Types of Open-Loop Prepaid Solutions

The total market size for 2018 in dollars loaded onto open-loop prepaid products is CAD$4.3 billion, an increase of 9.0% over 2017.

 

$ 0 B CDN
in prepaid loads 2018
General Purpose Reloadable (GPR) Solutions

GPRs are purchased by a consumer for his/her personal use to pay for purchases, pay bills and/or access cash at ATMs. The payment solution may be purchased online and in retail locations from a variety of providers, and funds may be loaded onto the card through direct deposit of wages or benefits or at locations that offer reload services. The payment solutions are not connected to a bank account, are safer than cash and cheques, and offer a secure way to shop online without revealing confidential information. GPR cards are available with EMV chip and PIN technology. They are accepted everywhere the payment network is accepted including in-stores and online. 

Teen Solutions

Purchased by a parent for a child, a teen payment solution provides a safe, convenient and educational payment option for teens. Teen solutions are a type of GPR card that can be reloaded. They are accepted everywhere the payment network is accepted including in-stores and online. They also provide parents with options to monitor and control the child’s spending.

Payroll Solution

A payroll solution is requested by an employee to receive regular electronic fund transfers of the cardholder’s wages, salary, or other employee compensation, on a recurring basis to a payment solution. They are accepted everywhere the payment network is accepted including in-stores and online.

Corporate Disbursement Solution

A corporate disbursement solution is given to an employee, vendor or contactor by a business to pay a reimbursement of an expense, commission or wage payment. It offers the business tracking, reporting, cost savings and manual efficiencies. The employee, vendor or contractor gets immediate access to funds through an electronic payment tool. These payment solutions can be single use or reloadable. They are accepted everywhere the payment network is accepted including in-stores and online, and can be limited to certain merchants or types of goods.

Corporate Incentive Solution

A corporate incentive solution is given to an employee or contactor by a company as a reward, incentive or bonus. It offers the business tracking, reporting, cost savings and manual efficiencies. The employee, vendor or contractor gets immediate access to funds through an electronic payment tool. These solutions can be single use or reloadable. They are accepted everywhere the payment network is accepted including in-stores and online, and can be limited to certain merchants or types of goods.

Rebate / Promotional Solution

A rebate or promotional solution is given to a customer from a business as a reward for engaging in a behavior or purchasing a product or service. The reward funds are available for a certain period of time, commensurate with the promotion, and should be used right away. They are accepted everywhere the payment network is accepted including in-stores and online.

Government Disbursement Solution

Reloadable prepaid payment solutions used for the purpose of disbursing government payments such as social assistance, tax refunds, employment insurance, pension and other program disbursements. A government disbursement solution is a reloadable prepaid payment designed to look like credit and debit cards, and carry payment network branding. Government disbursement solutions can be reloaded. They are accepted everywhere the payment network is accepted including in-stores and online.

Open-Loop Gift Card

An open-loop giftcard is a single-use prepaid card that is purchased by a gift giver to give to a gift recipient. The recipient can use the card for the gift of their choice. They are accepted everywhere the card network is accepted including in-stores and online.

Travel Solutions

Travel solutions replace travelers cheques and/or allow a consumer to avoid using their debit or credit cards while travelling. Most travel payment solutions offer lower cost or no foreign transaction fees, and provide consumers access to a secure payment method with the option for EMV Chip and PIN. Consumers can lock in the exchange rate at the time of purchase to prevent currency rate fluctuations. In addition, multi-currency solutions can be loaded with several currencies at the same time. They are accepted everywhere the payment network is accepted including in-stores and online and can be used globally.

Insurance / Disaster Relief Solutions

Insurance/disaster relief solutions create a more cost effective and efficient method to distribute one-time and recurring payments such as workers compensation or property claims after a disaster. Insurance/disaster relief solutions are designed to look like credit and debit cards, and carry card network branding. They are accepted everywhere the payment solutions network is accepted including in-stores and online.

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