The report titled U.S., Canada, and U.K. Prepaid Markets:
Similarities and Differences provides a comparison of these markets
including market size, taxonomy, regulations, and key players.
Mercator Advisory Group has been covering the U.S. prepaid debit
card market since 2004 and created the taxonomy that is used industrywide to
categorize and segment the different prepaid debit card types in the market. In
2014, Mercator was asked to provide the same type of analysis for the Canadian
market. Every year new data is collected and analyzed using the baseline data
and trending to benchmark and forecast market size for five additional years,
which helps program managers and processors to anticipate where growth will
happen as well as where to expect declines.
Additionally, the report looks at the regulatory environments for prepaid
debit cards, which are continually changing especially in Canada and the United
Kingdom as regulators learn the nuances of the card market and where risk lies.
While some controls are necessary, prepaid programs face risks at both the
state/providence and federal level provoking continual compliance concerns.
debit card market is unique in that there are many product offerings under
prepaid debit cards that are not widely known under that designation. People
are more likely to know them as gift, payroll, incentive, travel, or general
purpose reloadable (GPR) cards. Each country has its own set of products that
function primarily the same but with major differences in the regulatory
requirements. It’s valuable to players in the prepaid market to see how each
country is evolving in this space,” C.
Sue Brown, Director of Mercator
Advisory Group's Prepaid Advisory Service, and author of the
This research report has 21 pages and 15 exhibits.
Companies and other
organizations mentioned in the report include: Bank of Canada, Bank
of Montreal, Barclays, Berkeley Payments, Blackhawk, Canadian Imperial Bank of
Commerce (CIBC), City Services Benefits Card (CSBC), Clydesdale Bank, Consumer
Financial Protection Bureau (CFPB), Contis Group, Ltd, Co-operative Bank,
Desjardins, Discover, Federal Deposit Insurance Corporation (FDIC), Financial
Crimes Enforcement (FinCEN), Greendot, HSBC, InComm, Industrial and Commerce
Bank of China, KEB Hana Bank of Canada, Laurentian Bank, Lloyds Banking Group
(Bank of Scotland, Halifax, and Lloyds), Mastercard, National Bank, National
Gift Corporation (NGC), Nationwide, Netspend, North West, Ontario Disability
Support Program, PaySafe Group, Peoples Trust Company, Prepaid Financial
Services (PFS), PrePay Solutions, PSI-Pay, Ltd, Rapid Payroll, RBC Royal Bank,
RBS Group (NatWest, Royal Bank of Scotland, and Ulster Bank), Santander,
Scotiabank, TD Canada Trust, Toronto Employment and Social Services (TESS),
TSB, UK Gift Card and Voucher Association (UKGCVA), US Bank, Vancity Community
Investment Bank, Virgin Money, Visa, Wirecard, and Yorkshire Bank.