According to a study commissioned by the Canadian Prepaid Providers Organization (CPPO), the collective voice of the open-loop prepaid payments industry in Canada, and conducted by Mercator Advisory Group, in 2019 USD 4.8 billion in total dollars were loaded onto open-loop prepaid across corporate, government, and consumer-funded cards, a 12% increase from 2018.
General Purpose Reloadable (GPR) cards—used as a bank account alternative—recorded 10% growth in 2019, driven by new fintech companies offering digital banking and payment solutions on the prepaid platform.
Market trends spotted by the report include:
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