Suwon City Distributes Guidance Stickers for Local Currency 'Suwon Pay' Partner Stores

[Suwon Ilbo=Reporter Kang Han-seo] Citizens will now be able to easily identify approximately 60,000 Suwon Pay partner stores through guidance stickers displayed in shops.

Suwon City announced on the 9th that it will distribute partner store guidance stickers (10cm wide, 13cm tall) free of charge to each store starting this month to help citizens easily find Suwon Pay partner stores.

Until the end of November, city officials will visit partner stores to distribute guidance stickers and promotional materials, and explain Suwon Pay payment methods and benefits.

Suwon Pay, launched on April 1st, is a rechargeable prepaid card-type local currency. As of July 1st, 19,308 users have signed up with a total charged amount of 3.2 billion won.

The credit card-shaped Suwon Pay can be used at small business establishments with annual sales of 1 billion won or less that have card terminals (supermarkets, convenience stores, restaurants, beauty salons, etc.).

It cannot be used at department stores, large discount retailers, franchise supermarkets, entertainment or gambling establishments, online shopping malls, or business establishments with annual sales exceeding 1 billion won.

To use Suwon Pay, install the 'Gyeonggi Local Currency' application on your smartphone, select 'Free Card Application → Suwon City' to apply for a card. After receiving the card by mail, register the card in the Gyeonggi Local Currency app, link a cash deposit account, and charge the desired amount.

Suwon Pay users receive a 6% incentive on charged amounts. For example, if you deposit 100,000 won into your Suwon Pay account, 106,000 points are charged. The incentive is automatically added when charging Suwon Pay. Incentives are not provided to corporations or organizations.

Additionally, 30% of usage amounts receive income tax deduction benefits. Partner stores benefit from approximately 0.3%P reduction in fees compared to credit card payment processing.

Individuals can charge a maximum of 500,000 won per month (up to 4 million won per year). Any citizen aged 14 or older with their own personal bank account can apply.

Shim Eon-hyeong, director of the Local Economy Division, stated, "We will actively discover and implement policies to promote the use of Suwon Pay so it can establish itself well in our community."