Shall We Try Chuseok Gifts with Seoul Metropolitan District Local Love Gift Certificates?

[Seoul District News] Songpa-gu Issues 21.96 Billion KRW of ‘Songpa Love Gift Certificates’ to Revitalize Local Markets ... Nowon-gu Sells 12.8 Billion KRW of Local Love Gift Certificates from Sept 1 at 12 PM & Special Additional Issuance of 7.2 Billion KRW on Sept 15 at 10 AM (100% Budget Secured) to Boost Local Economy ... Gangnam-gu Issues 17 Billion KRW of Gangnam Love Gift Certificates for Chuseok ... Dongjak-gu Adds 10 Billion KRW of Dongjak Love Gift Certificates on Sept 1 at 11 AM ... Jungnang-gu Issues 14.12 Billion KRW from Sept 1 at 10 AM

[Asia Economy Reporter Park Jong-il] Songpa-gu (Mayor Seo Gang-seok) will issue 21.96 billion KRW worth of ‘Songpa Love Gift Certificates’ starting from 3 PM on September 2nd to revitalize the local economy during Chuseok, the first holiday without social distancing in three years.

The ‘Songpa Love Gift Certificates’ issued this time can be purchased at a 10% discount starting from 3 PM on September 2nd through five payment apps: ▲Seoul Pay+ ▲Shinhan SOL ▲T-money Pay ▲Money Tree ▲Shinhan Play.

The purchase limit per person is 700,000 KRW per autonomous district, with a total holding limit of up to 2 million KRW. Gift certificates can be purchased and held by district, and gifting is possible within the holding limit.

‘Songpa Love Gift Certificates’ are mobile local currency based on Seoul Pay+. There are no payment fees for small business owners, and no inconvenience from currency exchange. Consumers can also purchase at a discounted price, reducing the burden of rising prices and receiving a 30% income deduction during year-end tax settlement, benefiting both household finances and small business management improvement.

Songpa-gu has a total of 16,815 affiliated stores where the gift certificates can be used, ranking second among the 25 autonomous districts, resulting in high consumer satisfaction. Early sell-out is expected, so it is recommended to download the related apps and register as a member before the issuance day for smooth payment.

In the first half of 2022, the district issued 15 billion KRW worth of ‘Songpa Love Gift Certificates’ to stabilize small business management and revitalize the local economy, selling out completely.

Seo Gang-seok, Mayor of Songpa-gu, said, “We hope the Songpa Love Gift Certificates will revive the depressed consumer sentiment and lead to increased sales for small business owners in Songpa-gu,” adding, “We hope the issued gift certificates will empower both small business owners and Songpa residents and contribute to a virtuous economic cycle in the local community.”

Nowon-gu (Mayor Oh Seung-rok) announced the issuance of ‘Nowon Love Gift Certificates’ worth 20 billion KRW.

To meet the enthusiastic expectations and interest of residents, the district will issue 12.8 billion KRW on September 1st as originally planned, and an additional 7.2 billion KRW will be issued on September 15th once the supplementary budget passes the district council.

The additional issuance is to fulfill one of the top 10 promises of Nowon-gu’s 8th mayoral term, ‘Expansion of Nowon Love Gift Certificates,’ with the full discount rate supported by the district budget.

The first batch of gift certificates for the second half of the year will be sold from 12 PM on September 1st, and the second batch from 10 AM on September 15th through five apps: Seoul Pay Plus (SeoulPay+), T-money Pay, Shinhan SOL, Money Tree, and Shinhan Play. Each person can purchase up to 700,000 KRW per month combining both batches, with a holding limit of 2 million KRW.

The discount rate remains at 10%, allowing buyers to purchase 100,000 KRW worth of gift certificates for 90,000 KRW.

From this year, the issuance unit is unified to 10,000 KRW denominations, and purchases can also be made using Shinhan credit or check cards, greatly enhancing user convenience. Additionally, buyers who wish to cancel their gift certificates can do so anytime before use. If more than 60% of the purchase amount has been used, the remaining balance excluding the 10% discount support will be refunded.

Purchased gift certificates can be used at 11,222 Seoul Pay Plus affiliated stores within the district, including restaurants, pharmacies, convenience stores, and academies. However, usage is restricted at large marts, gambling-related businesses, academies with annual sales exceeding 1 billion KRW, and directly managed stores. Details and usage locations can be checked via the Seoul Pay Plus app.

The district expects that the large-scale issuance of Nowon Love Gift Certificates ahead of Chuseok will revive the depressed consumer sentiment, increase sales for local small businesses suffering from economic downturn, and revitalize the local economy.

Meanwhile, the district issued 18 billion KRW worth of gift certificates in January, which were fully sold out. Given the high interest from residents, the district anticipates the current issuance will also sell out quickly.

Oh Seung-rok, Mayor of Nowon-gu, said, “To keep our promise to residents, we decided to expand issuance from the originally planned 12.8 billion KRW to a total of 20 billion KRW,” adding, “We hope this will greatly help residents worried about rising prices and local small businesses struggling with management.”

Gangnam-gu (Mayor Jo Seong-myeong) will issue 17 billion KRW worth of Gangnam Love Gift Certificates at 3 PM on September 1st to reduce residents’ shopping burdens and revitalize local small businesses during Chuseok. Each person can purchase up to 700,000 KRW per month at a 10% discount from face value.

Gift certificates can be purchased via cash payment linked to apps or Shinhan Card, in units of 10,000 KRW. The purchase and payment apps include ‘Seoul Pay+’, ‘T-money Pay’, ‘Shinhan SOL’, ‘Money Tree’, and ‘Shinhan Play’.

The gift certificates can be used at about 20,000 Gangnam Love affiliated stores. Store lists can be checked on the ‘Seoul Pay+’ app. However, usage is restricted at large stores, corporate supermarkets, and academies with annual sales exceeding 1 billion KRW.

The usage period is five years from the purchase date. Unused gift certificates can be fully refunded anytime, and if more than 60% of the face value has been used, the remaining balance excluding the 10% discount support will be refunded. For details, inquiries can be made to the Dasan Call Center.

Jo Seong-myeong, Mayor of Gangnam-gu, said, “Gangnam-gu has maintained the largest scale among autonomous districts by issuing 30 billion KRW for Lunar New Year, 20 billion KRW in May for Family Month, and an additional 17 billion KRW for Chuseok,” adding, “We hope many residents participate in using the Gangnam Love Gift Certificates, which benefit both small business owners and residents, to have a meaningful and abundant Chuseok.”

Dongjak-gu (Mayor Park Il-ha) will issue 10 billion KRW worth of Dongjak Love Gift Certificates starting from 11 AM on September 1st to revitalize the local economy and promote consumption during the Chuseok holiday.

Dongjak Love Gift Certificates offer a 10% discount at purchase and a 30% year-end income deduction. They can be used in various sectors within the district, including restaurants, hospitals and clinics, academies, and bookstores, making them popular local currency among residents.

From 11 AM on September 1st, individuals can purchase up to 700,000 KRW per month at a 10% discounted price, with a total holding limit of 2 million KRW.

The usage period is within five years from the purchase date, and purchased gift certificates can be freely gifted within the holding limit.

Purchases can be made through the Seoul Love Gift Certificate purchase and payment dedicated apps: ▲Seoul Pay+ ▲T-money Pay ▲Money Tree ▲Shinhan SOL ▲Shinhan Play.

Gift certificates can be used at Seoul Pay affiliated stores within Dongjak-gu. Store information can be checked on the Seoul Pay+ app. However, usage is restricted at large marts, gambling-related businesses, large corporate movie theaters, franchise directly managed stores of large or medium-sized companies, and academies with annual sales exceeding 1 billion KRW.

Park Il-ha, Mayor of Dongjak-gu, said, “We hope the issuance of Dongjak Love Gift Certificates will help ease the burden on residents struggling with rising prices.”

Jungnang-gu (Mayor Ryu Gyeong-gi) will issue 14.1 billion KRW worth of Jungnang Love Gift Certificates ahead of Chuseok.

The district explained that the purpose of issuing the gift certificates is to stimulate sluggish consumption, reduce payment fee burdens for small business owners, and increase sales to revitalize the local economy.

Jungnang Love Gift Certificates will be sold at a 10% discount starting from 10 AM on September 1st. They can be purchased through Seoul Pay Plus, Shinhan Play, Shinhan SOL, T-money Pay, and Money Tree apps, in units of 10,000 KRW, with a purchase limit of 700,000 KRW per person.

Even if the first batch of gift certificates purchased in January remains, additional purchases are possible as long as the total holding limit of 2 million KRW is not exceeded.

The validity period is five years from the purchase date, and unused gift certificates can be canceled anytime. If more than 60% of the purchase amount has been used, a full refund excluding the discount amount is available.

Purchased gift certificates can be used at about 9,000 affiliated stores in traditional markets, restaurants, and other local businesses. Detailed usage locations can be checked on the Seoul Pay Plus app.

Benefits remain the same as before: small business owners bear no payment fees, and consumers receive a 10% discount and 30% income deduction. Especially when used in traditional markets, a 40% income deduction benefit is provided.

For inquiries about purchasing or using gift certificates, contact the Dasan Call Center.

Ryu Gyeong-gi, Mayor of Jungnang-gu, said, “We are issuing discounted gift certificates so that residents can prepare for Chuseok at a lower price and small business owners can have a prosperous holiday by increasing sales,” adding, “We will continue to discover and implement various policies to revitalize the local economy.”

Gangbuk-gu (Mayor Lee Soon-hee) will issue 14.6 billion KRW worth of Gangbuk Love Gift Certificates starting September 1st.

Gangbuk Love Gift Certificates can be purchased at a 10% discount starting from 9 AM on September 1st through five applications: ▲Seoul Pay+ ▲T-money Pay ▲Shinhan SOL ▲Money Tree ▲Shinhan Play.

The monthly discounted purchase limit is 700,000 KRW, and the holding limit per person is up to 2 million KRW.

The usage period is five years from the purchase date. Unused gift certificates can be refunded regardless of the period. If more than 60% of the face value has been used, refunds exclude the discount support amount.

These Seoul Love Gift Certificates can only be used at affiliated stores within the issuing district. For example, Gangbuk Love Gift Certificates can only be used at affiliated stores in Gangbuk-gu.

For details, contact the Gangbuk-gu Job and Economy Division or the Seoul Pay+ call center.

Lee Soon-hee, Mayor of Gangbuk-gu, said, “We hope Gangbuk Love Gift Certificates will help residents struggling with rising prices,” adding, “We will focus on policies to stabilize prices and revitalize the local economy so that all residents can have a prosperous Chuseok.”

Gwangjin-gu (Mayor Kim Gyeong-ho) will additionally issue ‘Gwangjin Love Gift Certificates’ and ‘Gwangjin Ttaenggyeoyo Gift Certificates’ starting September 1st for Chuseok.

The district sold out 25 billion KRW worth of Gwangjin Love Gift Certificates in the first half of the year, and due to enthusiastic responses from small business owners and residents, decided on a third additional issuance.

‘Gwangjin Love Gift Certificates’ will be issued in the amount of 14.4 billion KRW, purchasable at a 10% discount within a monthly limit of 700,000 KRW per person. The maximum holding limit is 2 million KRW, and the validity period is five years from the purchase date.

‘Gwangjin Ttaenggyeoyo Gift Certificates’ will also increase the monthly issuance amount from the original 100 million KRW to 200 million KRW. The purchase limit per person is 100,000 KRW per month, purchasable at a 15% discounted price. They can be used for one year after purchase and will be sold on the first day of each month from September to December.

Both gift certificates have high demand, often selling out early.

Especially, ‘Gwangjin Ttaenggyeoyo Gift Certificates,’ aimed at reducing excessive commission burdens on small business owners, have seen increased sales along with the rise in orders on the Gwangjin-type public delivery app ‘Ttaenggyeoyo,’ launched in January this year.

Through a business agreement with Shinhan Bank and active promotional activities, as of August, about 1,320 affiliated stores have been secured, with approximately 17,000 Gwangjin residents using the service. ‘Gwangjin Ttaenggyeoyo Gift Certificates’ have recorded cumulative sales of 14,393 cases.

Both gift certificates can be purchased through the apps ‘Seoul Pay+’, ‘T-money Pay’, ‘Shinhan SOL’, and ‘Money Tree’. ‘Gwangjin Love Gift Certificates’ can be used at about 12,500 Zero Pay affiliated stores within Gwangjin-gu, while ‘Gwangjin Ttaenggyeoyo Gift Certificates’ can only be used through the ‘Ttaenggyeoyo’ app.

Kim Gyeong-ho, Mayor of Gwangjin-gu, said, “We hope this issuance will help increase sales for small business owners during the Chuseok holiday and assist residents struggling with rising prices,” adding, “We will continue to do our best to prepare policies for revitalizing the local economy.”