Jeju Local Currency 'Tamnane Jeon' Cashback Program Resumes on the 7th... 10% Accumulation Maintained

Securing an Additional 26.65 Billion Won in the Supplementary Budget

Maintaining 700,000 Won Monthly Limit and 10% Accumulation Rate Until Year-End

Anticipated Recovery for Neighborhood Businesses Through Boosted Consumption

Jeju Special Self-Governing Province will fully resume the 10% cashback accumulation for the local currency, Tamnane Jeon, which had been temporarily suspended due to the early depletion of the budget, starting from midnight on August 7, after securing an additional 26.65 billion won in the second supplementary budget. The monthly limit of 700,000 won and the 10% accumulation rate will remain the same until the end of the year, as the province aims to revitalize struggling neighborhood businesses and support the economic recovery of small business owners.

Jeju Local Currency, the Must-Have Item.

According to Jeju Special Self-Governing Province on August 4, the provincial government, after discussions with the Jeju Provincial Council, secured a supplementary budget of 26.65 billion won and completed the related administrative procedures in order to resolve payment inconveniences for residents and small business owners and to revive the stagnant local consumption.

As a result, when making payments with the Tamnane Jeon card or QR code at affiliated small businesses with annual sales of 1 billion won or less, 10% of the payment amount will be immediately credited as points, up to the monthly limit of 700,000 won.

Details about the resumption will be announced to users through pop-ups and push notifications on the official Tamnane Jeon app.

Additionally, Jeju Province is upgrading the functionality of Tamnane Jeon beyond a simple payment method into a comprehensive lifestyle platform to boost convenience for users and attract a diverse range of age groups.

Following the launch of the "K-Pass Tamnane Jeon Card," which offers public transportation reimbursement, and the university student-exclusive "Tamnane Jeon Student ID," the province has introduced new features such as "Gift," which enables users to send event gifts or tokens with just the recipient’s name and contact number, as well as contactless payments and corporate purchase functions. Moreover, Jeju has significantly expanded related services, including collaborating with the "Hallareadingmoney" platform to provide reading points in local currency and is planning to link the platform to the "Nauda" tourism platform and offer usage benefits to participants of the National Sports Festival in the future.

The resumption of Tamnane Jeon cashback and the platform upgrades are expected to serve as substantial support for residents, easing the financial burden caused by high inflation and high interest rates, while also increasing revenue for small business owners.

In particular, establishing a virtuous cycle that seamlessly connects cashback payments not only to consumption but also to demand from tourism and sports events for local neighborhood businesses will be key to maximizing policy effectiveness.

Kang Aesook, Director of Economic Vitality at Jeju Province, emphasized, "We hope this cashback resumption will help ease the consumption burden for residents and contribute to revenue recovery for traditional markets, neighborhood businesses, and small merchants. We are committed to seamless management of the secured budget so that residents can continuously benefit from Tamnane Jeon until year-end."

This content was produced with the assistance of AI translation services.