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CPPO Research and Industry Reports

The rapid growth of the Canadian open-loop prepaid market has cemented the case for prepaid being a nimble platform and the innovation “rail” of choice to bring new digital payments and banking solutions into market for the benefit of more Canadian consumers and businesses. ​

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The CPPO supports the industry by providing the tools and resources needed to assist all Canadian firms who are operating in or exploring the prepaid ecosystem. We promote a positive environment in which prepaid payments can responsibly grow and flourish.​

 

2024 CPPO RESEARCH (full report available here for CPPO members)

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2023 CPPO RESEARCH (full report available here for CPPO members)

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Prepaid Reports

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Industry Research

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Each year, Payments Canada provides an overview of the payment trends observed in Canada through the publication of the Canadian Payment Methods and Trends (CPMT) report. This report provides expert insights on key drivers, emerging issues and relevant developments taking place within the Canadian and international payment ecosystems. The main objective of the CPMT report is to provide a holistic view of the payment market in Canada.

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This report presents key findings from FCAC's public opinion research (POR) on Canadians' awareness and understanding of open banking.

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This research report measures the early demand and drivers of adoption of better-connected financial services and control over consumer-permissioned financial data in North America. The survey of more than 4,000 US and Canadian consumers provides insight into how they currently view and use open banking solutions.

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Released quarterly, the Dye & Durham Canadian Pulse Report is designed to unveil trends and provide insights into Canadian consumer sentiment across three areas: the economy, technology, and the real estate market. The Q2 2024 report examines the economy, real estate industry and technology changes that impact individuals and businesses, comparing the results to those from the past year.

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The Payments Behaviour Tracker - Consumer survey was compiled to examine Canadians' use of international payments. In total, 1,501 Canadians were surveyed using Leger’s online panel between September 25 and October 6, 2023.

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This study has been commissioned and developed in collaboration between Visa—a global payments organization—and Kearney—a global management consulting firm.

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To understand the state of Canadian payments, Chase conducted a survey of more than 2,200 business owners or upper management with decision-making power. This report discusses how they use payment processing systems, how these business decision-makers use and think about newer payment systems and what business decision-makers say about the benefits and downsides of different payment methods.

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Abacus Data conducted a nationwide survey with 2,199 Canadians aged 18 and above to examine their attitudes towards financial services, banking, and technology. The survey examines Canadians’ digital literacy, financial technology knowledge, banking preferences, and the potential of open banking adoption. This research was paid for by Abacus Data and was conducted to help inform a presentation I gave at a recent open banking/FinTech meeting.

Why Prepaid?

​ Prepaid has emerged as the modern payments technology platform flourishing in Canada, driving consumer-friendly competition and providing the gateway for exciting new ways to bank, transact, get paid and grow inclusive access to financial services.

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Open-loop prepaid products are a valuable financial tool offering benefits to consumers, businesses and governments. Prepaid has grown to become a valuable part of Canada’s financial services ecosystem. The prepaid industry is a CA$12 billion market comprising an extensive value chain. This includes networks, regulated banks and financial institutions, challenger banks and program managers.

 

Prepaid issuers are investing more in prepaid as it supports the growing challenger bank sector and the transformation to digital B2B payments for enterprise and SMEs. Even governments have increased their adoption of prepaid as a tool to quickly deliver stimulus and emergency payments with ease and greater efficiency.

 

Prepaid is ensuring access to the digital economy, bringing down the cost of banking and payments and promoting financial health and equitable access for all Canadians.

 

Prepaid solutions:

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  • Have been instrumental in displacing cheques, leading to economic benefits for governments and businesses.

  • Are used to drive financial inclusion, providing an initial point of access to financial systems to those who are currently underserved by traditional products.

  • Are being used as a foundation for digital financial services enabling fintechs and traditional FIs to push the boundaries of what a “card” can do.

  • Enable firms to bring new and innovative solutions to market and allowing fintech partnerships to quickly launch and scale.

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"As consumers move toward a more convenient, cashless, contactless payment method, prepaid is really providing both those incumbent banking organizations, as well as those new fintech entrants, a way to introduce new products and services — while still adhering to our stringent regulatory requirements here in Canada.”

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- Jennifer Tramontana, CPPO Executive Director

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How prepaid works

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Open-loop prepaid products are tied to a payment network and provide consumers, businesses and government with an efficient, secure and flexible online payment option that does not have to be tied to a bank account. Prepaid products are also less expensive to administer and more secure than cheques. ​

 

Because prepaid funds can easily be added or transferred to an open-loop prepaid card, prepaid is also increasingly being used as a platform to boost financial health. For instance, fast access to funds helps consumers get away from payday lenders and can ease the financial burdens associated with a high credit debt load.

 

Prepaid bridges the gap for non-financial businesses looking to support their employees and customers through new, innovative digital payment and payout methods — including real-time access to pay via digital apps.

 

Prepaid’s capacity to boost financial inclusion among gig workers – and its ability to embed payments that disappear into the background of a solution being offered to a consumer – has attracted everyone from tech giants and big retailers to first-time e-commerce players.

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Open-loop prepaid products are a valuable financial tool offering benefits to consumers, businesses and governments. Prepaid has grown to become a valuable part of Canada’s financial services ecosystem.

​

The prepaid industry is an CA$12 billion market comprising an extensive value chain. This includes networks, regulated banks and financial institutions, challenger banks and program managers.

​

Prepaid issuers are investing more in prepaid as it supports the growing challenger bank sector and the transformation to digital B2B payments for enterprise and SMEs. Even governments have increased their adoption of prepaid as a tool to quickly deliver stimulus and emergency payments with ease and greater efficiency.

​

Prepaid is ensuring access to the digital economy, bringing down the cost of banking and payments and promoting financial health and equitable access for all Canadians. Prepaid solutions: 

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  • Have been instrumental in displacing cheques, leading to economic benefits for governments and businesses.

  • Are used to drive financial inclusion, providing an initial point of access to financial systems to those who are currently underserved by traditional products.

  • Are being used as a foundation for digital financial services enabling fintechs and traditional FIs to push the boundaries of what a “card” can do Enable firms to bring new and innovative solutions to market and allowing fintech partnerships to quickly launch and scale.

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Interested in becoming a CPPO member?

Contact Us

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Looking for more information or are you interested in joining the CPPO?

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Reach out to us at the information below.

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Phone: (905) 499-3865

Website: http://cppo.ca

Email: info@cppo.ca

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