Prepaid solutions continue to be a valuable part of Canada’s financial services ecosystem, serving Canadians with innovative products and services according to The Economic and Social Impacts of Prepaid in Canada, conducted by Deloitte Canada and commissioned by the CPPO.
In addition to the familiarity, security and flexibility of traditional prepaid card instruments, which come with lower cost and less risk than other forms of payment, the prepaid platform provides fintechs and challenger banks with a foundation to bring new and innovative solutions to consumers, businesses, and government. Prepaid-based solution providers use API infrastructure to incorporate partner capabilities and services into their products with established Financial Institutions while payment networks ensure regulatory compliance and provide the rails for money movement.
For consumers, prepaid provides a low-barrier, alternative form of payment for their everyday transactions. Businesses turn to prepaid for convenient disbursements and funds management including payroll, expense management and employee incentives. Meanwhile, governments have adopted prepaid to manage government payments including social assistance, tax refunds and related program disbursements.
To learn more, click here to download a factsheet about how the prepaid platform is driving fintech innovation in Canada.
