Gapyeong County Swiftly Raises Local Currency "Gapyeong GP Pay" Incentive to 12%

Gapyeong County adds 2% on top of the existing 10%
Receive a 72,000 won benefit when charging 600,000 won

Gapyeong County in Gyeonggi Province announced on the 25th that starting in March it will raise the incentive rate for its local currency, "Gapyeong GP Pay," from the current 10% to 12%. However, due to financial institution system maintenance, recharging will only be possible from 12:00 a.m. on March 2.

With the higher incentive rate, if a user charges 600,000 won to Gapyeong GP Pay, they were previously able to spend a total of 660,000 won with the 10% incentive, but from March they will be able to spend a total of 672,000 won with the 12% incentive. The maximum amount that can be charged to Gapyeong GP Pay is 600,000 won per month, and the 12% incentive will be applied from March through December.

The county expects that this incentive expansion will act as a catalyst to stimulate local consumption and in turn increase sales for small business owners. In particular, it anticipates a significant effect in revitalizing the local economy, as it coincides with the period when springtime consumption increases due to new school term demand and local festivals.

An official from the county said, "We hope that this incentive increase will provide practical help to small business owners who are struggling with high prices and sluggish consumption, and serve as an opportunity to breathe new life into neighborhood commercial districts," adding, "We will continue to prepare various support measures to help restore the livelihood economy."

Meanwhile, Gapyeong GP Pay can be used at about 3,500 affiliated merchants in the county, including convenience stores, restaurants, beauty salons, and private academies, excluding large discount stores. The list of affiliated merchants can be found on the Gapyeong County website and the Gyeonggi Local Currency app.