Bezant enters $10B prepaid market with Korea Prepaid Card investment

Korean Prepaid Card has invested in Singapore-based Bezant, in a bid to introduce new products and services to cater to the global payments market.

As per an announcement, the latest move will help Bezant launch real-world use-cases that will expand and incorporate blockchain in prepaid cards products.

Korea Prepaid Market, which is the leader in the country’s $10 billion prepaid industry, offers integrated services solutions to “issue prepaid cards, distribute/top-up, and offer payments/settlements” for various prepaid payment methods, including gift cards and vouchers. It is also the official distributor of Google Play gift cards and provides service for an online/offline integrated easy payment system called Mobile Pop.

As reported by CoinDesk, Bezant has been providing Blockchain-as-a-Service (BaaS) using Hyperledger Fabric technology since April. It also has its own cryptocurrency, dubbed as BZNT. The company has inked several partnerships deals with other companies, including South Korean fintech Hanjudo, Thailand’s Nova Learning, database management firm Chequer, and peer-to-peer lender Transwiz.

The terms of the partnership were not disclosed; however, both companies aim to capture the global prepaid market, which is expected to grow by up to $2.37 trillion by 2022.

Meanwhile, peer-to-peer bitcoin marketplace Paxful announced its partnership with crypto service provider The White Company in June to launch a prepaid service that will allow traders to exchange bitcoin into prepaid cards in multiple currencies.

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