Toronto-based KOHO has started switching over its existing customers to Mastercard for its reloadable prepaid credit card. The move means it will be phasing out Visa.
The free spending and savings account now uses Mastercard and also supports Apple Pay, Google Pay and Samsung Pay mobile wallets.
“Your existing KOHO cards will remain active until your Physical KOHO Mastercard is activated. Once your new Mastercard is activated, your previous KOHO cards can no longer be used and will be deactivated,” explained KOHO in an email to customers.
To switch over to Mastercard today, launch the KOHO app and select the Mastercard home card. Once you confirm your account details, a physical card will be mailed out to you, while your new virtual Mastercard can be used immediately. You can also add it right away to Apple Pay.
Not everybody is seeing the migration from Visa to Mastercard, yet. “Please be advised that our internal team is currently migrating a selected number of users during this launch. We will notify you shortly once you can upgrade your account!”, explained KOHO.
KOHO’s free spending and savings account targets customers such as students, that do not want to pay bank fees. The account offers 0.5% cash back on all purchases and so far over 500,000 Canadians use the service. Reloading your account is easily done with Interac e-Transfer or direct deposit.
Click here to sign up for KOHO and get $20 free when you make your first purchase in 30 days.
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