Gangnam Sarang Gift Certificates Issued Worth 30 Billion Won... 5% + 5% Discount Applied

"Revitalizing the Local Economy" Published on the 16th of This Month

Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) will issue 30 billion KRW worth of Seollal Gangnam Love Gift Certificates fully funded by the district on the 16th of this month at 3 PM to revive the local economy. Additionally, a continuous payback event worth 44 billion KRW will be held to create a synergy effect in the use of the gift certificates.

The Gangnam Love Gift Certificates can be purchased at a 5% discount off the face value, up to 500,000 KRW per person per month. They can be bought in units of 10,000 KRW starting from a minimum of 10,000 KRW, with a holding limit of 1.5 million KRW per person.

Moreover, by applying the 5% payback event, which was only available during last year’s event period, on a continuous basis this year, all residents purchasing the gift certificates can enjoy a 10% discount effect. Consumers who have used the Gangnam Love Gift Certificates issued since May last year will receive 5% of their payment amount back in the form of the same mobile gift certificates.

The gift certificates can be purchased and used through the dedicated app ‘Seoul Pay Plus’ and are accepted at about 20,000 Seoul Pay registered merchants. Users of the gift certificates can receive a 30% income tax deduction benefit, and small business merchants can expect increased sales without bearing payment processing fees.

The payback event showed high effectiveness during the temporary events held in September and October last year. In the event with 36,592 participants, the purchase amount of gift certificates reached 13.4 billion KRW, which was 1.8 times higher than the previous monthly average purchase amount of 7.1 billion KRW. The usage of gift certificates also increased, with the average monthly payment amount at merchants rising from 4.7 billion KRW to 9.3 billion KRW, proving the effect of stimulating consumption.

District Mayor Jo Seong-myeong stated, “Through the issuance of Gangnam Love Gift Certificates and continuous payback benefits, we will revitalize the local economy and breathe new life into the sluggish livelihood economy. We will continue to do our best to prepare policies that empower small business owners and provide practical benefits to residents.”