The Payment Source Blog

Set yourself up to have a highly successful end of 2022 by adding a Prepaid Program with the widest selection of Gift Cards/Prepaid Cards to your store. A Prepaid Program provides the perfect holiday shopping solution for your customers. Adding one will help your retail store see more foot traffic, gain new consumers, and benefit from increased loyalty.

We are a few weeks away from the Atlantic Convenience Expo in Halifax. This show is a great place to network and can help retailers make those important business connections to grow their business.

The prepaid market is one of the fastest and most innovative growing payment segments in Canada (see source). According to a study commissioned by the CPPO, as of the end of 2019 open-loop cards such as prepaid Visa or Mastercard have achieved 3 consecutive years of 25% growth to the previous year. This amounts to Canadians loading a staggering $4.8 billion dollars onto these prepaid cards. According to Theodore Iacobuzio, vice president of research and director of the Prepaid Advisory Service at Mercator Advisory Group, we can expect to see continued evolution as prepaid cards in Canada are only in the early stages of their life cycle. 

Being a c-store owner can be very competitive, from the location of your store to the products that you offer. You need to make sure that you offer all the products that your customers want in order to be successful in your business. That is why it is important to offer products that are innovative  and increasing in demand.

Canadians are increasingly adopting prepaid cards as a tool to help them manage their finances. The Canadian Prepaid Providers Organization (CPPO) recently released its second annual benchmark study, entitled Canadian Open-Loop Prepaid Market: 2016 that shows 17 percent growth of the open-loop prepaid card market in Canada between 2015 and 2016.