First prepaid VISA gift cards introduced in Canada

Vancity, Canadas largest credit union and Citizens Bank of Canada, its virtual bank subsidiary are introducing six prepaid VISA gift cards in time for the holidays. Four of the cards are in partnership with well-known Canadian companies and two are Vancity and Citizens Bank branded gift cards. The prepaid VISA gift cards include: Citizens Banks West Edmonton Mall Gift Card; Solo Mobile Gift Card; TravelMoney card with the Canadian Automobile Association (CAA); Michelin Gift Card; and now, with the holiday season on its way, the launch of the Citizens Bank Gift Card and the Vancity mytreat Gift Card. Accepted at any merchant in the world that takes VISA electronically, all the cards offer the convenience of a traditional gift card without the restrictions on where they can be redeemed, making them the only VISA gift cards available in Canada to offer this flexibility. Most cards can be loaded for any amount ranging from $25 to $500. If lost they can be replaced. Online purchases are allowed and purchases can be made in any currency and will be converted to Canadian dollars just like a regular credit card transaction. A first in Canada, research shows gift card market potential in Canada to be worth $2.4 billion. In British Columbia alone the market is estimated to be worth approximately $400 million and expected to grow 20 per cent to $690 million by 2008.