CPPO launches to support high-growth, multi-billion dollar prepaid market in Canada. Read more via Payments Business.
Toronto–With a highly banked population and a reputation around the world for being fiscally responsible, a new survey reveals that many Canadian consumers face challenges with the current ways they manage their finances, budget and pay for goods. As a result, Canadians from coast to coast are considering new financial tools to help them solve these problems and take control of their financial lives.
Entitled “How Canadians Pay Today,” the survey of 1,003 Canadian consumers was conducted by Leger and commissioned by the Canadian Prepaid Providers Organization (CPPO), the voice of the rapidly growing open loop prepaid payments industry in Canada. The cards look and function like traditional credit and debit cards and can be used anywhere the card network (American Express, MasterCard and Visa) is accepted, including online and around the world. However, they do have a significant difference to credit and debit cards: they access a set amount of funds that have been pre-loaded for a consumer by a consumer, business or government. According to MasterCard Canada, the industry is expected to reach CDN$ 4.9 billion in merchant spend in Canada in 2015.