Yongin City Offers 10% Incentive on Yongin Y-Pay Recharges Throughout January

[Suwon Ilbo=Reporter Choi Ki-ho] Yongin Special-Status City announced on the 29th that it will increase the recharge incentive for Yongin Y-Pay, a local currency, from 7% to 10% for the month of January 2025 as the city welcomes the new year.

The decision comes ahead of the Lunar New Year holiday and aims to stabilize the livelihood economy, boost small business sales, and inject vitality into the sluggish local economy.

The monthly recharge limit for receiving incentives is 300,000 won per person, and those who charge 300,000 won can use a total of 330,000 won.

Yongin Y-Pay can be used at approximately 26,000 affiliated stores including restaurants, hospitals, and private academies with annual revenues of 1.2 billion won or less.

Yongin Y-Pay takes the form of a prepaid rechargeable card, and 'Samsung Pay' users can register it in the app and use it as a mobile payment service without a physical card. Affiliated stores can be found through the Gyeonggi Local Currency app or website.

The city earned a total of 700 million won in interest revenue through Yongin local currency fund operations this year. The city's significant interest earnings came from efficiently managing funds by regularly analyzing monthly funding needs and deposit rate fluctuations using fixed deposit accounts and MMDAs.

The city plans to allocate this interest income to the city budget and use it as funding for local currency issuance.

A city official stated, "To revitalize local commerce, we have expanded the local currency recharge incentive for the month of January as we welcome the new year," and added, "We hope that citizens will show great interest in using local currency, which benefits both consumers and small business owners."