Expanded cashback boosts BUSAN Pay's popularity... Busan user base tops 2 million

[Financial News] The number of subscribers to BUSAN Pay, Busan's local currency, has surpassed 2 million, buoyed by expanded cashback benefits and other factors. 
Busan City said on the 11th that the number of BUSAN Pay subscribers surpassed 2 million early this month.
The number of BUSAN Pay members rose by 110,000 in about two months, from 1.89 million at the end of August.
The city believes that higher cashback rates, introduced in connection with its 100-day emergency measures for people's livelihoods, and the payment of Energy Voucher Program benefits through BUSAN Pay have contributed to the increase in subscribers.
The city has been expanding BUSAN Pay benefits to ease residents' spending burden and inject vitality into local commercial districts.
Last September, the city temporarily raised BUSAN Pay cashback to as much as 15% and held a Chuseok consumer spending-boost event. Since October, it has been issuing QR-payment-only discount coupons to provide additional discounts.
It also expanded support for small business owners. Through the distribution of Energy Voucher Program benefits, support for BUSAN Pay card fees, and events encouraging merchants to sign up to accept QR payments, the city sought to ensure that residents and small business owners could benefit together.
A special event is also being prepared to mark the number of subscribers surpassing 2 million.
The city plans to hold a drawing in November among members who make payments with BUSAN Pay and award policy-support funds in BUSAN Pay: 2 million won each to seven first-prize winners, 50,000 won each to 500 second-prize winners, 30,000 won each to 1,000 third-prize winners, and 10,000 won each to 3,000 fourth-prize winners.
The city is also working to expand the number of merchants accepting QR payments to reduce small business owners' transaction-fee burden.
The share of all BUSAN Pay merchants that accept QR payments rose from 18% at the end of last year to 26% this year. Since QR payments have the advantage of incurring no transaction fees for merchants, the city plans to encourage wider use through promotion and by recruiting new merchants.
Mayor Jeon Jae-soo said, “The fact that BUSAN Pay has surpassed 2 million members is a meaningful achievement made possible by the active participation and support of residents and small business owners,” adding, “We will continue to expand benefits that residents can feel and ease the business burden on small business owners, while working to promote local consumption and revitalize neighborhood commercial districts.” 

[email protected] Kwon Byeong-seok Reporter