Yeongdong-gun, local currency ‘Rainbow Yeongdong Pay’ issued exceeds the number of residents
Quick Look
- Yeongdong-gun, North Chungcheong Province, announced that the number of local currency 'Rainbow Yeongdong Pay' (card type) issued was 46,974, surpassing the number of residents (43,089).
- This is the result of the expansion of card issuance to pay for the second livelihood stabilization support fund, which will be paid 300,000 won per person starting this month.
- Compared to last month, the number of issuances increased by 36.8% in 50 days, and the number of affiliated stores increased by 3.4%.
AI-generated summary
Why It Matters
Yeongdong-gun paid 500,000 won in livelihood stabilization support (Nonghyup prepaid card) to all residents last January, and is paying an additional 300,000 won each this month. In order to establish the foundation for a basic income pilot project in rural areas, Yeongdong-gun has been pushing for the issuance of Rainbow Yeongdong Pay, a local currency, and expansion of affiliated stores.
(Yeongdong = Yonhap News) Reporter Park Byeong-gi = Yeongdong-gun, North Chungcheong Province, announced on the 24th that the number of local currency 'Rainbow Yeongdong Pay' (card type) issued was 46,974, surpassing the number of residents (43,089).
This is the effect of the second round of livelihood stabilization subsidies of 300,000 won per county resident using this card starting this month.
The county has been working hard to issue this card in line with the receipt of applications for livelihood stabilization subsidies last month to establish the foundation for the basic income pilot project in rural areas.
As a result, the number of issued copies, which was 31,344, increased by 36.8% (15,531 copies) in just 50 days.
During the same period, the number of affiliated stores increased by 3.4% (82) from 2,440 to 2,522.
This card can be issued regardless of residence, but payments can only be made at merchants in this region.
This month, during the Chuseok holiday, 12% of the amount spent is accumulated as cashback.
A Yeongdong-gun official explained, “We are working to build an environment for using Rainbow Yeongdong Pay in preparation for next year’s rural basic income pilot project.”
Yeongdong-gun paid 500,000 won in livelihood stabilization support funds (Nonghyup prepaid cards) to all residents last January, and is now paying an additional 300,000 won each this month.
As of the 21st, 12.025 billion won was paid to 40,085 people.
What to Watch
AI outlook — possibilities, not facts
Yeongdong-gun plans to further establish an environment for using Rainbow Yeongdong Pay in preparation for next year's rural basic income pilot project.
Very likely · Within months
Open Questions
- What is Rainbow Youngdong Pay’s long-term use plan?
- Will the cashback benefit continue after Chuseok?
- What is the long-term target size of franchise expansion?
