Yongin City Eases Registration Criteria for 'Yongin Y-Point' Affiliate Stores

Annual Sales Raised from 1 Billion to Up to 1.2 Billion Won

Yongin City in Gyeonggi Province announced on the 2nd that it has raised the annual sales criteria for registering as a merchant for the local currency 'Yongin Y- Pay' from 1 billion KRW or less to 1.2 billion KRW or less starting this month.

This follows the decision by the Gyeonggi Province Local Currency Deliberation Committee in June to raise the merchant registration criteria. The committee adjusted the annual sales criteria by reflecting the inflation rate over the past five years.

Accordingly, businesses with annual sales between 1 billion KRW and 1.2 billion KRW can now apply to register as Yongin Y-Pay merchants starting this month. Eligible businesses wishing to register can apply online or in person. When applying, they must submit the value-added tax standard certificate for all operating stores (for 2023) and the total business registration details issued by the National Tax Service.

However, businesses located in traditional markets, postpartum care centers, hospitals, clinics, and pharmacies can register if their annual sales are 3 billion KRW or less.

Lee Sang-il, Mayor of Yongin, said, "With the relaxation of the sales criteria, many small business owners who were previously in blind spots can now benefit from Yongin Y-Pay. We hope that more citizens and merchants will use Yongin Y-Pay to gain economic benefits and revitalize the local economy."