Seoul Love Gift Certificate
Seoul issues this mobile voucher to steer spending toward small local shops. Residents buy it in the Seoul Pay+ app at a discount of 5 to 15 percent and spend it at merchants across the city's 25 districts. The program started in 2020 and the city has kept selling new batches through 2026.
The largest Korean municipal local currency: real scale and genuine small-business focus, but a fully fiat, subsidy-driven, city-controlled voucher with no monetary autonomy.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x2.0
Single issuer (Seoul Metropolitan Government), discretionary budget-driven batches. Prepaid and debt-free, with won held against every voucher, but no link to real economic activity and no elastic rule.
Spending Power Stability2x2.0
Hard 1:1 peg to the Korean won. Full fiat backing keeps the peg but spending power simply tracks won inflation; no purchasing-power targeting of any kind.
Fiat Independence & Interoperability2x1.0
Fully fiat. Won-denominated, bank-settled, dependent on Korean banking and payment rails end to end.
Traction2x4.0
Large and live: hundreds of billions of won issued per year, used across Seoul's small-merchant economy, 2026 batches sold out quickly. Capped by TR-05 (prices stay in won) and TR-09 (adoption leans on the 5-15% discount subsidy).
Sovereignty1.0
City-run, custodial, KYC via app onboarding; the city can end or change the program unilaterally.
Governance2.0
Governed as municipal policy with council and budget oversight. Public and accountable, but users have no say and rules change with city hall.
Resilience2.0
Depends on annual municipal and national budget allocations; national subsidy cuts in 2023-24 already forced discount reductions. Program survived and continues.
Inclusivity3.0
Near-zero cost, aimed at ordinary residents and small businesses, wide merchant coverage including markets and pharmacies. Requires a Korean phone, bank account and app; benefits stop at the city boundary.