Payments Business: The $4 billion Canadian financial services secret

Prepaid loads reached a new milestone in Canada as they hit nearly $4 billion in 2017, according to the latest Mercator Advisory Group study, The Canadian Open Loop Prepaid Market: 2017. Not only have prepaid products achieved a steady growth of 27 percent over the past 3 years, but a wide range of new uses for prepaid has emerged, including payments to gig workers, online gaming and bank account supplements for digital-first millennials. 

With 90 per cent of respondents reporting an interest in prepaid products after learning of the benefits – and with the industry crossing the $4 billion-mark – awareness is likely on the brink of exploding. 

CPPO Executive Director Jennifer Tramontana shares more insights in Payments Business. Click here to read more.