Canada Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Canada Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Report Description

The pandemic largely supported the rapid digital transformation of payment system in Canada. During this period many fintech companies implemented business strategies for the launch of innovative prepaid card solutions such as payroll cards, remittance cards, gift cards, etc., which have driven the prepaid card market in the country in 2021. PayNXT360 expects that this trend of launching innovative prepaid cards is to continue in the Canadian market in the upcoming quarters.

Canadian digital wallet providers are acquiring saving and investing apps

With an intention to expand into the wealth management space, digital wallet providers are acquiring the saving and investing apps of the country. For instance,
In May 2021, Mogo Inc., a digital payments and financial technology company, acquired Moka Financial Technologies Inc., a saving and investing app in Canada.
According to the company, the acquisition will help to build the most comprehensive digital wallet in Canada.
Additionally, the partnership will support the company's intention to launch free cryptocurrency trading.

PayNXT360 expects, with this acquisition strategy, the company will instantly acquire the customer base of Moka, which will provide momentum to the growth of the company's subscription & transaction-based revenue.

Blackhawk Network launched virtual prepaid cards to meet rising demand

With the onset of the pandemic, Canadians had actively started online shopping than they did a year ago. Moreover, consumers are creating demand for flexible digital rewards and incentives on every purchases. Therefore, payment solution providers are focusing on product launches to target these consumers. For instance,
In February 2021, Blackhawk Network launched the new Canadian virtual prepaid that can be redeemed via contactless transactions in the Mastercard network.
Enterprises will be able to customize these cards to issue incentives together with the option of tailored email verbiage for the recipients.
The Canadian virtual prepaid Mastercard ranges from US$1 or up to US$999 and allows the user to spend internationally.

Cloud human capital management platforms are introducing digital wallets for wage earners

It is observed that Canadians often run out of their salary between their pay periods. Employees would find it beneficial if they were allowed to access their earned wages on-demand. Therefore, cloud human capital management platforms are developing digital payment solutions to capture these consumers in Canada. For instance,
In July 2021, Dayforce, the cloud human capital management platform of Ceridian, introduced Dayforce Wallet together with Dayforce Prepaid Mastercard for employees to access their earned wages as per their requirements.
Neither the employer nor the employee is charged any fees for using this new wallet.
The platform also calculates employees’ earned wages, taxes, and deductions.
According to Dayforce, the company plans to launch the Dayforce Wallet in the United Kingdom and Australia.

According to PayNXT360, the prepaid card market (value terms) in Canada increased at a CAGR of 8.7% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 7.0%, increasing from US$21.26 billion in 2022 to reach US$27.88 billion by 2026.

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Canada. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card and digital wallet industry in Canada.
Digital wallet segments: Provides value, volume and average value per transaction across 5 key spend categories in digital wallet. This includes retail, travel, entertainment and gaming, restaurant, and recharge and bill payment.
Open loop and closed loop prepaid cards: market estimates and forecasts to assess opportunities 13 open loop and closed loop prepaid market segments. Details four essential KPIs – number of cards in circulation, number of transactions, load value, and value of transactions.
Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level.
Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.

Scope

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Canada. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

Canada Digital Wallet Market Size and Forecast
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction

Canada Digital Wallet Market Size and Forecast by Key Segments
Retail Shopping (Value, Volume, Avg. Value)
Travel (Value, Volume, Avg. Value)
Entertainment and Gaming (Value, Volume, Avg. Value)
Restaurant (Value, Volume, Avg. Value)
Recharge and Bill Payment (Value, Volume, Avg. Value)

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

Market Share Analysis by Prepaid Card Categories

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

Canada Gift 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

Canada Teen and Campus 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

Canada Business and Administrative Expense Prepaid Card Market Size and Forecast
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

Canada Payroll Prepaid Card Market Size and Forecast
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

Canada Meal Prepaid Card Market Size and Forecast
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

Canada Travel Forex Prepaid Card Market Size and Forecast
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

Reasons to buy
In-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument in Canada.
Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the 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 and digital wallets. Show more