Gwangju Dong-gu announced on September 18 that it will begin issuing the local currency "Gwangju Donggurang Pay" on September 22 to promote local consumption and support small business owners. The discount rate is set at 18% of the purchase amount.
"Gwangju Donggurang Pay" is a local gift certificate that can be used at affiliated stores registered within the district, with a total issuance of 5 billion won. Consumers can purchase up to 500,000 won per person at Gwangju Bank branches within the district. Initially, Dong-gu planned a 15% discount rate, but raised it to 18% to provide greater benefits to consumers, allowing them to purchase a 500,000-won prepaid card for just 410,000 won.
Amid ongoing high inflation and interest rates, small business owners are seeing a decline in sales. The role of Gwangju Donggurang Pay in stimulating local consumption is drawing increased attention, and the expanded discount rate is expected to provide tangible support for the recovery of local businesses.
For affiliated merchants, increased use of Gwangju Donggurang Pay is expected to boost sales and attract new customers, who may become regulars, providing a promotional effect. This is anticipated to revitalize small local businesses such as neighborhood restaurants, hair salons, and cafes.
Lim Taek, head of Dong-gu District Office, stated, "Donggurang Pay will provide real benefits to residents while serving as a strong pillar for our local commercial districts. I hope that this increase in the discount rate will act as a catalyst for the recovery of the local economy."
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