[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province supported payment fees for small businesses, which account for 30% of all 'Suwon Pay' affiliated stores.
On the 4th, Suwon City announced that on the 2nd, it paid 260 million KRW in Suwon Pay payment fees for January to June of this year to 11,805 Suwon Pay affiliated stores with annual sales of 300 million KRW or less.
Suwon City explained that it supported payment fees for the first time this year to reduce the payment fee burden on small businesses and revitalize the local economy.
The payment fees were deposited into the BC Card payment account of the affiliated stores. There is no need to separately apply for payment fee support. The Suwon Pay fee rate, which was 0.5% in January this year, was lowered to 0.25% after February.
Suwon City plans to support payment fees twice a year for small Suwon Pay affiliated stores next year as well.
A Suwon City official emphasized, "We hope that supporting Suwon Pay payment fees will empower small businesses," and added, "We will continue to implement policies that can invigorate small business owners."
Suwon Pay is a local currency in the form of a rechargeable prepaid card. If registered in the Samsung Pay app, it can be used as a mobile simple payment service without a physical card. It can be used at small business establishments with annual sales of 1 billion KRW or less within the jurisdiction (such as supermarkets, convenience stores, restaurants), and on the 'Baedal Teukgeup' app (online payment), among others.
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