Yongin Y-Pay Merchant Registration Annual Sales Threshold Raised to 1.2 Billion Won

[Suwon Ilbo=Choi Ki-ho] Yongin Special City announced on August 1st that it has raised the annual sales threshold for Yongin Y-Pay merchant registration from the previous limit of 1 billion won to 1.2 billion won or less.

As a result, numerous businesses whose annual sales marginally exceeded the previous threshold will now be able to register as Yongin Y-Pay merchants. The new standard takes effect from August 1st.

This change follows a decision made in June by the Gyeonggi Province Local Currency Review Committee to raise merchant registration standards. The committee adjusted the annual sales threshold by reflecting inflation rates over the past five years.

Accordingly, businesses with annual sales between 1 billion and 1.2 billion won can now apply for Yongin Y-Pay merchant registration starting this month.

Businesses wishing to register can submit applications online or in person. When applying, they must submit value-added tax base proof (2023) for all operating stores and complete business registration details issued by the National Tax Service.

However, businesses located within traditional markets, postpartum care centers, hospitals, clinics, and pharmacies can register with annual sales of up to 3 billion won.

Yongin Special City Mayor Lee Sang-il said, "By adjusting the sales limit standards to reflect the economic growth of the past five years and fit current realities, many small business owners who were previously left out can now benefit from Yongin Y-Pay." He added, "We hope more citizens and merchants will use Yongin Y-Pay to gain economic benefits and invigorate the local economy."