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Writer Kang Minji
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Subject 80% of "Bitssal Money" Consumed by small business owners in Gangdong-gu

The card-type local currency of Gangdong-gu (mayor Lee Jung hun) in Seoul, "Gangdong Bit Sal-money," was found that 80 percent of its charging amount have been spent 80 on local small business owners.

According to Gangdong-gu District Office's results on the 26th, charging and payment data that were extracted from July last year to April this year with Ai technology, the total charging amount was 18.38 billion won, and payment amount was 154 billion won, and 82% of the charging amount has been led to sales of small business owners.

Since November 2020, the amount of payments of more than 1 billion won per month has been steadily generated, which led to improve the effect of increasing sales.


By industry, the amount of payments was the highest in life-oriented industries related to food, education, and hospitals. The issuance of local currency has been interpreted to be effective for residents' living consumption and small businesses.

There were also many people who used the money in other regions. Residents of Songpa-gu, Gangnam-gu, Gwangjin-gu, in Seoul, adjacent to Gangdong-gu, and Hanam-si, Namyangju-si, and Seongnam-si, Gyeonggi-do, also had a high proportion of charging and payment amounts, which confirmed the inflow of external sales.

"The issuance of Gangdong-type local currency has been quantitatively proven to be effective in supporting residents' economic consumption and sales of small business owners," said Lee Jung hun, head of the district office. "We will further expand the issuance of local currency and prepare customized local currency for residents and small business owners."


Meanwhile, Gangdong-gu plans to conduct an AI analysis on another local currency, "Gangdong Love Gift Certificate," by October.

jshan@heraldcorp.com