Starting in May, unused credit card points will be converted into local currency for use in traditional markets and small businesses. The government announced plans to expand the conversion to include railway mileage and carbon-neutral points during the 17th National Policy Coordination Meeting chaired by the Prime Minister on November 13.
This initiative aims to connect unused points to consumer spending, thereby reducing household burdens and increasing sales for local small businesses.
The system will first be established for credit card points, which have accumulated to 2.1 trillion won. The existing cash conversion system for card points makes it easier to implement this service compared to other points.
The service will begin in May 2027. Consumers will be able to check their card points through the Financial Settlement Agency's 'Account Info' system or local currency apps and convert them into local currency for the desired amount. Once the conversion is requested, it will be available for use the following day.
The government plans to use Account Info as a relay system to connect credit card companies with local currency operators.
The scope of conversion will also be gradually expanded. Discussions are underway with relevant agencies to convert points from public institutions, such as KTX mileage and carbon-neutral points, into local currency, and to encourage voluntary participation from private companies in the retail and aviation sectors.
Kim Im-ki, head of the Office for Government Policy Coordination, stated, "We will work to enhance the utilization of various dormant points to reduce the financial burden on citizens and ensure that funds flow into small businesses in traditional markets and alleyways."
* This article has been translated by AI.
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