from April to June spends 1.53 million KRW in October, they can receive 50,000 KRW, which is 10% of the 500,000 KRW excess.
The purpose is to activate consumption, but the Ministry of Economy and Finance excluded large marts, large department stores, large electronics retailers, large comprehensive online malls, luxury specialty stores, new car purchases, and entertainment industries from the applicable targets to revitalize the local economy.
However, it has been identified that if you purchase products with a credit card or Naver Pay at Emart Mall, which is listed on Naver, it is recognized as cashback credit. This is because card companies cannot distinguish whether the transaction counterpart within Naver Shopping is Emart Mall or another small business operator.
Meanwhile, according to the Ministry of Economy and Finance, the number of applicants for the Win-Win Consumption Support Fund reached 14.01 million from the 1st to the 17th of this month. The scheduled cashback payment amount was 60 billion KRW as of the 15th, and the number of eligible recipients exceeded 1.5 million. More than 200,000 people spent over 1 million KRW more than in the second quarter and reached the maximum cashback limit of 100,000 KRW.
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