South Korea mulls cashbacks for credit card spending to boost consumption

The government reportedly plans to set the ceiling of cash back rewards per person.

The government reportedly plans to set the ceiling of cash back rewards per person.

South Korea is reviewing a plan to provide cash back rewards for credit card spending in a bid to boost consumption, a senior government official said.

"(The cash back scheme) will be designed in a way that will help revive sluggish domestic demand and underpin an economic recovery in the second half," First Vice Finance Minister Lee Eog-weon said in a press briefing, according to a report by Yonhap News Agency.

Under the plan, consumers will be able to receive the reward in cash for credit card spending made during a specific period.

Details have yet to be finalized, but the government reportedly plans to set the ceiling of cash back rewards per person in a bid to offer the benefits to as many people as possible.

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