Open Banking Account Registration Required by May 30
Starting June 1, Sejong City will increase the cashback rate for payments made with the local currency "Yeominjeon" from the current 5% to 7%.
According to the city on May 30, the monthly purchase limit per individual will remain unchanged at 300,000 won. However, as the cashback benefit for citizens increases by 2%, the maximum monthly cashback amount will rise from 15,000 won to 21,000 won.
In particular, starting this year, cashback can be carried over, allowing users to receive the 7% cashback benefit within the maximum holding limit of 1.5 million won.
However, due to the introduction of the Yeominjeon platform's open banking service, users must complete the open banking consent and account registration process by May 30.
If open banking is not registered, topping up Yeominjeon will be restricted starting June 1.
A city official said, "We hope that this additional 2% increase in the cashback rate will help stimulate sluggish consumption and revitalize the local commercial district."
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