The CPPO was discussed in this morning’s Globe and Mail Metro Edition, in an article by David Berman titled, Canada’s big banks are tapping into the growing prepaid card market.
As Canada’s big banks become increasingly interested in the way consumers make purchases, they are ramping up their attention to a payment product that shows promising growth: prepaid cards.
Four of the Big Five now offer a prepaid card, and Bank of Montreal, Bank of Nova Scotia and Royal Bank of Canada will be part of the launch on Tuesday of the Canadian Prepaid Providers Organization (CPPO), which is designed to raise awareness of the industry and increase its share of the payments market.
“Prepaid cards have been in Canada for over 10 years, but for most of that time it has been the domain of smaller, more niche players,” said Tom McTague, vice president of prepaid at MasterCard.
