Canada Prepaid Cards Markets and Investment Opportunities

Dublin, October 21, 2021 (GLOBE NEWSWIRE) – The report “Canada Prepaid Cards Business and Investment Opportunities – Market Size and Forecast (2016-2025), Consumer Attitude & Behavior, Retail Spend, Market Risk” has been added to ResearchAndMarkets.com to offer.

According to the Global Prepaid Card Survey for the second quarter of 2021, the prepaid card market in Canada is projected to grow 9.3% on an annual basis to reach $ 24,366.5 million in 2021.

The prepaid card market is expected to grow over the forecast period, recording a CAGR of 7.8% in the 2021-2025 period. The prepaid card market in Canada is set to grow from $ 22,299.2 million in 2020 to $ 30,150.4 million by 2025.

Almost all Canadian citizens have an existing banking relationship, which is helping the market for open prepaid cards to grow significantly. Two of the key growth areas for the Canadian prepaid card industry are the gig economy, where contractors receive wages for a prepaid payment instrument, and neobanks, where Generation Z and millennials sign up for app-based prepaid accounts.

Despite the fact that the banking penetration is very high, most of the native people of the country do not have a bank account. Therefore, the adoption of prepaid cards by these communities to compensate for the lack of access to traditional banking services also supports the growth of the prepaid card market in Canada.

Prepaid cards appeal to freelance employers in Canada:

Almost 10% of adults in Canada work in the gig economy. According to the latest survey, nearly 3.5% of SMBs and 9.5% of large corporations use prepaid cards to pay for their gig economy employees in Canada. This is primarily because it is cheaper and faster for businesses to get paid with prepaid cards. Prepaid cards from a variety of companies, including Instant Financial, Payfare, and Ceridian, give gig workers and freelancers early access to their paychecks. For example,

Ceridian’s Dayforce card gives gig workers access at any time during the payment cycle. In contrast, Instant Financial and Payfare prepaid cards provide access to wages right after each shift in Canada.

Technology companies are increasingly issuing open-loop prepaid cards for SMEs:

In Canada, open-loop prepaid card issuance to SMEs has also increased by non-banks such as technology companies, including e-commerce platforms and accounting software providers. For example,

Big tech brands like Square, Shopify, and QuickBooks are issuing prepaid cards to SMBs in the country. Shopify, in particular, has significant potential to disrupt the prepaid card market in Canada with its Shopify Balance prepaid card.

Reasons to buy:

• Deep Understanding of Prepaid Cards Market Dynamics: Understand market opportunities, industry dynamics, key trends and drivers in over 75 prepaid card market segments and subsegments in Canada.
• Developing Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate your prepaid card strategy; evaluate market-specific key trends, drivers and risks in the prepaid card industry.
• Get insights into consumer attitudes and behavior: Understand changing consumer attitudes and behavior and increase ROI. Get detailed insights into retail spending from prepaid cards.

Scope:

Market attractiveness of the Canadian prepaid card industry

• Load trend analysis
• Transaction value trend analysis
• Trend analysis of the transaction volume
• Average value per transaction
• Number of cards

Market share analysis according to functional attributes – open loop vs. closed loop, 2016-2025

Canada Open Loop Prepaid Card Future Growth Dynamics, 2016-2025

• Transaction value trend analysis
• Trend analysis of the transaction volume
• Average value per transaction
• Number of cards

Future growth dynamics of the closed-loop prepaid card in Canada, 2016-2025

• Transaction value trend analysis
• Trend analysis of the transaction volume
• Average value per transaction
• Number of cards

Prepaid Card Usage Trends in Canada

• By age group
• By income group
• By gender

Canada General Purpose Prepaid Cards Market Size and Forecast

Gift Cards Market Size and Forecast by Functional Attributes

• With an open-loop gift card
• With a closed-loop gift card

Gift Cards Market Size and Forecast by Consumer Segment

• By retail customer segment
• According to corporate consumer segment

Analysis of the market share of gift cards by retail category

Analysis of the market share of gift cards by gift occasion

Analysis of the market share of gift cards by place of purchase

Canada Entertainment and Gaming Prepaid Cards Market Size and Forecast

Prepaid Cards for Teens and Students Market Size and Forecast by Functional Attributes

• With Open Loop Teen and Campus Prepaid Card
• With Closed Loop Teen and Campus Prepaid Card

Prepaid Business and Administration Expense Cards Market Size and Forecast by Consumer Segment

• According to small business areas
• According to medium-sized business segment
• By division
• By government segment

Prepaid Payroll Cards Market Size and Forecast by Consumer Segment

• According to small business areas
• According to medium-sized business segment
• By division
• By government segment

Prepaid Meal Cards Market Size and Forecast by Consumer Segment

• According to small business areas
• According to medium-sized business segment
• By division
• By government segment

Travel Forex Prepaid Card Market Size and Forecast by Consumer Segment

• After retail
• According to small business areas
• According to medium-sized business segment
• By division
• By government segment

Canadian Transit and Tolls Prepaid Cards Market Size and Forecast

Canada Healthcare and Wellness Prepaid Cards Market Size and Forecast

Canada Social Security and Other Government Benefit Programs Market Size and Forecast for Prepaid Cards

Canada Fuel Prepaid Cards Market Size and Forecast

Canada Utilities and Other Prepaid Cards Market Size and Forecast

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