70% of Suwon Local Currency Merchants Say "Local Currency Brings Relief to Stagnant Alley Markets"

Government's Full Budget Cut for Next Year's Local Currency Issuance Sparks 'Controversy'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Merchants affiliated with 'Suwon Pay,' a local currency in Suwon, Gyeonggi Province, believe that local currency is necessary as a means to revitalize the local economy.

A survey conducted by Suwon City targeting 1,808 Suwon Pay affiliated merchants found that 70% of respondents answered, "Local currency is necessary as a means to revitalize the local economy."

The survey was conducted online on the Suwon City website from August 5 to 19. An online survey participation request was sent via text message to Suwon Pay affiliated merchants, and 1,808 locations participated.

When classifying the participating respondents, those with business operation periods of over 10 years accounted for the largest portion at 25.7%. This was followed by over 5 years at 24.2%, and over 3 years at 15.9%.

The industries operated were restaurants at 35%, academies at 14%, beauty and hair salons at 10%, and others at 41%.

Regarding the "overall satisfaction with Suwon Pay," 62% of respondents answered that it was high. Additionally, 83% of respondents said they "want to continue maintaining their affiliation with Suwon Pay."

For "improvements to activate Suwon Pay affiliated merchant operations," continuous incentive provision was the most common at 27%. This was followed by ▲seeking various support measures to promote affiliated merchants and expand sales (24%) ▲stimulating local consumption through the payment of various policy allowances (disaster relief funds, youth basic income, etc.) (14%) ▲expanding convenience of Suwon Pay usage such as mobile payments (10%) ▲raising the sales level for additional Suwon Pay affiliated merchant acquisition (from 1 billion KRW to 1.5 billion KRW) (5%).

A city official explained, "Suwon Pay appears to help revitalize the depressed local shopping districts and local economy," adding, "The results of this satisfaction survey will be used as basic data when establishing the Suwon Pay operation plan."

Meanwhile, the government is causing controversy by completely cutting the budget for supporting local currency issuance when preparing next year's budget.