Kona recently announced that it signed a contract of KonaCard platform with TWTL (Third Wave Technologies Limited), a telecommunication technology developer in Bangladesh in presence of Mr. Sushanto Kumar Mondal, Director General of Bangladesh Post Office. TWTL is the digital financial services operator for the Bangladesh Post Office, which plans to use the KonaCard platform to provide Digital Postal Services along with money transfer, payment, remittance, and utilities payment services to post office customers. Kona is going to supply its platform that can be used not only on Smartphones but also on Feature phones according to the telecommunication market situation in Bangladesh.
KonaCard platform is Korea’s first prepaid, open mobile, IC payment platform based on international payment standard(EMV) that allows card issuance, approval, payment, and settlement. Because it complies with EMV, it can be easily introduced into most foreign markets as well. Especially since most advanced countries, including the U.S., only issue credit cards after strict credit evaluations, the use of Prepaid and debit cards is wide-spread, it is expected that use cases of KonaCard’s platform will expand further.
The world’s prepaid card market is expected to grow to 3.1 trillion U.S.dollars in size in 2022, and the U.S. pre-paid card market will be developed in the future. Since KonaCard is a platform built not only with domestic but also with global business in mind, it will accelerate advancement into overseas markets including the U.S.