Yongin Extends YPay Local Currency Discount to July to Revitalize Alleyway Businesses

[Suwon Ilbo=Reporter Park Nohun] Yongin City announced on the 10th that it will extend the 10% discount on Yongin YPay, a local currency, through July to revitalize alleyway businesses depressed by COVID-19.

To alleviate the damage to small business owners even slightly, the city preemptively expanded the discount rate from 6% to 10% through March starting from the 17th of last month, and is now extending the discount period further with national budget support.

The maximum monthly charge limit is 500,000 won, and when users charge 450,000 won, they can use 500,000 won. If users apply for income tax deduction before using the card, they can also receive a 30% tax benefit on the amount used.

Yongin Mayor Baek Kyun-gi stated, "Small business owners are facing hardship due to the aftermath of COVID-19 to the point where they struggle to even pay rent and are contemplating closure," adding, "We hope citizens will actively use Yongin YPay and participate in revitalizing the local economy."

Yongin YPay can be used at small businesses with annual sales of 1 billion won or less, and there are currently approximately 34,000 affiliated stores. All clinics, hospitals, pharmacies, and Yongin Central Market within the city can use it without restrictions.

The city aims to issue 57 billion won of Yongin YPay this year, including the additional 25 billion won added this time. As of the 8th, 8.7 billion won has been charged, and 6.8 billion won, or 78%, has been used at small businesses within the city.