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Jeju Special Self-Governing Province is significantly expanding the benefits of its local currency, Tamna Coin, in an effort to boost consumer sentiment and stimulate the local economy ahead of the Chuseok holiday.
According to Jeju officials, from August 26 to September 22, for four weeks, customers who use the Tamna Coin card at participating merchants with annual sales of less than KRW 1 billion will receive a doubled point accumulation rate, increasing from 7% to 14%.
This 14% point accumulation is the highest since Tamna Coin was introduced.
The monthly accumulation limit for Tamna Coin has also been raised from KRW 700,000 to KRW 1,000,000, allowing users to accumulate up to KRW 140,000 in points during this period.
The range of merchants where accumulated points can be used has also expanded from those with annual sales under KRW 300 million to those with sales under KRW 1 billion.
As a result, the number of merchants where points can be used has increased by 9,731, from 27,528 (under KRW 300 million) to 37,259 (under KRW 1 billion).
Since June 1, Jeju Province has already increased the point accumulation rate from 3% and 5% to a uniform 7% for Tamna Coin card use at merchants with annual sales under KRW 1 billion, which has positively impacted sales in local markets. The province expects the current expansion to further boost the local economy.
Kim In-young, Director of the Economic Vitality Bureau, stated, “We hope that the increased Tamna Coin points will help alleviate the burden of shopping costs, stimulate consumption, and ultimately boost sales for local businesses.”
Meanwhile, the province plans to select the top five Tamna Coin users this year as “Good Consumer Kings” and offer them incentives.
Jeju Weekly editor@jejuweekly.net
