| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 6.93 Billion |
| Market Size (2030) | USD 10.91 Billion |
| CAGR (2025 - 2030) | 9.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Prepaid Cards Market Analysis
The Canada Prepaid Cards Market size is estimated at USD 6.93 billion in 2025, and is expected to reach USD 10.91 billion by 2030, at a CAGR of 9.5% during the forecast period (2025-2030).
Canada boasts a robust prepaid card market, with over 90 active companies. Notably, these prepaid companies represent a significant 1/6th of all payment technology firms in the nation, with the majority falling under the FinTech umbrella. The landscape sees a surge in new launches and innovations, particularly in Challenger Banks, Program Managers, and Service Providers, with Challenger Banks leading the pack in new FinTech entrants. Half of the 90 players in Canada's prepaid value chain are homegrown; 60% have their headquarters in Ontario.
Canada has witnessed a notable rise in kids' and teen banking in recent years. This trend empowers parents to efficiently allocate funds to their children, monitor their spending, assign tasks tied to allowances, and impart valuable lessons on savings. Real-time access to earnings facilitates swift transfers to prepaid cards, ensuring immediate usability. Furthermore, the country's cryptocurrency marketplaces are rolling out prepaid cards, streamlining funding, withdrawals, and expenditures.
The burgeoning prepaid industry in Canada brings many benefits, notably enhancing financial inclusion for the expanding gig economy and offering increased choice and convenience to all Canadians. Post-pandemic, online purchases and travel have emerged as leading purposes for prepaid card usage, complemented by a steady rise in debit card users, further propelling Canada's prepaid card market.
Canada Prepaid Cards Market Trends
The Rising Use of Gifts Cards is Driving the Market
Canada's gift card market is growing, fueled by the surge in corporate gifting practices at events ranging from birthdays to festivals. Businesses increasingly turn to gift cards as a robust revenue source, bolstering their sales and overall income. This uptick in the market's value directly translates into higher holiday season spending by Canadians. Technological advancements are reshaping the landscape, allowing Canadians to purchase and receive digital gift cards seamlessly, primarily through prominent mobile wallets. Furthermore, major e-commerce players, including Amazon, amplify the appeal of gift and prepaid cards by offering enticing deals, particularly during festive periods.
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The Rising Demand for Open Loop Card
Open-loop prepaid cards, encompassing credit, debit, gift, and prepaid cards, are versatile payment options accepted wherever their brand is recognized. Their adoption in Canada has been swift. Ownership of open-loop cards in Canada has steadily risen, translating into a surge in transaction volumes. Canada's credit card penetration exceeded 82% last year, bolstering user purchasing power. Concurrently, as Canada's employment levels rise, so does access to the banking system, further amplifying the market reach of open-loop cards. These dynamics propel open-loop cards to the forefront as a dominant segment in Canada's prepaid card market.
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Canada Prepaid Cards Industry Overview
Canada's Prepaid Card Market is partially fragmented, with an increasing number of players operating in the market over the years. This trend is also leading to an increase in the share of payments made through prepaid cards, rising e-commerce, and businesses' participation in incentivizing their employees. Some of the existing players in Canada's Prepaid Card Industry are Berkeley Payment Solutions, Blackhawk Network, Carta Worldwide, and Desjardins.
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Berkeley Payment Solutions
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Blackhawk Network
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Carta Worldwide
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Koho
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Desjardins
- *Disclaimer: Major Players sorted in no particular order
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Canada Prepaid Cards Market News
- February 2022: Simplii Financial made waves by introducing Canada's first digital gift card marketplace, which mirrors the surging trend of online shopping and the escalating adoption of digital gift cards. Through this innovative platform, Simplii's clientele gained the ability to seamlessly send prepaid Visa gift cards, with values reaching up to USD 250, to recipients across Canada, all via their online or mobile banking channels.
- April 2022: EML joined forces with Zayzoon to unveil the ZayZoon Visa prepaid card program. This collaboration aimed to empower employees, offering them enhanced flexibility in accessing their wages. Employees can swiftly obtain a virtual card, granting them immediate access to their earnings, whether they typically receive paychecks bi-weekly or monthly.
Canada Prepaid Cards Industry Segmentation
A prepaid card is a kind of payment card one can use to purchase or pay bills, such as credit cards or debit cards. Banks, financial institutions, and others issue these cards with loaded funds. Users can make a transaction without having to pay interest in the future.
Canada’s prepaid cards market is segmented by offering (general purpose cards, gift cards, government benefit cards, incentive/payroll cards, and other offerings), card type (closed-loop cards and open-loop cards), and end user (retail, corporate, and government). The report also covers the market sizes and forecasts for Canada’s prepaid card market in value (USD) for all the above segments.
| By Offering | General Purpose Card |
| Gift card | |
| Government Benefit card | |
| Incentive/Payroll Card | |
| Other Offerings | |
| By Card type | Closed-loop Card |
| Open-loop Card | |
| By End-user | Retail |
| Corporate | |
| Government |
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Canada Prepaid Cards Market Research Faqs
How big is the Canada Prepaid Cards Market?
The Canada Prepaid Cards Market size is expected to reach USD 6.93 billion in 2025 and grow at a CAGR of 9.5% to reach USD 10.91 billion by 2030.
What is the current Canada Prepaid Cards Market size?
In 2025, the Canada Prepaid Cards Market size is expected to reach USD 6.93 billion.
Who are the key players in Canada Prepaid Cards Market?
Berkeley Payment Solutions, Blackhawk Network, Carta Worldwide, Koho and Desjardins are the major companies operating in the Canada Prepaid Cards Market.
What years does this Canada Prepaid Cards Market cover, and what was the market size in 2024?
In 2024, the Canada Prepaid Cards Market size was estimated at USD 6.27 billion. The report covers the Canada Prepaid Cards Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Canada Prepaid Cards Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Canada Prepaid Cards Industry Report
Statistics for the 2025 Canada Prepaid Cards market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Prepaid Cards analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
