Temporary Expansion of Usage Scope for Gyeonggi Local Currency
General Recharge Funds Usable at the Same Merchants as Livelihood Recovery Consumption Coupon Until November 30
Starting from August 1, until the deadline for using the Livelihood Recovery Consumption Coupon on November 30, residents will be able to use the balance charged to Gyeonggi Local Currency at non-affiliated merchants in Gyeonggi Province with annual sales of 3 billion KRW or less.
On July 31, Gyeonggi Province announced that, in order to improve convenience for residents and to revitalize the local economy, it will temporarily expand the usage scope of both general recharge funds and Livelihood Recovery Consumption Coupons to include non-affiliated merchants with annual sales of 3 billion KRW or less.
Until now, Gyeonggi Local Currency could not be used at businesses with annual sales exceeding 1.2 billion KRW or at individual stores within large shopping complexes, according to the province’s own standards. However, for the Livelihood Recovery Consumption Coupon, the Ministry of the Interior and Safety allows usage at businesses with annual sales of up to 3 billion KRW. This discrepancy in standards has raised concerns about potential confusion, as the range of available merchants could differ depending on the payment method.
In response, on July 9, Gyeonggi Province lifted restrictions for Livelihood Recovery Consumption Coupons, allowing their use at businesses with annual sales of 3 billion KRW or less, as well as at individually leased stores within large retail complexes. Now, taking it a step further, the province has decided to allow general recharge funds to be used at non-affiliated merchants with annual sales of up to 3 billion KRW, matching the scope of coupon usage.
With this measure, from August 1 to November 30, users will be able to use both the Livelihood Recovery Consumption Coupon and general recharge funds at non-affiliated merchants with annual sales of 3 billion KRW or less. This is expected to resolve the inconvenience of being unable to make payments or having to split payments when the coupon balance is less than the purchase amount. In addition, by expanding the range of merchants accepting local currency, the province aims to increase consumer convenience and allow more small business owners to benefit from the local currency program, thereby making a tangible contribution to the recovery of the local economy.
However, in accordance with the Ministry of the Interior and Safety’s standards, certain businesses?such as entertainment and gambling establishments, large supermarkets, department stores, and directly operated franchise stores?will remain excluded from this relaxation of restrictions on Gyeonggi Local Currency usage.
Furthermore, this expansion applies to 29 cities and counties using card-type local currency, excluding Seongnam and Siheung, which use mobile-type local currency.
Gyeonggi Province plans to notify each city and county of the purpose and details of this expansion.
Jeong Duseok, Director of Economic Affairs, stated, "This expansion of general recharge fund usage is aimed at enhancing consumer convenience for residents and providing real support for increasing small business sales," adding, "Gyeonggi Province will continue to make multifaceted efforts to improve residents’ quality of life and revitalize the local economy."
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