DUBLIN--(BUSINESS WIRE)--The "Canada Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
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. This trend of launching innovative prepaid cards is forecast to continue in the Canadian market in the upcoming quarters.
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.
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.
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.
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.
Key Topics Covered:
- Canada Digital Wallet Market Size and Forecast
- Canada Digital Wallet Market Size and Forecast by Key Segments
- Canada Prepaid Card Industry Market Attractiveness
- 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
- Canada Closed Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Canada Prepaid Card Consumer Usage Trends
- 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
- 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
- Canada Business and Administrative Expense Prepaid Card Market Size and Forecast
- Canada Payroll Prepaid Card Market Size and Forecast
- Canada Meal Prepaid Card Market Size and Forecast
- Canada Travel Forex Prepaid Card Market Size and Forecast
- 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
Companies Mentioned
- George Weston Ltd
- Wal-Mart Stores Inc
- Empire Co Ltd
- Costco Wholesale Corp
- Metro AG
- Canadian Tire Corp Ltd
- Home Depot Inc, The
- Liquor Control Board of Ontario
- Hudson's Bay Co
- Home Hardware Stores Ltd
- Best Buy Co Inc
- Apple Inc
For more information about this report visit https://www.researchandmarkets.com/r/d1uy8a
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