City increases Dongbaekjeon limits
▲ The increasingly popular Dongbaekjeon card and app make it easy to save money. (Source: Kookje Newspaper)
Introduced in 2019, Dongbaekjeon, a blockchain-based currency created to boost the local economy, allows users to receive 10 percent of their purchase amount back immediately. The card can be used at many local businesses, excluding department stores, malls, large supermarkets chains, casinos and some franchises.
To apply for a card, Busanites must download the "Busan Dongbaekjeon" app from either the Google Play Store or the Apple App Store and enter their bank data. Cards can also be issued at KEB Hana Bank, Busan Bank or Nonghyup Bank.
The Dongbaekjeon cash recharge limit has increased from 300,000 to 500,000 won, which in turn, increases the monthly cashback limit to 50,000 won. The city has set aside a higher budget of 140 billion won to account for the transition.
The expansion is only one of the changes coming. Plans for special periods of amplified cashback, such as a five percent increase during Chuseok, are in development. The city hopes that these changes will inspire more people to shop locally.