Asan Expands Local Currency Issuance to 500 Billion Won... Largest Among Basic Local Governments in South Chungcheong Province

Purchase Limit Raised from 500,000 Won to 1 Million Won per Person per Month
10 Percent Discount Rate

On May 15, the city of Asan in South Chungcheong Province announced that it will expand the annual issuance of its local currency, Asan Pay, to 500 billion won.

The expansion of Asan Pay issuance is one of the key pledges of Mayor Oh Sehyun's eighth term. The city had originally planned to issue 200 billion won this year.

The 500 billion won issuance is the largest among basic local governments in South Chungcheong Province. By comparison, the issuance amounts for other local governments are 400 billion won in Cheonan, 140 billion won in Gongju, and 73 billion won in Nonsan.

The city plans to use 11.8 billion won from the main budget to begin early issuance by June, and to secure an additional 41.7 billion won through a supplementary budget in order to achieve its annual target.

The purchase limit has been doubled from 500,000 won to 1 million won per person per month, and the holding limit has also been raised from 1 million won to 1.5 million won. The discount rate is 10 percent.

Mayor Oh Sehyun stated, "Asan Pay will now evolve from a simple tool to encourage consumption into a living platform that connects administration and the local economy," adding, "We will develop it into a central pillar of the local economy, where citizens can experience benefits and small business owners can see increased sales."

As of March, there were 11,099 Asan Pay affiliated stores and more than 210,000 users. Along with the expanded issuance, the city also plans to increase the number of affiliated stores, prevent illegal distribution, and further advance the platform.