Toronto, ON – February 12, 2019: The Canadian Prepaid Payments Organization (CPPO), the voice of the prepaid payments industry in Canada, today announced that it has added five new companies to its membership list. Galileo, Netspend, Spring Card Systems, and Vancity Community Investment Bankhave joined as general members and Stack has been welcomed as a board member. 

“With the addition of five more industry leaders, the CPPO continues to showcase the importance of prepaid in the payments and fintech industry in Canada,” said Peter Read, CPPO Chairman of the Board. “Prepaid currently tops $4 billion in annual loads and its flexible technology is being used to power the newest fintech developments aimed at improving customer experience, financial inclusion and B2B payments delivery. We will continue to represent the strong economic and social impact prepaid technology has on the Canadian economy.”

Miro Pavletic, CEO of Stack, added: “The prepaid industry is continuing to grow and evolve, driving new market opportunities globally. Powering this growth is the flexibility of the platform that allows for innovation to be quickly delivered to consumers who are actively looking for solutions and tools to help manage and control their financial futures. I’m proud to be joining the CPPO as their latest board member to help drive innovation and consumer adoption.”

Prepaid capabilities enable a host of electronic payment facilities without involving credit. They are rapidly replacing cheques as a less expensive and more secure option for issuing payments, incentives and disbursements. Recently, fintech and paytech companies have used prepaid accounts to create new products for bill payments, virtual payments and general spending accounts. Online retailers have adopted prepaid accounts for consumers to pay for goods in their mobile app without accessing their bank account or credit card.

The CPPO fosters a positive environment in which prepaid can responsibly grow and flourish. It supports its mission by hosting an annual CPPO Prepaid Symposium, the premier education and networking event for the prepaid industry in Canada. This year’s third annual Symposium will be held on May 13, 2019 at the Toronto Region Board of Trade in Ontario.

 

About The Canadian Prepaid Providers Organization (CPPO)

The CPPO is a not-for-profit organization and the collective voice of the open-loop prepaid payments industry in Canada. It is the only association solely focused on this growing industry and is supported by major financial institutions, card networks and other industry players. The CPPO is focused on awareness and education so that consumers and businesses can have the best experience with these popular products. For further information, visit www.cppo.ca. Connect with CPPO on Twitterand LinkedIn.

Media Contact:

Lamis Daoud

416-919-2979

lamis@fletchergroupllc.com

 

 

One-day educational event will explore critical topics in the evolution of payments with a focus on prepaid as a core capability

Prepaid solutions have evolved beyond a niche product that fills a gap in the current payments system. Today, prepaid has emerged into a core capability in payment and financial technology and continues to prove its usefulness as a financial mechanism and profit driver for the 21stcentury economy and many of the leading innovators. That being said, prepaid technology needs to be empowered further in Canada to grow in various areas so that it can catch up with global developments. 

Prepaid loads reached a new milestone in Canada as they hit nearly $4 billion in 2017, according to the latest Mercator Advisory Group study, The Canadian Open Loop Prepaid Market: 2017. Not only have prepaid products achieved a steady growth of 27 percent over the past 3 years, but a wide range of new uses for prepaid has emerged, including payments to gig workers, online gaming and bank account supplements for digital-first millennials. 

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