Gangnam-gu to Issue 2.2 Billion KRW in Ttaenggyeoyo Gift Certificates in March Alone
Supporting Small Businesses Amid Economic Slowdown with Early Distribution and 15% Discount
As the effectiveness of the public delivery app ‘Ttaenggyeoyo’ gift certificates on local small businesses has been proven, Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) decided to advance the issuance of the total annual amount originally planned to be distributed throughout the year to next month.
Gangnam-gu signed a business agreement with Shinhan Bank in November last year to operate the public delivery app 'Ttaenggyeoyo' and decided to issue gift certificates worth 3 billion KRW this year. Photo on the right: Seongmyeong Jo, Mayor of Gangnam-gu. Provided by Gangnam-gu.
On the 24th, Gangnam-gu announced that it will issue ‘Gangnam Ttaenggyeoyo Gift Certificates’ worth 2.2 billion KRW on the 4th of next month to boost sales of local small business owners and stimulate consumption. This is to revitalize consumption, which has been sluggish due to high inflation and economic downturn, and to provide immediate profit-increasing effects to small business owners.
Gangnam-gu had planned to issue a total of 3 billion KRW worth of gift certificates this year, having issued 300 million KRW in January and 500 million KRW this month. Initially, the plan was to issue 200 to 300 million KRW monthly from March until the end of the year to reach 3 billion KRW, but the plan was changed due to the explosive response from local small business owners.
The Gangnam Ttaenggyeoyo Gift Certificates are local currency usable on the public delivery app ‘Ttaenggyeoyo,’ operated through an agreement between Gangnam-gu and Shinhan Bank. Ttaenggyeoyo offers ‘three no (無) benefits’?the industry’s lowest commission fee (2%), zero entry fees, monthly usage fees, and advertising costs?to reduce the burden on small business owners. Consumers can purchase gift certificates at a 15% discount, lowering their expenses. Additionally, Ttaenggyeoyo’s own discount coupons can be used in conjunction, allowing consumers to order food at even cheaper prices.
Gangnam-gu reported that positive responses from local small business owners have continued since the issuance of the Gangnam Ttaenggyeoyo Gift Certificates in January. According to the district, one franchise saw its monthly sales through the app increase nearly eightfold, by 678% (from 575,000 KRW in October 2024 to 4,478,500 KRW in January 2025) within three months after joining Ttaenggyeoyo (October 2024).
In particular, since Ttaenggyeoyo applies a commission fee of 2%, which is significantly lower than other delivery platforms (9.8%), it is estimated that an additional monthly profit of 350,000 KRW was generated considering this difference.
The Gangnam Ttaenggyeoyo Gift Certificates can be purchased at a 15% discount through the Seoul Pay Plus (SeoulPay+) app. The monthly purchase limit per person is 200,000 KRW, with a holding limit of 1,000,000 KRW, and the certificates must be used within 12 months from the purchase date. The purchased gift certificates can be used at over 3,000 restaurants registered in Gangnam-gu on the Ttaenggyeoyo app.
District Mayor Jo Seong-myeong stated, “In a situation where consumption is shrinking due to high inflation, we aim to reduce the economic burden on residents by issuing gift certificates early and provide practical help to small business owners struggling with commission fees.” He added, “We will continue to prepare various support measures to restore the local economy.”
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