Gwangju Dong-gu District announced on November 11 that its local currency, "Gwangju Donggurang Pay," which was launched in September, had recorded sales of 4.786 billion won as of the previous day, with the full issuance amount of 5 billion won nearly sold out.
"Gwangju Donggurang Pay" is a local gift certificate that can be used at registered merchants within the district, with a total issuance limit of 5 billion won. Each consumer can purchase up to 500,000 won at Gwangju Bank branches within the district. The discount rate is 18%, allowing consumers to buy a 500,000 won prepaid card for 410,000 won.
By October 23, just one month after its launch, more than 2.8 billion won had been sold, surpassing 56% of the total issuance. As of the previous day, sales exceeded 4.7 billion won, setting a new record.
This strong sales performance has been largely attributed to events held at the 22nd Gwangju Memories of Chungjang Festival and the 5th Dongmyeong Coffee Walk. The events included a payback promotion, where customers who spent at least 100,000 won and submitted their receipts on the day of the event received a 50,000 won refund. This initiative aimed to boost the use of Donggurang Pay and increase sales for local businesses.
During the festival period, participating merchants saw a noticeable increase in sales, and customer satisfaction was high. Visitors to the event venues experienced the convenience and economic benefits of Donggurang Pay by using it to purchase a variety of goods and services from local small businesses.
Im Taek, Mayor of Dong-gu District, stated, "Through this payback event, we have confirmed that the use of local currency has increased significantly, leading to a positive effect on local consumption. We will continue to promote various policies to stimulate spending so that both local businesses and residents can thrive together."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
