Canada Prepaid Cards Markets Report 2021: Stored-value Cards Appeal to Employers of Freelancers in Canada - ResearchAndMarkets.com
The prepaid card market in Canada will increase from US$ 22,299.2 million in 2020 to reach US$ 30,150.4 million by 2025.
The "Canada Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market Risk" report has been added to ResearchAndMarkets.com's offering.
According to the Q2 2021 Global Prepaid Card Survey, prepaid card market in the Canada is expected to grow by 9.3% on annual basis to reach US$ 24,366.5 million in 2021.
The prepaid card market expected to grow over the forecast period, recording a CAGR of 7.8% during 2021-2025. The prepaid card market in Canada will increase from US$ 22,299.2 million in 2020 to reach US$ 30,150.4 million by 2025.
Almost all Canadian citizens have an existing banking relationship, helping the open-loop prepaid cards market record significant growth. Two of the most prominent growth areas for the Canadian prepaid card industry are the gig economy, where contractors receive wages on a prepaid payment instrument, and neobanks, where Gen Z and millennials are signing up for app-based prepaid accounts.
Despite the fact that the banking penetration is very high, the country's aboriginal communities are mostly unbanked. Therefore, the adoption of prepaid cards by these communities to make up for the lack of access to traditional banking services is also supporting the growth of the prepaid card market in Canada.
Stored-value cards appeal to employers of freelancers in Canada:
Nearly 10% of adults are working in the gig economy in Canada. According to the recent survey, close to 3.5% of the SMEs and 9.5% of large businesses uses prepaid cards to pay their gig economy workers in Canada. This is primarily due to it is cheaper and faster for the companies to get paid in prepaid cards. Prepaid cards from various businesses, including Instant Financial, Payfare, and Ceridian, enables gig workers and freelancers to gain early access to their paychecks. For instance,
The Dayforce card from Ceridian offers gig workers anytime access during the pay cycle. In contrast, prepaid cards from Instant Financial and Payfare provide access to wages right after every shift in Canada.
Technology companies increasingly issuing open-loop prepaid cards for SMEs:
In Canada, there has also been growth in issuing open-loop prepaid cards for SMEs from non-banking players such as technology companies, including e-commerce platforms and accounting software providers. For instance,
Major tech brands such as Square, Shopify, and QuickBooks are issuing prepaid cards for SMEs in the country. Shopify, in particular, has considerable potential to disrupt the prepaid card market in Canada with its Shopify Balance prepaid card.
Reasons to buy:
- In-depth understanding of prepaid card market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid cards in Canada.
- Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid cards strategy; assess market specific key trends, drivers and risks in prepaid cards industry.
- Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards.
Scope:
Canada Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2016 - 2025
Canada Open Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Canada Closed Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Canada Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Canada General Purpose Prepaid Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Canada Entertainment and Gaming Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Canada Transit and Tolls Prepaid Card Market Size and Forecast
Canada Healthcare and Wellness Prepaid Card Market Size and Forecast
Canada Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Canada Fuel Prepaid Cards Market Size and Forecast
Canada Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/gmia
View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005615/en/