Establishing Local Currency, Significant Effects on Revitalizing Local Economy
[Wando＝Asia Economy Honam Reporting Headquarters Reporter Choi Kyungpil] Wando-gun, Jeollanam-do (Governor Shin Woo-cheol) announced on the 26th that the sales of Wando Sarang Gift Certificates have surpassed 100 billion KRW.
Wando Sarang Gift Certificates have been issued since July 2019, and as of the 25th, the sales amount reached 103.8 billion KRW, with redemptions totaling 100.1 billion KRW.
This increase in gift certificate usage is attributed to various policy allowances such as disaster relief funds and public interest allowances for farmers and fishermen being paid through Wando Sarang Gift Certificates.
Additionally, most industries are registered as affiliated stores, and the fact that the gift certificates can be used like cash, merchants can convert the gift certificates received as payment into cash the next day, and the acquisition of customers at affiliated stores through discounted gift certificate purchases are analyzed as factors contributing to the increase in sales.
The sales amount of the card-type gift certificate, ‘Wando Sarang Card,’ issued in June, recorded 800 million KRW.
While the paper-type gift certificates cannot be purchased by affiliated store owners, the Wando Sarang Card allows affiliated store owners to issue gift certificates.
The county is currently recruiting affiliated stores to issue mobile-type gift certificates. The number of Wando Sarang Gift Certificate affiliated stores increased from 2,091 in January to 2,205 currently (with 1,365 card-type affiliated stores).
Card-type and mobile-type gift certificates are convenient as they do not require visiting a bank, and not only residents but also tourists can purchase them, so usage is expected to increase.
Governor Shin Woo-cheol said, “Wando Sarang Gift Certificates have firmly established themselves as local currency,” adding, “Compared to paper gift certificates, the Wando Sarang Card is more convenient to use, and with the habitual use of mobile gift certificates to be issued in the future, we hope it will contribute to the recovery of the local economy and revitalization by preventing the outflow of local funds.”
Meanwhile, the county has been conducting a comprehensive crackdown on fraudulent distribution of gift certificates from the 11th to the 29th. The focus of the crackdown includes cases where gift certificates are received without selling goods or providing services, cases where gift certificates are received through transactions exceeding actual sales amounts, and cases where individual affiliated stores act as agents for exchanging fraudulently received gift certificates.
A county official urged, “If fraudulent distribution of gift certificates is detected, affiliated stores may be fined up to 20 million KRW and have their affiliation canceled, and individuals will be prohibited from purchasing gift certificates, so we ask for cooperation in eradicating fraudulent distribution.”
Wando＝Asia Economy Honam Reporting Headquarters Reporter Choi Kyungpil ckp6737@asiae.co.kr
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