Prepaid is rising from the shadows and playing a valuable role in Canada’s financial ecosystems. More consumers, businesses and governments are discovering the convenience and security of loading funds onto physical or virtual cards. As we have learned in other markets, like the U.S. and the U.K, prepaid isn’t just a pay-before card solution, but a platform for financial services innovation.
Prepaid has emerged as a core capability for fintech growth in Canada with challenger banks using the platform to create a scalable, nimble product at a low cost. It is being used as the integration layer of the tech stack to build the next generation of disruptive fintech and paytech services to create more robust financial service products.
In this article, CPPO Executive Director Jennifer Tramontana explores the most mature prepaid use cases in Canada including gig worker payments platform, Modern cheque replacement solution, and financial inclusion enabler.
Read the full article from Payments Business magazine here.