Seoul's Seongbuk-gu will launch 20 billion won ($14.2 million) worth of Seongbuk Love Gift Vouchers starting at 9 a.m. on Aug. 28, ahead of the chuseok holiday, to ease household costs for residents struggling with high prices and an economic slowdown while supporting local small businesses.
The district moved up the issuance schedule to make it the earliest among Seoul's autonomous districts, aiming to help residents and small business owners prepare for chuseok with greater financial ease amid persistently high inflation.
Seongbuk-gu issued a total of 60 billion won in gift vouchers during the first half of this year — for the Lunar New Year in February, the new school term in March and a summer promotion in June — selling out every round. The vouchers have seen strong usage rates at traditional markets and neighborhood commercial districts within the district, serving as a key pillar of the local economy.
The Seongbuk Love Gift Voucher offers a 5% upfront discount at the time of purchase, plus a standing 5% cashback on spending, giving consumers a combined real-terms benefit of up to 10%.
The monthly purchase limit is 500,000 won per person, with a maximum holding limit of 1.5 million won. Vouchers are valid for five years from the date of purchase and can be used at approximately 16,000 Seoul Pay-affiliated merchants in Seongbuk-gu.
Purchases can be made through the Seoul Pay+ app. The district urged residents to install the app, complete registration and link their bank accounts in advance, anticipating heavy traffic on the day of issuance.
"We moved up the issuance date to the earliest in Seoul so that residents can prepare a little more comfortably for chuseok despite the ongoing high prices," Seongbuk-gu District Mayor Lee Seung-ro said. "We hope the vouchers will add real value to household budgets and give a significant boost to small business sales by stimulating spending within the district."
With this fourth issuance of the year, the cumulative total of Seongbuk Love Gift Vouchers issued has surpassed 415.6 billion won. Now in its seventh year since its debut in 2020, the program has grown well beyond a simple payment tool to become a firmly established local economic virtuous-cycle system for Seongbuk-gu.
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