Busan's Dongbaekjeon Surpasses 2 Million After 7 Years... 110,000 Added in Two Months as Benefits Expand

Expanded benefits following 100-Day Emergency Measures for Livelihoods boost membership

Policy support funds to be awarded by lottery to members making payments in November

The number of subscribers to Dongbaekjeon, Busan's local currency, has surpassed 2 million. The total increased by 110,000 in just over two months, from 1.89 million at the end of August. Busan City says expanded cashback benefits and various support programs contributed to the increase.

Busan City announced on November 11 that the number of Dongbaekjeon members surpassed 2 million in early November after it expanded benefits in connection with its 100-Day Emergency Measures for Livelihoods. This is the first time Dongbaekjeon has reached 2 million members since its launch in 2019, seven years ago.

In September, the city temporarily raised cashback to as much as 15% and held a Chuseok spending promotion. Since October, it has been issuing discount coupons exclusively for QR payments. For small business owners, the city has also pursued measures including energy voucher payments, support for Dongbaekjeon card fees, and assistance with signing up as QR-payment merchants.

The city is also holding an event to mark the milestone of 2 million members. It will award policy support funds to 4,510 people selected by lottery from among members who make Dongbaekjeon payments in November. Seven first-prize winners will each receive 2 million won, 500 second-prize winners will each receive 50,000 won, 1,000 third-prize winners will each receive 30,000 won, and 3,000 fourth-prize winners will each receive 10,000 won.

The number of Dongbaekjeon QR merchants is also growing. QR merchants accounted for 18% of all merchants at the end of last year, rising to 26% this year. QR payments do not incur transaction fees for merchants. The city plans to continue expanding the merchant network to reduce the fee burden on small businesses.

Busan Mayor Jeon Jaesoo said, "We will expand benefits and ease the burden of running a business for small business owners so that this leads to increased local spending and revitalized neighborhood commercial districts."

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