BUCHEON, Gyeonggi Province – In a strategic move to revitalize neighborhood commercial districts and stimulate domestic consumption, the city of Bucheon announced on Monday that it will maintain a 10% incentive rate for its local currency, "Bucheon Pay," from March through December 2026.
According to city officials, the decision aims to provide a much-needed breath of fresh air for small business owners who have been grappling with a sluggish economy. Under the updated policy, the monthly purchase limit eligible for the incentive will be set at 500,000 KRW. This means residents who top up their accounts with 500,000 KRW will receive an additional 50,000 KRW in "bonus" currency, effectively increasing their purchasing power by 10%.
Strategic Funding and Sustainability To support this year-long initiative, Bucheon City has secured a total budget of 25.1 billion KRW. This financial pool is a collaboration of various government levels, comprising 12.7 billion KRW in national and provincial subsidies and 12.4 billion KRW from the city’s own municipal coffers.
However, city representatives cautioned that while the program is scheduled to run until December, the incentives are distributed on a "first-come, first-served" basis. Should the allocated budget be depleted earlier than expected, the incentive program may close prematurely for the year.
March Schedule Change While Bucheon Pay typically resets its charging limit at midnight on the 1st of every month, the city noted a slight change for the upcoming month. Due to scheduled maintenance of financial institution networks, the charging period for March will officially begin at 00:00 on March 2nd. Residents are encouraged to plan their spending accordingly to avoid any inconvenience during the 24-hour maintenance window.
Supporting the "Small" in Small Business The usage of Bucheon Pay remains strictly regulated to ensure the benefits stay within the local community. The currency can be used at registered merchant locations with an annual sales volume of 1.2 billion KRW or less.
In line with the program's goal of protecting mom-and-pop shops, certain establishments remain excluded from the network. These include:
Large-scale department stores and shopping malls.
Big-box retailers and Corporate Supermarkets (SSMs).
Entertainment venues, bars, and gambling establishments.
A Community-Centric Vision
A spokesperson for Bucheon City emphasized the dual benefits of the program, stating, "By extending the 10% incentive, we hope to not only ease the financial burden on our citizens but also directly contribute to the sales recovery of our local merchants."
As Bucheon continues to navigate the post-pandemic economic landscape, the 10% incentive serves as a critical tool for keeping capital circulating within the city limits. Local shop owners have largely welcomed the news, citing that the local currency program significantly boosts foot traffic in traditional markets and small alleyway shops.
For residents looking to maximize their savings, the city recommends using the "Gyeonggi Area Currency" mobile app to monitor their balance and stay updated on budget exhaustion alerts.
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