Suwon to Raise Suwon Pay Incentive Rate and Charging Limit from June to August

[Suwon Ilbo=Reporter Jung Jun-seong] Suwon Special City announced on the 31st that it will raise the incentive rate and charging limit for Suwon Pay over a three-month period from June to August.

This involves expanding Suwon Pay issuance in coordination with Gyeonggi Province's "Revive Gyeonggi Big Sale" initiative, with the Suwon Pay incentive rate increasing from the existing 6% to 7% and the charging limit expanding from the existing 300,000 won to 500,000 won.

If residents deposit 500,000 won into their Suwon Pay account during June to August, an additional incentive of 35,000 won will be credited for a total of 535,000 won. The existing incentive was 300,000 won per month with a maximum incentive of 18,000 won (6%).

Suwon Pay is a local currency in the form of a prepaid rechargeable card that can be registered in the "Samsung Pay" app and used as a mobile payment service without a physical card. It can be used at traditional markets with credit card terminals within the city, small and medium-sized businesses with annual sales of 1 billion won or less (supermarkets, convenience stores, restaurants, etc.), and the "Delivery Express" app (online payment).

A city official said, "We hope that the expanded issuance of Suwon Pay will bring vitality to stagnant alleyway merchants" and "We expect it will help revitalize the local economy."