As part of the partnership agreement between W Green Pay (WGP) and KONA I, WGP token holders can now look forward to Korea’s first ever crypto debit card. The debit card aims to enhance WGP’s liquidity and usability, by bridging the gap between cryptocurrency and the real-world purchasing experience.
Leveraging on KONA I’s internationalized payment platform system and advanced smartcard technology, a debit card will be designed and incorporated into WGP’s payment system. W Green Pay plans to provide WGP users with a debit card, and an online version of the card will be integrated onto the HOOXI mobile application. All WGP cards can also be linked to a KONA I account.
Cho Jung-il, CEO of KONA I said: “Liquidity has always challenged the growth of cryptocurrency and its adoption by the public. With this partnership, we are able to leverage the existing card infrastructure to enable businesses around the world to adopt and accept crypto payments through debit cards. With the combination of technology and environmental activism, we believe this agreement will bring about exciting opportunities and positive change for us and the community.”
W Green Pay (WGP) Debit Card Features
Here are some of the card features that WGP holders can look forward to:
1. International Payment Platform
The WGP card will have features and benefits similar to those of the existing KONA card. Through KONA Pay — a payment platform method based on international EMV (Europay MasterCard Visa) standards, WGP cards will provide international usability, allowing card holders to spend their WGP tokens instantly at any Point of Sale (POS) merchant either online or in person. This will significantly enhance the liquidity and usability of WGP tokens worldwide, allowing WGP to be spent universally with ease and convenience.
2. Smart Card Security Technology
WGP card holders can be assured that all payment information and personal data in the card will be encrypted. This will provide users with the best security protection while ensuring anonymity and privacy of data across all card devices.
3. Ease of Usage
All crypto-to-fiat exchanges will be handled by WGP and KONA I. This will provide users with a peace of mind, as they do not have to worry about the conversion process when utilizing the WGP card.
4. Limited Edition WGP Cards
Limited edition WGP cards with special features and benefits will be available to be issued to WGP token holders. These cards will come in a variety of unique designs, featuring prominent KPOP idols and celebrities.
5. Discounts at select retail stores
Through the partnership, WGP card holders can also expect to enjoy discounts and benefits at KONA I’s partner retail outlets. For instance, current KONA card users are able to enjoy 20% unlimited discount at Coffee Bean Korea, and receive 0.2% cashback on their expenditure.
6. Stay informed and updated
Through the HOOXI app, users can also track their fiat balances and debit card transaction history. This feature allows users to be in control of their spending, and keeps them updated with real-time notifications and alerts.
Youree Lee, CEO and Co-Founder of W-Foundation — the philanthropic organization behind the HOOXI campaign, added: “We are constantly looking for ways to evolve and improve the way we approach the HOOXI campaign. This partnership will leverage on the strengths of KONA I and W-Foundation as we work together to drive mass market adoption of the HOOXI app, and spur on the public to adopt environmentally-friendly behaviours in our fight against climate change.”