Monthly Recharge Limit Raised to 1 Million KRW, 300,000 KRW Higher Than Usual in January
Ease Holiday Shopping Costs with Paju Pay for the Lunar New Year
Paju City, Gyeonggi Province (Mayor Kim Kyung-il) announced on the 23rd that in celebration of the Lunar New Year, the monthly recharge limit per person for Paju Pay will be increased by 300,000 KRW to 1,000,000 KRW for the entire month of January compared to a normal month.
In response to prolonged economic difficulties such as high exchange rates and high interest rates, Paju City has adopted the motto "All-in for Livelihood (All人)" for this year as well, focusing all policy efforts on restoring livelihoods. The issuance scale of the local currency Paju Pay will be maintained at the same level as last year, and the year-round 10% incentive provided as a consumer benefit will also be maintained for the fourth consecutive year as part of special measures to restore livelihoods.
The city especially raises the Paju Pay recharge limit to 1,000,000 KRW?300,000 KRW more than the usual monthly recharge amount?during months with increased household consumption such as the Lunar New Year and Chuseok holidays, as well as May, the month of family, to alleviate the burden of household expenses throughout the year.
Accordingly, if one recharges Paju Pay up to the maximum limit of 1,000,000 KRW this January ahead of the Lunar New Year holiday, they will receive an additional 100,000 KRW incentive (10%), allowing them to use a total of 1,100,000 KRW worth of Paju Pay in the market. Moreover, they can also receive a 30% income deduction on the recharge amount, providing a significant tax-saving effect from using Paju Pay.
Paju Pay cards can be issued and recharged via the Gyeonggi Local Currency app or NH Nonghyup Bank, and can be used at over 16,000 affiliated stores within Paju City, including restaurants, beauty salons, clinics, and academies. However, usage is restricted at businesses with annual sales exceeding 1.2 billion KRW.
The revitalization effect on the local economy brought by the expanded issuance of Paju Pay is also proven by various figures extracted from extensive surveys of Paju Pay affiliated stores and consumers.
According to the "Paju Pay Effect Analysis and Activation Plan Survey" conducted by Paju City last year, the issuance volume of Paju Pay increased by approximately 97.6 billion KRW compared to the previous year, reaching 255.9 billion KRW in local currency, and the average monthly sales per affiliated store increased by 448,000 KRW. Including the increase in payment members residing outside Paju City, the payment amount by non-residents increased by 2.85 billion KRW compared to January-November of the previous year, reaching 10.58 billion KRW, confirming a significant increase in the inflow of external funds.
Mayor Kim Kyung-il of Paju City stated, “It has become clear that Paju Pay not only supports households struggling with high interest rates and high prices but also plays a major role in revitalizing the local economy by opening consumers’ closed wallets and revitalizing neighborhood businesses. I hope that this Lunar New Year will be filled with hope for livelihood recovery along with Paju Pay, and Paju City will always stand with its 520,000 citizens so that they can quickly regain peaceful daily life.”
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