Korean based Terra’s mobile payments app CHAI, today announced that it has partnered with South Korea’s largest payments processor BC Card to launch a prepaid debit card called ‘CHAI Card’ by H1 2020.
The CHAI card will be connected with the mobile payments app, and will be accepted at BC Card’s 3 million online and offline merchants across the nation.
The CHAI Card will first launch in South Korea. CHAI will issue the card, and BC Card will act on behalf of card payment processing such as sales slip acquisitions.
Moreover, blockchain fintech company Terra joins the partnership to help with product and business development, with TMON focusing on marketing and user acquisition.
Blockchain technology will also be utilized so that the CHAI Card is accepted outside of Korea through BC Card’s global partner network, which covers 200 countries and 4 million affiliates.
“We are excited to work with BC Card, who owns the largest number of affiliates. This will be a critical turning point for mobile app CHAI to expand beyond online transactions and into offline retail. When the CHAI Card is launched in H1 2020, users will be able to shop at BC Card’s 3 million online and offline affiliates, and enjoy up to 10% off every purchase. Moreover, CHAI’s business will rapidly grow with additional joint efforts such as integrating with BC Card’s QR code application and utilizing Terra’s blockchain technology.”
– CHAI Corporation’s CEO Changjoon Han
By using blockchain technology, CHAI offers low transaction fees to merchants and ongoing discounts to users. Launched in June, CHAI has acquired over 400,000 users and growing rapidly in the competitive payments industry.