Yangju, a city in Gyeonggi Province, will issue a paper version of its local currency for digitally vulnerable groups, including seniors unfamiliar with smartphones. The move aims to improve spending access for those easily left behind in a local currency market that has shifted to mobile platforms.
The city said on Sept. 9 that it signed a memorandum of understanding with the NH NongHyup Bank Yangju Branch and local NongHyup cooperatives in Yangju for the issuance and operation of paper-type Yangju Sarang Gift Certificates.
Bridging the digital divide lies behind the city's push for paper certificates. Existing mobile and card-based local currencies have been difficult to access for older residents who struggle with smartphones. The city plans to improve convenience for these users while boosting local spending centered on small businesses through the paper certificates.
Under the agreement, roles are clearly divided. Yangju will oversee the issuance of the certificates and take charge of administrative and financial support, including securing budgets, building systems, and promotion. The NH NongHyup Bank Yangju Branch and local NongHyup cooperatives will serve as official agencies handling financial services such as storage, management, sales, and settlement.
The key challenge of distribution was resolved through NongHyup's extensive branch network. By utilizing NongHyup branches across the city, Yangju secured a stable distribution system early on.
The first issuance will be tied to Nari Farm, which opens on Sept. 18. The certificates will be used for programs such as admission fee refunds, serving as a catalyst to encourage visitors to spend locally. The city is aiming for a virtuous cycle that converts tourist inflows into sales for local businesses.
"This agreement is an important starting point for building a stable distribution system for the paper-type Yangju Sarang Gift Certificates," said Jung Deok-young, Yangju Mayor. "We will make thorough preparations so that both citizens and visitors can use them conveniently, and we will work to breathe new life into struggling neighborhood businesses."
