Gyeonggi Province will temporarily apply the same criteria used for its high fuel price damage subsidy to Gyeonggi Local Currency through August, making the payment system more convenient for users.
The province announced Thursday that it will temporarily expand the list of stores accepting Gyeonggi Local Currency to small businesses with annual sales of up to 3 billion won ($2.2 million), effective from the 28th through August 31.
The measure aligns with the usage period of the high fuel price damage subsidy to enhance convenience for residents and boost consumption. It was finalized following a review by the Gyeonggi Province Local Currency Review Committee.
Recipients of the high fuel price damage subsidy can choose one payment method among Gyeonggi Local Currency, prepaid cards, credit cards and debit cards. Because the sales thresholds for eligible stores vary by city and county, ranging from 1.2 billion won to 3 billion won in annual sales, user confusion and inconvenience have been a concern. Meanwhile, other payment methods such as credit cards can be used at stores with annual sales of up to 3 billion won, raising potential equity issues across payment methods. To address this, Gyeonggi Province sought to unify the criteria on a temporary basis to reduce confusion among residents.
The province will expand the list of eligible stores to those with annual sales of up to 3 billion won not only for the high fuel price damage subsidy but also for general-issue charged funds. However, in line with Ministry of the Interior and Safety guidelines, online shopping malls, entertainment and gambling businesses, and businesses dealing in cash-convertible goods — where use of the high fuel price damage subsidy is prohibited — are excluded from this expansion.
The expansion applies to 28 cities and counties in the province, excluding Seongnam, Siheung and Yangpyeong. Yangpyeong County will apply the expanded criteria only to the high fuel price damage subsidy, while maintaining the existing criteria for general-issue charged funds.
"This expansion of local currency usage is a practical convenience measure that residents can directly feel," said Park No-geuk, head of Gyeonggi Province's economic affairs office. "Gyeonggi Province will continue to develop policies that benefit both small business owners and residents, and actively pursue the recovery of the people's livelihood economy."
