Korea Exchange Bank of Canada (KEBOC) and Everlink Payment Services Inc. have combined innovation and in-depth payment solutions expertise to develop and launch Canada's first reloadable EMV Mobile Prepaid Interac Debit card program - 1Q INSTA Card.
The 1Q INSTA mobile App allows eligible Canadian consumers to apply for a free 1Q INSTA account using their smart phone and receive a 1Q INSTA Prepaid Interac Debit card delivered to them in the mail.
The 1Q INSTA Prepaid Interac Debit card can be used for secure CHIP and PIN transactions in Canada at any Interac accepting POS terminal or ATM. The card can also be used internationally for ATM transactions using the Cirrus network. As an EMV compliant Chip and PIN card program there is significantly reduced card fraud compared to traditional mag stripe prepaid programs.
Everlink leveraged its existing relationship with KEBOC to seamlessly integrate a Prepaid Interac Debit card product into their 1Q INSTA mobile wallet platform and securely process transactions via the Interac network.
"The 1Q INSTA Card is the first EMV secure reloadable Prepaid Interac debit card to be launched in Canada and Everlink is incredibly excited to have designed the Prepaid Interac Debit card product and processing strategy with KEBOC for their 1Q Banking platform", says Mark Ripplinger, President & CEO at Everlink.
"What's unique about 1Q INSTA is that consumers can transfer money to one another using only their mobile phone number keeping their 1Q INSTA Card and account number details private," says Ho Kwak VP of Remote Banking Services at Korea Exchange Bank of Canada. "We value the privacy and security of our clients and have developed a unique and secure mobile money remittance platform that is completely free to the consumer. No application fees, no loading fees, no purchase fees, no transfer fees. 1Q INSTA Card is the only fee-free reloadable EMV Prepaid Interac Debit card available to consumers in Canada." 1Q INSTA - Mobile Money Mover! As Simple as 1, 2 Free!
Korea Exchange Bank of Canada Ltd. has launched an innovative suite of banking services to the Canadian market which includes the 1Q INSTA Prepaid Interac Debit card, which alsoch also offers a mobile phone number based funds transfer service, 1Q Dream FID (Free Installment Deposit), 1Q Chequing and Savings, and 1Q OK Remit.
"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," says Ho Kwak of Korea Exchange Bank of Canada.