Consumers Outside Gwangmyeong Use It Too... Payments with Gwangmyeong Love Currency Rise 89.6% Outside the City

Gwangmyeong City: KRW 19.4 Billion in Payments Last Year
User Satisfaction at 94.3%; Merchant Satisfaction at 89.2%
Over 90% Support Continued Issuance and Maintaining Affiliated-Store Status

The number of residents from outside Gwangmyeong using the city’s local currency, “Gwangmyeong Love Currency,” has increased. Last year, their payments totaled KRW 19.4 billion, up 89.6% from the previous year.

Gwangmyeong Mayor Park Seungwon purchases goods using Gwangmyeong Sarang Currency at Gwangmyeong Saemaeul Market ahead of the Chuseok holiday last September. Photo provided by Gwangmyeong City.

Gwangmyeong City, led by Mayor Park Seungwon, said on November 2 that these were the findings of an analysis of the currency’s effects conducted by Kona Chain Co., Ltd. from March to August this year.

Payments by residents from outside the city rose from KRW 10.23 billion in 2024 to KRW 19.4 billion last year. The increase outpaced the 87.3% growth in total payments made with Gwangmyeong Love Currency over the same period. Total payments rose from KRW 149.57 billion to KRW 280.1 billion.

The numbers of out-of-city users and transactions also increased. The number of members who made payments rose 32.4%, from 59,600 to 78,900, while the number of transactions increased 70.5%, from 404,000 to 689,000. The city said its analysis showed that the local currency helps draw outside spending into local commercial districts.

User and merchant satisfaction were also high. In a survey conducted by the city in March of 31,870 users and 500 affiliated stores, user satisfaction stood at 94.3%, while merchant satisfaction was 89.2%. A total of 97.6% of users said the currency should continue to be issued, and 93.6% of merchants said they intended to maintain their affiliated-store status.

The city is also expanding consumer support linked to the local currency. Cashback for purchases at Good Price Stores increased from 5% to 10% on September 21. Customers also receive 10% of the amount spent at city-certified fair trade stores and local bookstores. During Reading Month in September, the refund rate for books purchased at local bookstores was raised to 15%.

A view of Gwangmyeong Traditional Market. Photo provided by Gwangmyeong City.

Policy support payments, including lifelong learning grants, enlistment support grants and the Ijoa first-birthday celebration grants, are also provided through Gwangmyeong Love Currency. In July, the city introduced a paper-based local currency. It has also linked the currency to tourism and events, including refunds on admission to Gwangmyeong Cave, the Gwangmyeong Sale Festa and the Gwangmyeong Peace Marathon, to encourage visitors to spend at local businesses.

The currency can now be used at more businesses. In February this year, the city raised the annual sales threshold for store registration from KRW 1.2 billion to KRW 1.5 billion. Hospitals, pharmacies, bookstores, private academies and social and solidarity economy enterprises can register if their annual sales are KRW 3 billion or less.

“We will continue expanding the uses and benefits of Gwangmyeong Love Currency so that it provides residents with tangible savings and gives small business owners opportunities to increase sales, making it a strong foundation for a virtuous cycle in the local economy,” Mayor Park Seungwon said.

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