Osan City Analyzes Regional Currency Usage Through Big Data

[Suwon Ilbo = Reporter Seo Dong-young] Osan City announced on the 9th that it has utilized big data analysis techniques to identify usage characteristics of Osan citizens' regional currency 'Osaek Jeon' and created a business district map of small business affiliates centered on citizens' usage locations for the regional currency.

The city plans to use this analysis to promote policy development for the activation of Osaek Jeon regional currency and to conduct various usage promotion events that can connect small businesses and citizens.

According to the analysis results announced by the city, from the launch of Osaek Jeon in April last year through July this year, the amount charged and used by users, excluding local government regional currency support funds, reached 19.8 billion won, with 1.05 million transactions.

In particular, general charging and usage surged starting in June of this year, immediately after Osan City distributed 100% of disaster basic income as regional currency due to COVID-19. In July alone, 4.6 billion won with 250,000 transactions were confirmed.

Additionally, among 170,000 residents aged 20 and above in Osan, 19.1%, or 34,000 people, have used Osaek Jeon.

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

Using big data analysis results, the city analyzed distance resistance by type of business for Osaek Jeon affiliated merchants (changes in purchase tendency based on distance to stores), user numbers by region and age/gender, usage amount, transaction count, and average transaction value, thereby creating a business district analysis map centered on affiliated merchants.

The city plans to use these analysis results along with Osan's overall regional population and household composition characteristics, estimated income and consumption expenditure data, childcare facility and park data such as daycare centers, kindergartens, elementary/middle/high schools, senior centers, and parks, and licensed business data — a total of 704 items developed in grid units (1km) — to support the activation of Osaek Jeon and startup support.

From July last year for five months, the city conducted a big data analysis project for Osaek Jeon with Ainsesn&c;, a big data analysis specialist company. This analysis was conducted based on approximately 1 million transaction records of regular users who directly charged and used Osaek Jeon from April last year through July this year.

Osan Mayor Kwak Sang-wook stated, "The city, in particular, supported COVID-19 disaster basic income in the first half by distributing 100% as regional currency to keep the local small business economy running. That effect was confirmed in this big data analysis," and added, "We will actively support Osaek Jeon activation and small business economy by making good use of big data analysis."