Ulsan Pay
Ulsan Pay is the local currency of Ulsan, South Korea, issued by the metropolitan government as a prepaid card with app and QR payment. Users get 10% cashback on up to 300,000 won of monthly spending at registered local merchants, with extra cashback on the city's delivery and shopping platforms. The city set 2026 issuance at 234 billion won. Department stores and large chains are excluded, and merchants pay no fees on mobile payments.
Ulsan's metro-scale voucher currency: healthy 2026 issuance and citywide merchant coverage, but a city-issued, won-pegged discount instrument with no independent monetary design.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x2.0
Single issuer (Ulsan Metropolitan City); annual issuance volume set by budget (234 billion won for 2026), not by economic signals. Users can redeem balances, so supply contracts on demand.
Spending Power Stability2x2.0
1:1 won peg; no stability mechanism of its own, so it tracks won purchasing power exactly.
Fiat Independence & Interoperability2x1.0
Won-denominated, subsidy-funded, and runs on commercial card and QR rails. Fully fiat-dependent.
Traction2x4.0
Citywide acceptance in a 1.1 million person metro; card and QR modes with delivery and mall tie-ins; 234 billion won of issuance planned for 2026 with 10% cashback confirmed in December 2025. Relaunched on a new platform in June 2023 and still growing services. Discount-driven adoption, never a unit of account.
Sovereignty1.0
City controls issuance and rules; operates through contracted payment platforms; bank-style KYC to obtain the card.
Governance2.0
Standard municipal administration and council budgeting; annual terms are published but residents have no direct governance role.
Resilience2.0
Survived the 2022 to 2023 national subsidy cuts, including a service pause and platform migration, and kept its incentive at 10% into 2026; still dependent on yearly budget approval.
Inclusivity3.0
Open to residents 14 and older at no cost; free card through the app; excludes those outside the city and requires a smartphone or bank card issuance for full use.