Local Currency Offering Up to 20% Bonus for Anyone Aged 14 and Over... Missed the Benefits?[Chosun Price Records]

(48) Government and Local Governments Provide Attractive Incentive Benefits

From the beginning of the new year, news of price increases for groceries, daily necessities, and cosmetics continues, drawing attention to local currencies that offer incentives of up to 20% and a 30% income deduction benefit. However, since most local governments provide incentives for a limited time and within a limited budget, it is advisable to act quickly.

Recently, due to domestic political instability and other factors, the exchange rate has surged. With forecasts suggesting the won-dollar exchange rate will exceed the 1,500 won level, concerns about rising prices are growing. When the exchange rate rises, import prices increase, putting upward pressure on consumer prices.

A sticker indicating a local currency affiliated store is attached at a traditional market in Suwon-si, Gyeonggi-do. Photo by Yonhap News

In a situation where consumer sentiment has frozen, local governments nationwide have issued local currencies with expanded incentive benefits to stimulate consumption. Local currencies can be applied for by anyone aged 14 or older who has a bank account in their name, regardless of their place of residence. From the user's perspective, they can receive incentives plus a 30% income deduction benefit, and from the merchant's perspective, the card fees are lower compared to credit cards, reducing their burden.

One of the local governments offering significant incentive benefits is Gochang-gun in Jeonbuk, which provides up to a 20% discount when purchasing the card-type Gochang Sarang Gift Certificate. Of the total 20% discount, 10% is applied as an upfront discount at purchase, and the remaining 10% is supported as additional points (cashback). The purchase limit is 1 million won. Pyeongtaek-si in Gyeonggi Province offers a 10% incentive (holiday benefit) plus a 10% consumption support fund (up to 50,000 won per person per month) as cashback. Suwon-si in Gyeonggi Province recently increased its discount rate from 6% to 10%, and now to 20% (with a recharge limit of 500,000 won).

Naju in Jeonnam is also holding a '15% Special Discount Event' for the Naju Sarang Gift Certificate. For the month of January, mobile local currency users receive a 10% upfront discount on the amount recharged to the Naju Sarang Card, plus an immediate 5% cashback on the payment amount. Buyeo-gun in Chungnam supports a 15% incentive for its local currency, Goodttrae Pay, and has raised the limit from the previous 700,000 won to 1 million won.

Some local governments have raised their discount rates to 10%. Bucheon-si has resumed incentive payments, which had been suspended due to budget exhaustion. For the month of January, the incentive rate was increased from the previous 6% to 10% (with a recharge limit of 200,000 won). However, in some local governments like Suwon, incentives ended earlier than expected due to high demand, so it is necessary to act quickly to receive benefits.

Using local currency is simple. Download the local currency application (app) for the relevant region, apply for card issuance, recharge, and then make payments. For example, for local currencies in the Gyeonggi region, download the 'Gyeonggi Local Currency' app, link your account, and recharge the amount. It is also linked with Samsung Pay, enhancing convenience.

If you missed local currency... Onnuri Gift Certificates and Sonmok Doctor 9988+ 'Smart Saving Techniques'

A sign indicating acceptance of Onnuri gift certificates is displayed at a store in a traditional market in Seoul. Photo by Yonhap News

In preparation for the upcoming Lunar New Year, Onnuri Gift Certificates, which can be used at traditional markets and small business stores, will be issued with a temporarily increased discount rate from 10% to 15%. Onnuri Gift Certificates can be used at Onnuri Gift Certificate affiliated stores regardless of region. They can be purchased by downloading the 'Onnuri Pay' app.

On the 2nd, the government announced in the '2025 Economic Policy Direction' that it will issue Onnuri Gift Certificates at a record annual scale of 5.5 trillion won and expand their usage locations. The discount rate for Onnuri Gift Certificates issued last Chuseok was also 15%, and they sold out early. The high discount rate and a purchase limit of 2 million won make them very popular.

There are other smart saving techniques using benefits provided by the government and local governments. For example, the Ministry of Environment's Carbon Neutrality Points System offers incentives based on the reduction rate if households or businesses reduce their electricity, water, and city gas usage by more than 5% compared to the average of the past two years.

Seoul's Sonmok Doctor 9988+ program provides 5,000 points immediately upon new registration and 200 points for achieving 8,000 steps a day. One point can be used like one won and can be converted to Seoul Pay Money to be used at Seoul Pay affiliated stores. Sonmok Doctor 9988+ is a healthcare program operated by Seoul City and is available to Seoul citizens or workers located in Seoul.