Osan City Analyzes Local Currency Usage through Big Data

[Suwon Ilbo=Reporter Seo Dong-young] Osan City announced on the 9th that it has analyzed the usage characteristics of the local currency "Osaekjeon" among Osan residents using big data analysis techniques and created a commercial district map of small business merchant affiliates centered on where residents use the local currency.

The city plans to promote policy development for activating the local currency Osaekjeon using this analysis and will conduct various usage promotion events to connect small business owners and residents.

According to the analysis results announced by the city, from the launch of Osaekjeon in April of last year through July of this year, the amount charged and used by general users excluding government local currency support totaled 19.8 billion won, with usage transactions numbering 1.05 million.

In particular, general charging usage surged starting in June of this year, right after the Osan City disaster basic income was distributed 100% in local currency due to COVID-19. During the month of July alone, 4.6 billion won with 250,000 transactions were confirmed to have been used.

Among the Osan City population aged 20 and above of 170,000 residents, 19.1 percent, or approximately 34,000 people, have used Osaekjeon.

As of the end of July, the number of members was 24,000, of which approximately 2,000 people, or 8.2 percent, were identified as users who spent over 500,000 won.

The city used big data analysis results to analyze distance resistance according to merchant categories (changes in purchasing propensity based on store distance), gender and age-specific usage member numbers by region, usage amounts, transaction counts, and average transaction values, and created a commercial district analysis map centered on merchants.

The city plans to develop a total of 704 items including these analysis results and Osan City's regional population and household composition characteristics, income and consumption expenditure estimation data, childcare facilities and park facilities data such as childcare centers, kindergartens, elementary and secondary schools, senior centers, and parks, and business registration data on a grid unit basis (1km) for use in activating Osaekjeon and supporting new business ventures.

Since July, the city has conducted a big data analysis project on Osaekjeon with Ainess&S;&N;&C;, a big data analysis specialist company, over a five-month period. This analysis was conducted based on approximately 1 million transactions of general user data who directly charged and used Osaekjeon from April of last year through July of this year.

Osan City Mayor Kwak Sang-wook stated, "The city, in particular, distributed the first half COVID-19 disaster basic income support 100% in local currency to keep the local small business economy running. The effects were confirmed in this big data analysis," adding "We will make good use of big data analysis to actively support Osaekjeon activation and the small business economy."