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Smartcards in Banking Sector

A smart card is a physical electronic authorization device used to control access to a resource. It is known to all that it is basically a plastic card with a chip. The chip contains information. In terms of banking, it contains information like your account details.

So to be precise all our debit cards as well as credit cards are smart cards. Gift cards are also available with banks these days. Gift cards are mostly like our ATM cards of an appropriate value of money.

Bangladesh has already adopted smart cards in financial sectors and government sectors. The banking industry enjoyed the benefits of magnetic stripe card technology for a long time.

However, over the last decade, fraud levels were on the increase and the magnetic stripe card technology, at least for the banking sector, appeared to have reached the end of its life time.

At present there are around 1 crore & 35 Lac Debit cards and 11 Lac Credit cards in Bangladesh. Among others, VISA, MasterCard, Amex, Discovery cards are most popular. Kona software lab ltd., the Dhaka office of Korean smart card manufacturer of KONA I is working relentlessly to develop the operating system and different applications required for smart cards.

KONA has delivered smart cards in more than 30 Banks in Bangladesh. In worldwide, KONA has delivered its smart card products to more than 500 Banks in 90 countries. Smart card is a very important part of the digital payment system which is an integral part of making the dream of Digital Bangladesh into a reality.

In a country of having around 17 crore people there is much room for expansion of smart cards in Bangladesh. The local development team like KONA can play an important role in this journey.

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