Prepaid and Gift Cards in Canada

 
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Published Jul 29, 2014 | 100 Pages | Pub ID: LA5226184

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Prepaid and Gift Cards in Canada

Canada has become a fertile market for prepaid and gift cards. Both payment instruments have contributed to double digit growth of late, and the opportunity for competitors in this industry to gain and increase their market share.

In our report, Prepaid and Gift Cards in Canada, Packaged Facts projects that open-loop and closed-loop transaction volume would rise more than 15% in 2014.

Participants in the Canadian prepaid and gift card market have challenges ahead: the government recently implemented new prepaid card regulations, and Packaged Facts believes that it’s only a matter of time before general-purpose reloadable prepaid card interchange rates garner more scrutiny. But with greater consumer transparency and with newer card programs offering more competitive pricing, we see robust growth for these cards in the near term.

The report analyzes how this growth can be accomplished. One way is to expand the target audience beyond the relatively narrow band of Canadian underbanked and unbanked consumers and convincing more mainstream consumers to part with their debit cards, especially 18-34s.

Packaged Facts’ Prepaid and Gift Cards in Canada gives industry participants guidance for success in the Canadian prepaid card market. Specifically, the report:
  • Addresses challenges and opportunities faced by the prepaid card industry, including regulatory trends, competition in the form of debit and bank accounts, and interchange potential.
  • Provides demographic analysis of the Canadian prepaid card user in the context of consumer debit card, credit card and checking account usage and cross-usage, as well as banked status (unbanked, banked, fully banked and underbanked).
  • Identifies and interprets key prepaid card metrics, including monthly cardholder usage costs; monthly spend; monthly purchase, ATM withdrawal, and reload transactions; length of card use and intended length of use. We also identify the percentage of prepaid cardholders with direct deposit, and then assess the degree that direct deposit influences these metrics.
  • Shares how consumers (including prepaid and debit card users) rank prepaid cards against debit cards with respect to competitive features such as card usage cost, ease of qualification, overdraft fee protection, spending control, breadth of card acceptance, and customer service.
  • Analyzes prepaid card users with respect to mobile payment trends, including smartphone penetration among the unbanked, mobile payment methods, mobile phone usage at point-of-sale, PayPal payments, and P2P methods.
  • Assesses a variety of general-purpose reloadable prepaid card brands: Nextwave Titanium+ Prepaid Visa; Iridium Prepaid MasterCard; CanaCash Financial Services PRIZM Prepaid VISA Card; Citizens Bank/Vancity Prepaid Card; opt+ Prepaid MasterCard; and the TD Go Card. Analysis is organized by the cost to buy, load, withdraw, spend, and share funds, as well as by customer service and balance inquiry costs, and by penalties.
  • Analyzes Canadian prepaid card marketer & issuer strategies, including those of card networks MasterCard, Visa and Interac and leading prepaid card issuers Peoples Trust Company, Vancouver City Savings Credit Union, DC Payments, and AllTrans Financial Services Credit Union Bank.

  • $3,018.00 Included

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  • $1,790.00 Included
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      $210.00 Included

    • $93.00 Included
      •   Canadian Payment Methods
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      $157.00 Included

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      $334.00 Included

  • $1,035.00 Included
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      $93.00 Included

    • $390.00 Included
      •   Credit and Debit Card Service Fees: Major Canadian Bank Prepaid Card Issuers, 2004-2013
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        $103.00 Included
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        $98.00 Included

    • $365.00 Included
      •   Canadian General Purpose Reloadable Prepaid Cards, by Issuer, Network and Customer Segment, 2014

    • $191.00 Included

      • $167.00 Included
        •   Dollar Value and Dollar Share of Canadian Gift Cards Given in Past 12 Months, by Gifting Occasion, 2014

  • $2,196.00 Included
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      $372.00 Included

    • $190.00 Included
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        $186.00 Included

    • $879.00 Included
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        $93.00 Included
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        $93.00 Included
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      • $114.00 Included
        •   Credit Cards, Debit Cards & Bank Account Usage: Top 10 Countries, 2011

      • $93.00 Included
        •   Percent of Canadian Adults with Credit Cards Debit Cards, and Accounts at Financial Institutions, by Gender, Age and Income Quintile, 2011
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        $93.00 Included

      • $237.00 Included
        •   Visa & MasterCard Consumer Credit Interchange Rates, Interac Debit Cost per Transaction & American Express Card Fees: Canada, 2013
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        $93.00 Included
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        $93.00 Included

      • $177.00 Included
        •   Canadian Merchant Fee Analysis: Interac Debit vs. Prepaid Cards, 2013

    • $647.00 Included

      • $127.00 Included
        •   Royal Bank of Canada Checking Accounts: Target Audience, by Transaction Frequency, Card/ATM Use and Additional Service Interest, 2014

      • $128.00 Included
        •   Royal Bank of Canada Checking Accounts, by Monthly Fee, Rebate Fee, Debits Included, Overdraft, ATM Fee Waiver, and Credit Card Fee Waiver, 2014

      • $121.00 Included
        •   Royal Bank of Canada Checking Account Rebates, by Account, 2014

      • $270.00 Included
        •   Low-Cost Checking Accounts at Major Canadian Banks, by Bank, Eligibility, Monthly Fee and Included Transactions, 2014
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      $93.00 Included

  • $902.00 Included
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      $162.00 Included

    • $255.00 Included
      •   Average Monthly Prepaid Card Costs; Length of Use & Intended Use; Times Used for Purchase, Withdrawal & Reload; and Spend, by Gender, Age and HH Income, 2014

    • $116.00 Included
      •   Share of Prepaid Card Users Linking Card to Direct Deposit & Length of Time Having Direct Deposit, by Gender, Age & HH Income, 2014

    • $192.00 Included
      •   Average Monthly Prepaid Card Costs; Length of Use & Intended Use; Times Used for Purchase, Withdrawal & Reload; and Spend: Direct Deposit vs. No Direct Deposit, 2014

    • $139.00 Included
      •   Share of Prepaid Card Users Using Card for Purchase, Withdrawal & Reload, by Gender, Age & HH Income, 2014

  • $755.00 Included

    • $414.00 Included
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        $93.00 Included

      • $129.00 Included
        •   Debit Card vs. Reloadable Prepaid Card Attribute Comparison: Mean Response Rate, by Debit and Prepaid Card Users, 2014
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        $94.00 Included

    • $200.00 Included
      •   Debit Card vs. Reloadable Prepaid Card Attribute Comparison: Mean Response Rate among Debit Card Users, by Gender, HH Income, Province & Population Density, 2014

    • $111.00 Included
      •   Debit Card vs. Reloadable Prepaid Card Attribute Comparison: Mean Response Rate among Prepaid Card Users, by Gender & HH Income, 2014

  • $1,130.00 Included
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      $150.00 Included

    • $110.00 Included
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        $93.00 Included
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        $93.00 Included

    • $302.00 Included
      •   Checking Account, Debit Card, Credit Card, Gift Card and GPR Prepaid Card Usage Penetration, by Demographic, 2014

    • $164.00 Included

      • $160.00 Included
        •   Checking Account, Debit Card, Credit Card, Gift Card and GPR Prepaid Card Usage, Cross-Penetration, 2014

    • $213.00 Included

      • $210.00 Included
        •   Banked, Fully Banked, Underbanked and Unbanked Share of Population, by Demographic, 2014

    • $159.00 Included
      •   Prepaid Card Usage Penetration: Unbanked, Alternative Financial Services Users, Underbanked, Banked & Fully Banked, 2014

  • $842.00 Included
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      $142.00 Included

    • $675.00 Included

      • $115.00 Included
        •   Percent of U.S. Adults Owning Mobile Phones & Smartphones, w/ Smartphone Share, by Demographic, 2012-2013

      • $215.00 Included
        •   Percent of Adults That Have Mobile Phone & Smartphone: Unbanked, Alternative Financial Services Users, Underbanked, Banked & Fully Banked, 2014

      • $114.00 Included
        •   Mobile Payment in Last 12 Months & Monthly Payment Frequency: Prepaid Card Users vs. Non-Users, 2014

      • $93.00 Included
        •   Mobile Payment Methods Used in Past 12 Months: Prepaid Card Users vs. Non-Users, 2014

      • $93.00 Included
        •   Mobile Phone Usage at Point-of-Sale in Last 12 Months, by Payment Method: Prepaid Card Users vs. Non-Users, 2014

      • $93.00 Included
        •   PayPal Payments & P2P Methods Used in Last 12 Months: Prepaid Card Users vs. Non-Users, 2014

  • $712.00 Included
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      $138.00 Included

    • $553.00 Included

      • $146.00 Included
        •   Dollar Value and Dollar Share of Canadian Gift Cards Given in Past 12 Months, by Gifting Occasion, 2014

      • $144.00 Included
        •   Dollar Value and Dollar Share of Canadian Gift Cards Given in Past 12 Months, by Gifting Recipient, 2014

      • $251.00 Included
        •   Dollar Value and Dollar Share of Canadian Gift Cards Given in Past 12 Months, by Gifting Occasion and Recipient, 2014

  • $1,178.00 Included
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      $131.00 Included

    • $998.00 Included

      • $175.00 Included
        •   Canadian General-Purpose Reloadable Prepaid Card Fee Analysis: Five Leading Card Brands, 2014
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        $93.00 Included

      • $143.00 Included
        •   TD Go Card Fee Analysis, 2014

      • $383.00 Included
        •   Citizens Bank/Vancity Prepaid Card Fee Analysis, 2014
        •   Nextwave Titanium+ Prepaid Visa Fee Analysis, 2014
        •   Iridium Prepaid MasterCard Fee Analysis, 2014

  • $3,074.00 Included
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      $410.00 Included

    • $161.00 Included
      •   MasterCard Canada & Visa Canada Combined Card Value & Transactions, 2008-2013

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        $93.00 Included
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        $122.00 Included
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        $93.00 Included
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        $93.00 Included

      • $154.00 Included
        •   MasterCard Canada General-Purpose Reloadable Prepaid Cards, by Brand Name, Bank Issuer and Customer Segment, 2014

      • $93.00 Included
        •   MasterCard Canada Card Value and Transactions, 2008-2013

    • $526.00 Included
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        $225.00 Included
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        $93.00 Included

      • $146.00 Included
        •   Visa Canada General-Purpose Reloadable Prepaid Cards, by Brand Name, Bank Issuer and Customer Segment, 2014

      • $93.00 Included
        •   Visa Canada Card Value and Transactions, 2008-2013

    • $594.00 Included
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        $93.00 Included
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        $93.00 Included
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        $93.00 Included
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        $93.00 Included
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        $93.00 Included

      • $138.00 Included
        •   Interac Association: Transaction, User, Terminal, Merchant, and ABM

    • $804.00 Included

      • $344.00 Included
        •   Peoples Trust Canada General-Purpose Reloadable Prepaid Cards Issued, by Brand Name, Network Brand and Customer Segment, 2014
        •   Peoples Trust Canada Non-Interest Income: Credit/Debit Card Service Fees, 2004-2013

      • $327.00 Included
        •   Citizens Bank of Canada General-Purpose Reloadable Prepaid Cards Issued, by Brand Name, Network Brand and Customer Segment, 2014
        •   AllTrans Financial Services Credit Union General-Purpose Reloadable Prepaid Cards Issued, by Brand Name, Network Brand and Customer Segment, 2014
        •   AllTrans Financial Services Credit Union Prepaid Debit Program Income, 2011-2013

      • $106.00 Included
        •   DC Bank General-Purpose Reloadable Prepaid Cards Issued, by Brand Name, Network Brand and Customer Segment, 2014

  • $1,157.00 Included

    • $139.00 Included
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      $93.00 Included

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