"Bought Cheaply" Misconception... What You Miss Paying Cash Only at Traditional Markets [Hutdari Economy]

(36) Payment Methods Rising Instead of Cash... Refunds Are a 'Bonus'

Market scene ahead of Chuseok. Photo by Yonhap News

Editor's NoteMany people thought they were engaging in smart economic activities to get better deals, but it often turned out to be a misstep. When consumers are deceived by corporate marketing or blinded by momentary gains and make wrong decisions, they end up suffering losses. We aim to examine economic activities where people have made mistakes by misjudging everyday situations and ended up on the wrong foot.

Ms. O Kyung-ja (55) visited a traditional market before Chuseok to buy meat and fish. She and her husband each purchased Onnuri gift certificates worth 100,000 KRW at a 15% discount, paying 85,000 KRW each. Although they spent 170,000 KRW using Onnuri gift certificates at the market, they were able to get a refund of 40,000 KRW upon showing the receipt.

If you plan to prepare Chuseok seasonal goods at a traditional market, there is a better payment method than cash. How about turning to market-specific gift certificates? Paying with gift certificates and receiving refunds is more economical than paying cash and bargaining at traditional markets.

Onnuri Gift Certificates: 10-15% Discount and Refunds

Onnuri gift certificates are issued by the Ministry of SMEs and Startups and the Small Enterprise and Market Service to revitalize the local economy. They can be used like cash exclusively at traditional markets and shopping districts. When purchasing the certificates, you can get a 5-10% discount on the face value. During special discount sales periods such as Chuseok, the discount rate increases to 10-15%. The government is currently pushing for a legal amendment to temporarily raise the income deduction rate for amounts spent at traditional markets to 80% in the second half of this year. When credit card usage exceeds 25% of annual total salary, a certain portion of credit card expenses, traditional market expenses, and public transportation expenses are deducted from earned income. For traditional market expenses, the deduction rate will be increased from the current 40% to 80% in the second half of the year.

Onnuri gift certificates are available in paper form, mobile gift certificates, and rechargeable card types. Paper certificates can be purchased at banks, but availability may vary by bank, so it is advisable to check before visiting. Mobile gift certificates are downloaded via an application (app) and used after charging. Rechargeable card type gift certificates are used by linking an account or card to the Onnuri app and charging it. Discounts apply upon charging, and card usage performance can also be accumulated. When paying at Onnuri gift certificate merchants, the amount is deducted like a debit card. However, if you try to pay more than the charged amount, the Onnuri gift certificate approval will fail and the payment will switch to a regular card approval, so be sure to check the balance before use.

For the upcoming Chuseok, the discount rate for paper online gift certificates will increase from 5% to 10%, and for mobile and card types from 10% to 15%. Paper gift certificates have a charging limit of 1.5 million KRW, while mobile and rechargeable card gift certificates have a limit of 2 million KRW. Applying the 15% discount rate means you can purchase a 2 million KRW gift certificate for 1.7 million KRW. During September, the discount rate for rechargeable card and mobile gift certificates will be raised from the previous 10% to 15%. However, as of the 4th, the 15% discount benefit for mobile gift certificates ended early, so only the previous 10% discount is available.

The price applied when the Onnuri Mobile Gift Certificate is discounted by 15%, and the message displayed after the Chuseok discount ended. Photo by OnnuriPAY, BeeplePay capture

Refunds also apply. The Onnuri gift certificate refund event is being held at 114 markets nationwide until the 15th. When purchasing domestic seafood, up to 30% will be refunded in Onnuri gift certificates, with a maximum of 20,000 KRW per person. If the purchase amount is between 34,000 and 67,000 KRW, 10,000 KRW will be refunded; if it exceeds 67,000 KRW, 20,000 KRW will be refunded on-site. The number of markets participating in this Chuseok Onnuri gift certificate on-site refund event has increased by 85 compared to last year. Also, until the 30th, you can purchase products from 49 traditional markets up to 30% cheaper on five major online delivery platforms including 'Baedal-ui Minjok', 'Nolleowayo Market', and 'Naver Neighborhood Market'.

Seoul Sarang Gift Certificates 5%, Nonghal Gift Certificates and Various Discount Events

If you live in Seoul, you can use Seoul Sarang gift certificates instead of cash at markets. Seoul City announced earlier that the gift certificates will be issued at a 5% discount. Each person can purchase up to 500,000 KRW worth. They are issued in two phases; the first phase has already been completed, and the second phase will be held on the 10th and 11th. However, since these are district-issued gift certificates, they can only be used at affiliated stores within the issuing district. It is advisable to check the purchase locations in advance.

On the Biple Pay app, you can purchase Nonghal gift certificates and seafood-exclusive mobile gift certificates at discounted prices. Nonghal gift certificates can be purchased at a 30% discount. The general issuance has already been conducted once. Issuance for those born before 1959 is scheduled for the 9th at 2 PM and will be sold until the 15th. Remaining gift certificates will be available for anyone to purchase starting at 2 PM on the 19th. Monthly purchase is limited to 100,000 KRW. With a 30% discount, you can buy 100,000 KRW worth of Nonghal gift certificates for 70,000 KRW. They can be used to purchase domestic fresh agricultural and livestock products.

The seafood-exclusive mobile gift certificates can be purchased at a 20% discount until the 27th. These gift certificates can be used at 'Korea Seafood Grand Festival Gift Certificate' affiliated stores. The discount purchase limit is 200,000 KRW, monthly gift registration limit is 300,000 KRW, and holding limit is 600,000 KRW. They are issued on September 12th, 19th, and 26th at 10 AM and 4 PM respectively. All gift certificates can be purchased at a 20% discount and provide a 40% income deduction when used. Regional gift certificates are also issued. Regularly issued gift certificates can be used in regions such as Uiryeong, Yeongam, and Jincheon. Monthly purchase limits range from 200,000 to 500,000 KRW with discounts of 10-15% applied.

You can also purchase mobile gift certificates at a 20-30% discount with a limit of 30,000 to 40,000 KRW per person through the Korea Easy Payment Promotion Agency's Zero Pay app. These can be used at Zero Pay Nonghal and seafood gift certificate affiliated stores within traditional markets.