The consumer spending effect of the "Sangsaeng Payback" program implemented by the Ministry of SMEs and Startups has exceeded 12 trillion won ($8.4 billion).
According to the ministry on Wednesday, the increase in card spending by 9.88 million eligible recipients from September to November totaled 12.0356 trillion won compared to their monthly average last year. This is approximately 11 times the cumulative payout of 1.1072 trillion won during the same period.
Sangsaeng Payback is a program that refunds 20 percent of increased spending (up to 330,000 won over four months) in digital Onnuri gift certificates to citizens aged 19 and older whose monthly card spending from September to December exceeds their monthly average from last year. A total of 14.95 million people applied during the three months from September 15, when registration began, to December 14.
As of November 30, 6.5 million people — 44.8 percent of all eligible recipients (14.52 million) — qualified for payback after their November card spending exceeded their monthly average from last year. They received a total of 391.6 billion won, with an average payout of 60,276 won per person.
An additional 72.6 billion won in September and October paybacks was retroactively paid to 1.3 million people who had increased spending in those months but applied after November 10 and missed the second payment round. On a cumulative basis, 340.7 billion won was paid to 5.89 million people for September, and 374.9 billion won was paid to 6.28 million people for October.
The digital Onnuri gift certificates received can be used at approximately 170,000 affiliated merchants in traditional markets and neighborhood commercial districts, including restaurants, cafes, bakeries, hair salons, and optical shops. Eligible merchants can be easily found on the "Digital Onnuri" app, and various products and delivery services are also available through the "Online Traditional Market Hall." Sangsaeng Payback applications can be submitted on the program's website until midnight on December 31, with refunds of up to 30,000 won available for December spending increases.
"Thanks to the participation of many citizens in Sangsaeng Payback, we are adding vitality to small business owners and the livelihood economy," said Kim Jung-ju, Director General for Small Business Policy. "We will do our utmost to operate the program so that the momentum of boosting consumption continues through the end of the year."
