Pohang in North Gyeongsang Province will sell 34.4 billion won ($26 million) worth of Pohang Love gift vouchers — available in card and mobile formats — at a 10 percent discount starting Nov. 2, the city's final discounted voucher sale of the year, aimed at reviving the local economy and boosting consumer spending.
The city expanded the November sale volume by 15.4 billion won compared to October, bringing the total amount issued this year, including the upcoming batch, to 306.4 billion won.
The discount rate is 10 percent, with a monthly purchase limit of 400,000 won per person and a maximum holding limit of 500,000 won. Paper vouchers will not be issued in this round.
Pohang plans to tie the sale to two major autumn festivals in November — the Pohang Marine Corps Culture Festival and the Pohang International Fireworks Festival — encouraging visitors and residents to spend at local businesses.
Pohang Love Card top-ups will be available from 9 a.m. on Nov. 2 through the mobile app iM Shop. Residents who have difficulty using the app may visit authorized financial institutions in person during business hours, including iM Bank, the National Agricultural Cooperative Federation, the National Federation of Fisheries Cooperatives, saemaul credit unions and credit unions.
The card supports physical card payments as well as Samsung Pay, Naver Pay QR codes and iM Shop QR codes. It is accepted at more than 26,000 affiliated merchants in the city, as well as through the Taboso Taxi app (automatic payment), the Meokggaebi online food delivery app and Pohang Market.
The city will also extend through year-end an additional 5 percent cashback benefit at "good-price" establishments — businesses that have pledged to keep prices affordable — following a sharp rise in resident participation. Customers who pay with the Pohang Love Card at these establishments receive 5 percent of the transaction amount back as cashback.
Combined with the upfront 10 percent discount, cardholders can receive benefits of up to 15 percent in total. Cashback details can be checked on the transaction history screen of the iM Shop app.
A list of authorized financial institutions and affiliated good-price establishments can be found on the Pohang Love Gift Voucher page of the Pohang city website and on the iM Shop app.
"I hope this final Pohang Love Gift Voucher issuance of the year, timed with the city's signature autumn festivals, will breathe new life into struggling neighborhood businesses and the local economy," Pohang Mayor Park Yong-seon said.
kbj7653@heraldcorp.com
