The growth of the Canadian open-loop prepaid market has cemented the case for prepaid moving far beyond just a card, and instead being a platform and an innovative rail in Canada’s digital payments and banking ecosystem.
According to the Canadian Open Loop Prepaid Market, 2020-2025 analysis, there were approximately 46 million open-loop prepaid accounts in Canada by the end of 2020. It is expected that this will grow by a five-year compound annual growth rate (CAGR) of 15 per cent, reaching 93 million accounts by 2025.
At the Symposium, the CPPO shared its industry forecast and market sizing that was conducted in collaboration with Aite-Novarica Group. The forecast indicates that the Canadian open-loop prepaid card market grew from an estimated CA$7.2 billion in 2020 to aboutCA$8.5 billion in 2021, an 18 per cent increase and up 76 per cent since 2019. This value is projected to nearly double to CA$17 billion by 2025.
The 2022 CPPO Prepaid Symposium brought together leaders from across the Canadian payments ecosystem to detail what’s in store for the future of prepaid. Leaders joined to discuss how prepaid is impacting challenger banking, earned wage access, instant payments for corporates, BNPL, gig worker offerings, global payment trends and the Canadian regulatory environment.
The annual CPPO Prepaid Symposium is the premier event for the Canadian prepaid industry that is fueling the transformation to a true digital banking and payments ecosystem. The well-established thought leadership and networking event is attended by local and global leaders in fintech, banking, payments and government. It is the once a year meeting-of-the minds to discuss critical issues for the industry and for new entrants to learn about market opportunities.
The 2022 CPPO Prepaid Symposium highlighted the following topics: Riding The Rails To Innovation: Elevating Prepaid’s Platform Potential The rapid growth of the Canadian open-loop prepaid market has cemented the case for prepaid being a nimble platform and the innovation rail of choice to bring new digital payments and banking solutions into market for the benefit of more Canadian consumers and businesses. This panel discussion explored how prepaid technology is the foundation for digital financial services partnerships that enable emerging fintechs and established financial institutions to bring new and innovative products and services to market faster than ever before.
Prepaid’s B2B Tipping Point: Use Cases To Break Through The Under Penetrated Market Prepaid cards have allowed for the development and introduction of numerous innovative use cases to the Canadian ecosystem, for both consumer and small business segments. The use cases that have gained prominence within the market employ a wide range of value propositions while laying the foundation for further innovative offerings to be developed and brought to market. This panel explored how prepaid is disrupting the world of real-time B2B payouts — from supplier payments and expense management to disbursements and insurance payments and beyond.
Crypto In Canada: What’s Next, What’s Real, What’s The Opportunity? An industry that’s moving faster than on-demand payments, the future of where crypto fits into Canada’s unique economy is still up for debate. Crypto in Canada remains a hot regulatory topic of discussion across every player in the payments ecosystem. In this session industry experts, product managers, regulators and investors separated hype from honesty about the true potential for crypto in Canada.
Prepaid And Employee / Worker Engagement: Where And How To Reduce Attrition And Drive Loyalty Driving employee and worker retention is a top priority for businesses across every industry. But winning over this audience isn’t just about how you pay them, but the method in which you pay them through. Taking a page from the faster payments movement, this fireside chat touched on what opportunities exist within the prepaid space to innovate payouts to reduce attrition rates and drive long-lasting company loyalty.
BNPL: The Future Of Shopping And Payments The BNPL experience is about more than just another way to pay; it’s changing the entire customer journey. The rise in BNPL providers are largely due to the accessibility of prepaid card rails, which has made prepaid a valuable platform to shape today’s buyer experience. In this session, panelists discussed the fundamental shift in how people are shopping and paying, and what role prepaid plays in the foundation of the new ways to transact.
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