With a strong appetite for alternative financial solutions, Canadian companies are demanding new products and technologies that expand their point of sale and back-office payment options. Many companies are turning to prepaid card solutions, according to the latest CPPO corporate prepaid market study, with CAD$3.8 billion loaded onto open-loop cards in 2017 – a figure that has increased by more than 27 percent annually since 2015.
In fact, more than half of Canadian businesses believe they are spending too much time on payment processing activities. Over 60 percent would be willing to move away from cash and cheques if they had other options.
Despite high levels of satisfaction with their prepaid programs, companies still hold a reasonable expectation for continuous development in the payments industry. Will the proposed changes to the Canadian Payments Act, which may result in a seat at the table for a payment service provider, be the propeller of change and innovation? Time will tell.
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