Jeju Offers Up to 15% Cashback on "Tamnaneunjeon"; Higher Limit Extended Through Year-End

In Conjunction with the Korea Grand Festival
Additional 5% Cashback for 15 Days Next Month
Monthly Payment Limit of 1 Million Won Also Maintained

Jeju Special Self-Governing Province will offer an additional 5% cashback on payments made with its local currency, Tamnaneunjeon, from November 1 to 15, in conjunction with the government's 2026 Korea Grand Festival. The program will provide benefits of up to 15% to ease residents' spending burden and boost sales for neighborhood businesses and small businesses. The province will also extend through the end of the year its measure raising the monthly payment limit eligible for cashback to 1 million won.

Jeju Special Self-Governing Province Government Building.

According to Jeju Province on October 30, the additional 5% cashback on Tamnaneunjeon payments, available from November 1 to 15, is a program funded with 989 million won in national government funding. It applies to payments at Tamnaneunjeon merchants with annual sales of 1 billion won or less.

In addition to the existing 10% cashback on monthly payments of up to 1 million won, a separate 5% cashback will be provided on cumulative payments of up to 350,000 won during the promotion period.

Accordingly, if a customer spends a total of 1 million won at one or more participating merchants during the promotion, they will receive 15% cashback on the first 350,000 won and 10% on the remaining 650,000 won. Payments exceeding 1 million won will not qualify for cashback.

However, as the program is funded by a limited national government budget, it may end early if the funds are exhausted.

In addition, to sustain the momentum in local spending, the province has decided to extend through the end of December its measure, introduced for two months in September for the Chuseok holiday and the National Sports Festival, raising the monthly payment limit eligible for cashback from 700,000 won to 1 million won. With the existing cashback rate of 10%, users can earn up to 100,000 won in points per month through the end of the year.

Even amid an overall slowdown in consumer spending, use of Tamnaneunjeon has continued to rise, playing a significant role in supporting the local economy.

Since the monthly eligible payment limit was raised to 1 million won, average daily spending with Tamnaneunjeon has reached 2.39 billion won, up 4.5% from before the increase. In particular, general spending in the third quarter of this year rose 14.7% year over year, in contrast to a 3.7% decline in card sales over the same period, according to an analysis.

Kang Aesuk, director of economic vitality for Jeju Province, said, "This additional cashback is intended to ease residents' spending burden while encouraging them to shop at local merchants. We will also keep the higher monthly payment limit eligible for cashback in place through the end of the year and support the continued growth in Tamnaneunjeon use so that it translates into tangible sales increases for neighborhood businesses and small businesses."

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