Bucheon City in Gyeonggi Province will increase the cashback rate for its local currency, BucheonPay, from the current 7% to 10% starting September 1, in an effort to boost household consumption and revitalize local businesses ahead of the Chuseok holiday.
This cashback increase is a special Chuseok support initiative, implemented in accordance with the Ministry of the Interior and Safety's policy to expand the issuance of local gift certificates. It aims to invigorate the local economy. The purchase limit is set at 1 million won, and users can receive up to 100,000 won in cashback per month.
A Bucheon City official stated, "We hope this event, held ahead of the Chuseok holiday, will provide practical benefits not only to small business owners but also to citizens' households," adding, "We will continue to make every effort to help small business owners, neighborhood stores, and traditional markets regain their vitality."
Meanwhile, the BucheonPay card can be issued both online and offline. For online issuance, applications can be made through the Gyeonggi Local Currency App, while offline issuance is available at 13 NH Nonghyup Bank branches.
Merchants can apply to join either online through the Gyeonggi Local Currency website or by visiting the Bucheon City Department of Local Economy in person.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
