One Month After the Relaunch of 'OnTong Daejeon 2.0': Top-Ups and Payments Surge At Least 20%

[Financial News, Daejeon = Kim Won-jun, Reporter] OnTong Daejeon 2.0, Daejeon City's local currency, has won a positive response from residents and is helping drive a recovery in local spending just one month after its relaunch.
 According to Daejeon City on the 8th, an analysis of the first month after OnTong Daejeon 2.0 was relaunched on the first of last month found that top-ups totaled 77.9 billion won and payments 78.9 billion won. Compared with March, when cashback was offered, top-ups increased by 13.5 billion won (20.9%) and payments by 13.9 billion won (21.4%).
 This follows a sharp recovery in usage after the 15% cashback benefit was reinstated in September, following a period without cashback in July and August. Cashback paid out over September totaled 11.08 billion won, up 80.4% (4.94 billion won) from March's 6.14 billion won.
 Public interest in the platform is also on the rise. The number of OnTong Daejeon members grew from 1.124 million in March to 1.162 million in September, an increase of 38,000 (3.4%). In particular, average daily app users jumped 53.7%, from 66,517 to 102,238, surpassing the 100,000 mark.
 OnTong Daejeon is used mainly in sectors closely tied to residents' daily lives. Cumulative payments from January to September this year show that restaurants (102.9 billion won) and retail stores (93.1 billion won) accounted for 54.9% of total payments, pointing to a tangible boost in sales for neighborhood businesses and small business owners.
 A lifestyle service linked to OnTong Daejeon 2.0 has also gotten off to a successful start. Boram Mileage, launched on the 10th of last month, converts miles earned through activities such as checking in, walking and using public transportation into OnTong Daejeon points. As of the 6th of this month, 87,416 people had participated, reaching 87% of the target of 100,000.
 OnTong Daejeon 2.0 is building a virtuous cycle that goes beyond simply promoting consumption by preventing money from flowing out of the region. According to regional research institutes, including the Daejeon Sejong Research Institute, a considerable share of cashback and mileage generated through local-currency payments is reinvested in small businesses in the region, helping spur production and create jobs. Analysts also say the program serves as a practical income-support measure that eases the burden on households amid persistently high prices.
 Daejeon City plans to further develop OnTong Daejeon beyond a simple means of paying cashback, into a comprehensive “citizen life and economy platform” encompassing residents' daily lives and the regional economy. To that end, it will carefully analyze the effects of consumption-stimulating events and additional cashback from October to December, and pursue links with a range of policy support payments.
 Mun In-hwan, head of Daejeon City's Livelihood Economy Bureau, said, “Since the relaunch of OnTong Daejeon 2.0, key indicators such as top-ups, payments and app usage have been recovering rapidly.” He added, “We will continue to develop the platform so that it delivers tangible benefits to residents and helps local small businesses increase sales.”
[email protected] Kim Won-jun Reporter