Available for Purchase Up to 500,000 Won Per Person
Issuing on September 18
Yangcheon District in Seoul (District Mayor Lee Kijae) will issue an additional 5 billion won worth of the "Yangcheon Sarang Gift Certificate (3rd Edition)" starting at 3 p.m. on September 18, aiming to reduce the burden of holiday expenses for residents and boost the vitality of the local commercial sector during the Chuseok holiday season.
Yangcheon District Mayor Ki-jae Lee purchasing goods at a local traditional market during last Chuseok holiday. Provided by Yangcheon District Office.
The "Yangcheon Sarang Gift Certificate" is a regional digital currency that provides discounts for consumers to ease household expenses and charges no commission fees to affiliated merchants, thereby offering practical support to small business owners and contributing positively to the local economy.
The district previously issued 6 billion won and 4 billion won worth of gift certificates in January and March of this year, respectively. The first issuance sold out in 10 days, while the second sold out in just two days.
For this third issuance, the discount rate has been temporarily increased from the previous 5% to 7% to maximize the benefits for residents and further ease the burden of holiday shopping. In addition, a "payback event" will be held, where 5% of the amount spent using the Yangcheon Sarang Gift Certificate will be returned in the form of additional gift certificates, further encouraging local spending.
The "Yangcheon Sarang Gift Certificate" can be purchased through the SeoulPay+ app, with a monthly purchase limit of 500,000 won per person and a maximum holding limit of 1.5 million won. It can be used at approximately 17,000 affiliated merchants in the district, including pharmacies, restaurants, and markets. Users are also eligible for a 30% income tax deduction when making payments with the gift certificate.
The "payback event" will run from September 18 to November 30, with a total budget of 100 million won, and will end once the budget is exhausted. The event is open to users of the (new) Yangcheon Sarang Gift Certificate issued after April 2024, and the "Yangcheon Payback Gift Certificate" will be automatically credited on the 20th of the following month after payment. The payback certificate is valid for five years and can be used at SeoulPay+ affiliated merchants just like regular gift certificates, but cannot be gifted, refunded, or withdrawn as cash.
Lee Kijae, Mayor of Yangcheon District, stated, "The Yangcheon Sarang Gift Certificate is a win-win policy that encourages local spending to revitalize commercial districts and helps residents save on living expenses. With the expanded discounts and the payback event, I hope this will ease concerns about holiday prices and bring even more vitality to neighborhood businesses."
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