A 10% cashback period for local currency Dongbaek-jeon until February 29 will be extended to boost the sales of local small business owners and traditional markets that are likely to stagnate due to the recent outbreak of the new coronavirus.
The city decided to hold a 10% cashback event at the limit of 1 million won per month until January 31 to commemorate the launch of the local currency on December 30 last year.
The city said the cashback promotion will continue until February 29th. After the promotion period, cashback will decrease to 6%.
As of January 29, Busan Dongbaekjeon exceeded 75,000 users and financial institutions issued more than 16 billion won.
The city said 10 billion won worth of transactions has been made so far. It also said automatic recharging of funds will also be introduced early next month.