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Monday, July 4, 2022

THE RISE OF CONTACTLESS CHIP CARD

EMV stands for Europay, Mastercard and Visa, the three organizationsthat created the standard for chip card. The standard is now managed by EMVCo, a consortium of financial companies. EMV chip card transactions are becoming old for the financial institutions day by day. Financial institutions are focusing on the next phase of digital payments that is contactless chip cards.

Contactless chip card transaction is a fast, easy and secure that is embedded with microchip.To make a contactless chip card payment, it is required to tap the card on a point-of-sale terminal that is equipped with the contactless payment technology. Contactless chip cards provide greater payment processing convenience.The allowable amount for a contactless chip card transaction varies by country and by bank.

In Bangladesh most of the Banks are going to focus on the Contactless chip card technology. At present there are around 11,000 ATM Terminals and 49,000 POS Terminals in Bangladesh according to recent Central Bank Data. Leading Banks have already started to migrate their terminals from contact to contactless technology. Many banks are interested to provide these cards which make the checkout process faster with the merchants.

This new generation technology is much faster and it is expected that it will get more traction when it will be incorporated with the Digital Payment Platform in Smartphones.

KONA Software Lab Ltd. in Bangladesh is working closely and actively with this technology as itwill be more popular in coming days.Moreover, KONA has state of the art technology and around 70+ R&D Engineers to work on it for Bangladesh Market. It is expected that KONA will continue its prominence in the Banking Sector of Bangladesh by providing the innovative solutions in a secured way.

fintech

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