Boseong-gun Significantly Increases Discount Rate and Purchase Limit for 'Boseong Sarang Gift Certificates'

Paper Coupons 6%→10%, Cards 10%, Monthly Purchase Limit 700,000 KRW→1,000,000 KRW

[Boseong=Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Jeollanam-do Boseong-gun announced on the 21st that from the 24th, the discount rate for the paper type of the local currency Boseong Sarang Gift Certificate will be raised to 10%.

The purchase limit has also been increased from 700,000 KRW to 1,000,000 KRW per month.

Boseong-gun had previously applied a 6% discount rate for paper gift certificates and a 10% discount rate for card-type gift certificates, with a combined monthly purchase limit of 700,000 KRW for both paper and card types.

This increase in discount rate and purchase limit is a decision to revitalize the local small businesses exhausted by the prolonged COVID-19 pandemic.

Local currency not only helps prevent the outflow of funds and promotes consumption to revitalize the local economy but also plays a leading role in creating a virtuous economic cycle.

Items that would normally be consumed in cities or online are now purchased with local gift certificates at higher discount rates, promoting consumption within the region.

Since 2020 until the end of last year, Boseong-gun issued 82.4 billion KRW worth of Boseong Sarang Gift Certificates (72.7 billion KRW in paper type, 9.7 billion KRW in card type), of which 78.2 billion KRW (71.4 billion KRW paper type, 6.8 billion KRW card type) were sold.

The redemption amount also reached 73.4 billion KRW, showing a high redemption rate of 89%.

A county official stated, “As the discount rate and purchase limit have increased, we plan to strengthen cooperation with sales agencies and conduct continuous monitoring through an integrated computer system to focus on stores with high redemption amounts compared to sales, thereby preventing fraudulent distribution of paper gift certificates.”

Gift certificates can be purchased at 32 designated financial institutions including NH Nonghyup Bank Boseong Branch, local agricultural and livestock cooperatives, Saemaeul Geumgo, credit unions, fisheries cooperatives, Gwangju Bank, and the Korea Forest Service cooperative.

Additionally, the Boseong Sarang Card can be purchased and recharged through the dedicated app (CHAK).

For the elderly and digitally disadvantaged who have difficulty using smartphones, card issuance and recharge services are provided at financial institutions (excluding Gwangju Bank).

Currently, there are a total of 1,890 businesses registered as Boseong Sarang Gift Certificate affiliated stores, allowing usage in almost all industries.

Meanwhile, starting from the 24th, Boseong-gun will provide 100,000 KRW worth of Boseong Sarang Gift Certificates per person to all residents.

The ‘2nd Boseong-gun Emergency Disaster Relief Fund’ is expected to share the hardships of residents caused by the prolonged COVID-19 pandemic and help drive the local economy ahead of the Lunar New Year holiday.