MARKHAM, ON – 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 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.
For more information about 1Q INSTA or to download the 1Q Banking Mobile App visit: www.1Qbank.ca
Korea Exchange Bank marks its 45th anniversary of its founding amid recognition as the Korean bank with the largest global network. The Bank’s strategic marketing practices, effective use of capital and manpower, ethical management, strong sense of staff unity, and advanced human resources system have enabled KEB to become an industry leader that sets the pace for other banks to follow. Korea Exchange Bank of Canada operates branches in Toronto, Vancouver, and Calgary supporting retail banking, investments, loans, remittance services, bill payment services and import/export services. 1Q banking is provided by Korea Exchange Bank of Canada, a member of Hana Financial Group in South Korea, ranked in 84TH among “The Banker top 1000 world banks 2014” in terms of asset size
Everlink Payment Services Inc. is a leading provider of comprehensive, innovative and integrated payments solutions and services for credit unions, banks, and independent sales organizations across Canada. In addition to supplying best-in-breed technology infrastructure and payment network connectivity via our well established Payment Network Gateway, we offer a diversified range of integrated payments Lines of Business including: ATM Managed Services, Card Issuance & Management, Fraud Management, POS Acquiring and Professional Services.
Guided by the slogan “Healthy Finance, Happy Together” Hana Financial Group seeks opportunities for sustainable growth for all of its stakeholders. The group cultivates a healthy corporate culture, meets fiduciary duties through ethical management, and develops mutually-beneficial relationships with communities. With the Korean financial industry’s most extensive overseas network, Hana Financial Group is poised to become one of the world’s leading financial groups. This position is the result of the consistent business growth the group has shown since its inception in 1971 as Korea Investment & Finance, followed by its conversion to a commercial bank in 1991 and financial holding company in 2005.
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For additional information contact:
General Manager, Card Issuing
Everlink Payment Services Inc.
Korea Exchange Bank