Korea Exchange Bank of Canada (KEBOC) and Everlink Payment Services have joined forces to launch reloadable EMV Mobile Prepaid Interac Debit card program, named 1Q INSTA Card, in Canada.
The 1Q INSTA mobile app will allow eligible Canadian consumers to apply for a free 1Q INSTA account using their smart phone and receive a 1Q INSTA Card delivered to them in the mail.
Everlink will leverage its relationship with KEBOC to integrate a prepaid card product into their 1Q INSTA mobile wallet platform and securely process transactions through the Interac network.
The card will be compatible for secure CHIP and PIN transactions usage in Canada at any Interac accepting POS terminal or ATM and can also be used internationally for ATM transactions using the Cirrus network.
Korea Exchange Bank of Canada vice president of remote banking services Ho Kwak said: "No application fees, no loading fees, no purchase fees, no transfer fees.
"1Q Banking is a direct banking service channel to support sales of financial products to consumers, utilizing a turnkey mobile app embracing internet banking, smartphone banking and a call centre marketed to the burgeoning Korean and Asian communities across Canada."