"Good Price Businesses to Expand to 10,000 by Year-End"
The Ministry of the Interior and Safety has signed a business agreement with leading domestic credit card companies to provide a 'cashback' service to the public. When consumers spend at Good Price Businesses selected through a comprehensive evaluation of price and cleanliness, a portion of the amount spent will be refunded. This is expected to help reduce dining expenses for the public and also benefit the dining industry.
On the 25th, the Ministry held a 'Business Agreement Ceremony for the Activation of Good Price Business Usage' at the Government Seoul Office with nine domestic credit card companies, the Financial Supervisory Service, the Korea Credit Finance Association, the National Credit Union Federation of Korea, and the Korea Federation of Micro Enterprise. The credit card companies that signed the agreement are Shinhan, Lotte, BC, Samsung, Woori, Hana, Hyundai, KB Kookmin, and NH Nonghyup Card. When paying with these nine companies' cards at Good Price Businesses for 10,000 KRW or more, a discount benefit of 2,000 KRW per transaction will be provided. Last year, the benefit was only available when paying with Shinhan Card, but through this business agreement, the benefit has been expanded to nine domestic credit card companies.
Each credit card company will provide benefits in the form of cashback, billing discounts, or points starting next month. However, the number of monthly discount benefit uses varies by card company. Each card company plans to finalize their provision plans within next month. The National Credit Union Federation of Korea will support 24 Good Price Businesses with up to 4 million KRW per business for replacing and repairing signs and fixtures. The Korea Federation of Micro Enterprise will support promotion for business activation and discovery of new affiliated stores.
Good Price Businesses are selected through a comprehensive evaluation of affordable prices compared to surrounding commercial areas and hygiene and cleanliness, and receive tax benefits such as reductions in water and sewage fees, as well as support for various necessary supplies like garbage bags. As of the end of last year, there were 5,257 Good Price Businesses in the dining industry including Korean, Japanese, Chinese, and Western cuisine, and 1,808 businesses in non-dining sectors such as laundry, beauty, and bath services.
The Ministry of the Interior and Safety plans to expand support for Good Price Businesses to 10,000 by the end of this year. To this end, the budget, which was about 1.5 billion KRW last year, has been increased to approximately 1.8 billion KRW this year. Minister Lee Sang-min of the Ministry of the Interior and Safety stated, "We will do our best to reduce the dining expenses burden on the public by expanding government support for Good Price Businesses such as facility improvements and preparing various support measures including private sector collaboration."
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