Yongin to Raise Local Currency Recharge Incentive from 6% to 7% Starting in July

Recharge Limit Increased from 300,000 Won to 500,000 Won

On June 30, the city of Yongin in Gyeonggi Province announced that starting next month, it will increase the recharge incentive for its local currency, 'Yongin Y Pay,' from 6% to 7% and raise the monthly recharge limit from 300,000 won to 500,000 won.

With the increased incentive rate and higher recharge limit, consumers who recharge 500,000 won in Yongin Y Pay will be able to spend a total of 535,000 won.

Yongin Y Pay can be used at approximately 26,000 affiliated locations, including merchants with annual sales of 1.2 billion won or less, hospitals, clinics, and pharmacies with annual sales of 3 billion won or less, as well as traditional markets, shopping districts, and alleyway-type shopping streets.

'Samsung Pay' users can use the mobile payment service without a physical card by registering the card in the app. Affiliated merchants can be checked through the Gyeonggi Local Currency app or the city's official website.

Yongin Mayor Lee Sangil stated, "Although there are fiscal constraints, we decided to increase the local currency recharge incentive to further vitalize the local economy and support small business owners and consumers." He added, "We will continue to strive to create incentives that can benefit both small business owners and citizens."