Canadian Open-Loop Prepaid Card Market: 2021 Results and Forecast Update

As a general “return to normal” becomes ubiquitous in Canada, prepaid providers and supporters are keeping the Canadian open-loop prepaid card market’s momentum going.  

April 19, 2022 –The COVID-19 pandemic’s volatility and uncertainty affected all aspects of banking. While the pandemic has undoubtedly created many challenges, it has also created significant opportunity within financial services. The Canadian open-loop prepaid card market—representing a diversity of market participants that deliver everything from open-loop gift cards to digital-first bank account alternatives and business-to-business commercial cards—was no exception.

This Impact Report is the second iteration of research conducted by Aite-Novarica Group and commissioned by Canadian Prepaid Providers Organization (CPPO), summarizing the Canadian open-loop prepaid card market’s resiliency through the COVID-19 pandemic. Aite-Novarica Group collected data elements from Q1 2020 through Q4 2021 from multiple issuers, program managers, and card processors operating in Canada to size and forecast the Canadian open-loop prepaid card market through 2025.

This 27-page Impact Report contains 11 figures and one table. Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.

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