Intensive Crackdown on Illegal Distribution of Gyeonggi Local Currency 'Suwon Pay'

Suwon Pay

The city of Suwon in Gyeonggi Province will conduct a comprehensive crackdown on suspected fraudulent merchants of the Gyeonggi local currency 'Suwon Pay' until November 27.

The targets of the crackdown include ▲businesses operating in sectors restricted from registering as local currency merchants ▲businesses that refuse local currency payments or treat them less favorably than other payment methods ▲businesses that process payments using another merchant's terminal or rent out their own terminal to other establishments ▲and other businesses deemed necessary for inspection.

Suwon City will analyze suspected fraudulent merchants using resident reports and an abnormal transaction detection system, then carry out on-site inspections based on the analysis data. They will check for violations of merchant compliance requirements and signs of fraudulent distribution. Promotional activities to eradicate fraudulent distribution will also be conducted targeting traditional markets and small business owners.

Suwon City will provide on-site guidance for minor negligence, but businesses that have fraudulently distributed Suwon Pay or violated compliance requirements will face administrative actions such as cancellation of merchant registration and fines. Merchants that discriminate against local currency payments will be subject to progressive measures: guidance for the first violation, a three-month business suspension for the second violation, and registration cancellation for the third violation.

A Suwon City official stated, "We will strive to establish order so that Suwon Pay, which is loved by many citizens, is circulated healthily," and added, "If you witness fraudulent distribution or unfair treatment of local currency, please contact the Suwon City Local Economy Division."