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PRICE JUMP OF BANKING CARDS

According to the latest gazette published on 30th May 2019, Tariff rate of Banking Cards have significantly been increased. There are three types of Banking Cards are prevailing in Bangladesh at this moment i.e. Magnetic Stripe Card, EMV Chip Card, Dual Interface Card. As per this latest gazette the tariff rate for Magnetic Stripe Card is USD 0.70 per Card, EMV Chip Card is 2.00 USD per Card and Dual Interface Card is 3.00 USD per Card. This might impact the price jump to 200%-300% at a time.

Bangladesh is gradually moving to the cashless form factors i.e. cards, digital wallet instead of cash. During this movement this sudden price jump may hinder the movement towards a cashless society. Kona Software Lab Ltd. is developing required software for this kind of Banking Cards for last several years. Kona Software Lab Ltd. is the R&D and Global solution business wingof the South Korean smart card industry pioneer, Kona I Co., Ltd. It manufactures smart card, develops various state-of-the-art payment and security solutions for global & local partners & clients, with continuous efforts to bring secure payments in different form factors (chip, mobile, wearable, etc.) by leveraging years-long expertise in EMV and smart card domain.

Kona has 20+ years of experience in global smart card & solution industry. Kona is serving 30(+) local commercial banks of Bangladesh with card & chip products and holding a good market share in Bangladesh card market.Imposing high duty on a single card may reduce the overall Banking Card usage in Bangladesh which will eventually reduce the overall total duties from card for Bangladesh. Instead increasing the usage of cards can be encouraged and in case the total numbers of cards are increased, overall total duties can be enjoyed. This will create a win-win situation for all.

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