Pohang, South Korea – Pohang City announced on January 7th that its newly issued Pohang Love Gift Certificates, both card and mobile versions, sold out completely in just four days after the initial 10% discount sale.

The city began selling the certificates on January 2nd, and the entire allotment of 35 billion won was exhausted by January 5th. Since 2017, Pohang has been issuing paper-based gift certificates, and the expansion to card and mobile formats has consistently led to sellouts, with a cumulative issuance of over 2.2 trillion won. A city official remarked, "While many local governments across South Korea have similar regional gift certificates, it's rare to see such long lines and a complete sellout like in Pohang, where residents eagerly purchase certificates that can only be used within the city."

Key factors contributing to the continued success of the gift certificates include the city's efforts in creating a convenient purchasing environment and extensive promotional campaigns. In addition to the discount, the certificates can be easily used at over 21,000 affiliated stores, including restaurants and service businesses. Mobile certificates can be used at merchants accepting BC QR code payments, Samsung Pay, and Naver Pay.

Pohang City will begin selling 15 billion won worth of paper-based gift certificates with a 10% discount on January 14th. Another 10 billion won worth of card-based certificates will be sold at a 10% discount on February 3rd. The monthly purchase limit for individuals is 700,000 won, with a sub-limit of 300,000 won for paper-based certificates.

[ⓒ Global Economic Times. 무단전재-재배포 금지]