Jeju Province Raises "Tamna Pay" Point Accumulation Rate to 13%

Tamna Pay Point Accumulation Rate to Increase from 10% to 13%
Largest-Ever Incentive Budget Allocated Following Expanded Government Support

Jeju Island government building exterior view.

In line with the government's policy to expand support for local currencies, Jeju Special Self-Governing Province will increase the point accumulation rate for "Tamna Pay" from the current 10% to 13% starting September 1.

From September, users of "Tamna Pay" will be able to earn points equivalent to 13% of their purchase amount when making payments at affiliated stores with annual sales of 1 billion won or less, up to a monthly limit of 700,000 won. The maximum amount of points that can be accumulated per month will increase from the previous 70,000 won to 91,000 won.

This increase in the accumulation rate, which involves a budget allocation of 22.1 billion won, is the result of the government's policy to revitalize local currencies. The central government expanded the standard for national funding support for local currencies from the previous 2% to 8%-a fourfold increase-in the second supplementary budget, enabling local governments to offer greater incentives.

Since the first issuance of "Tamna Pay" on November 30, 2020, the largest-ever incentive budget has been allocated. The issuance target for this year is also expected to increase from the original 400 billion won to 680 billion won.

Kim Miyeong, Director of Economic Vitality, stated, "With the government's active support, expanding incentives will help reduce living expenses for residents and increase sales for local small businesses. We hope that Tamna Pay will serve as a catalyst to further strengthen the virtuous cycle of the local economy."