Canada Prepaid Card and Digital Wallet Market Intelligence Report 2025-2029: Open-Loop Cards Prepaid Financial Expansion, Corporate Shift to Prepaid Solutions Accelerates Financial Innovations

National Post

11-06-2025

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DUBLIN — The 'Canada Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook – Q2 2025 Update' report has been added to ResearchAndMarkets.com's offering.
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The prepaid card and digital wallet market in Canada is expected to grow by 6.7% on annual basis to reach US$ 26.26 billion in 2025.
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The prepaid card and digital wallet market in the country has experienced robust growth during 2020-2024, achieving a CAGR of 11.1%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 5.6% during 2025-2029. By the end of 2029, the prepaid card and digital wallet market is projected to expand from its 2024 value of US$ 24.63 billion to approximately US$ 32.61 billion.
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The Canadian prepaid card market is expanding rapidly, driven by the increasing adoption of open-loop prepaid cards, digital wallet integration, and corporate utilization. As consumer demand for flexible and secure payment options grows, financial institutions and fintech companies are enhancing their offerings to meet evolving preferences. Businesses are also leveraging prepaid solutions to streamline financial management and incentivize employees, further solidifying the role of prepaid cards in the corporate sector.
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Looking ahead, competition in the market is expected to intensify as digital payment infrastructure continues to evolve. Integrating prepaid cards with mobile wallets will offer enhanced convenience, while regulatory and technological advancements will drive further innovation. Companies prioritizing strategic partnerships, digital advancements, and regulatory compliance will be best positioned to capitalize on the expanding opportunities within Canada's prepaid card industry.
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Competitive Landscape of the Canada Prepaid Card Market
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The Canadian prepaid card market is set for sustained expansion, driven by increasing consumer demand for digital payment solutions and corporate adoption. The presence of established financial institutions, fintech players, and new entrants introducing innovative prepaid solutions is fostering a highly competitive environment. Strategic partnerships and mergers also contribute to market consolidation, enhancing the availability and accessibility of prepaid card products across multiple sectors.
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Regulatory changes and technological advancements will further shape the competitive landscape in the coming years, encouraging transparency and fostering innovation. The Bank of Canada's initiative to regulate payment service providers will strengthen security and increase provider competition. Businesses prioritizing digital integration, compliance with evolving regulations, and customer-centric prepaid solutions will be well-positioned to capitalize on emerging opportunities within Canada's growing prepaid card market.
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Current Market Dynamics
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Canada's prepaid card market is experiencing significant growth, driven by increasing consumer demand for flexible payment solutions and the rise of digital wallets. The market encompasses open-loop cards, which can be used anywhere the card network is accepted, and closed-loop cards, limited to specific merchants or services. Open-loop cards have seen swift adoption, with ownership steadily rising and contributing to increased transaction volumes.
This expansion is further supported by Canada's high credit card penetration, which exceeded 82% last year, enhancing user purchasing power. Additionally, as employment levels rise, more Canadians gain access to the banking system, further amplifying the market reach of prepaid cards.
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The Canadian prepaid card market features a mix of established financial institutions and emerging fintech companies. Prominent players include Berkeley Payment Solutions, Blackhawk Network, Carta Worldwide, and Desjardins, each offering various prepaid products tailored to various consumer and corporate needs.
In recent years, new entrants have introduced innovative prepaid solutions to cater to evolving consumer preferences. For instance, fintech firms like Koho have launched reloadable prepaid cards linked to mobile apps, providing users with budgeting tools and real-time transaction notifications.
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Canada Prepaid Payment Instrument Market Size and Forecast
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Canada Digital Wallet Market Size and Forecast
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Retail Shopping (Value, Volume, Avg. Value)
Travel (Value, Volume, Avg. Value)
Restaurant (Value, Volume, Avg. Value)
Entertainment and Gaming (Value, Volume, Avg. Value)
Recharge and Bill Payment (Value, Volume, Avg. Value)
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Canada Digital Wallet Retail Spend Dynamics
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Food and Grocery – Transaction Value
Health and Beauty Products – Transaction Value
Apparel and Foot Wear – Transaction Value
Books, Music and Video – Transaction Value
Consumer Electronics – Transaction Value
Pharmacy and Wellness – Transaction Value
Gas Stations – Transaction Value
Restaurants & Bars – Transaction Value
Toys, Kids, and Baby Products – Transaction Value
Services – Transaction Value
Others – Transaction Value
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Canada Prepaid Card Industry Market Attractiveness
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Load Value Trend Analysis
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards
Market Share Analysis by Functional Attributes – Open Loop vs. Closed Loop
Market Share Analysis by Prepaid Card Categories
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Canada Open Loop Prepaid Card Future Growth Dynamics
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Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards
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Canada Closed Loop Prepaid Card Future Growth Dynamics
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Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards
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Canada Prepaid Card Consumer Usage Trends
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By Age Group
By Income Group
By Gender
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Canada Prepaid Card Retail Spend Dynamics
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Food and Grocery – Transaction Value
Health and Beauty Products – Transaction Value
Apparel and Foot Wear – Transaction Value
Books, Music and Video – Transaction Value
Consumer Electronics – Transaction Value
Pharmacy and Wellness – Transaction Value
Gas Stations – Transaction Value
Restaurants & Bars – Transaction Value
Toys, Kids, and Baby Products – Transaction Value
Services – Transaction Value
Others – Transaction Value
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Canada General Purpose Prepaid Card Market Size and Forecast
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Canada Gift Card Market Size and Forecast
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Gift Card Market Size and Forecast by Functional Attribute
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By Open Loop Gift Card
By Closed Loop Gift Card
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Gift Card Market Size and Forecast by Consumer Segments
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By Retail Consumer Segment
By Corporate Consumer Segment
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Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
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By Open Loop Teen and Campus Prepaid Card
By Closed Loop Teen and Campus Prepaid Card
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Canada Business and Administrative Expense Prepaid Card Market Size and Forecast
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Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
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By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
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Canada Payroll Prepaid Card Market Size and Forecast
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Payroll Prepaid Card Market Size and Forecast by Consumer Segments
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By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
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Canada Meal Prepaid Card Market Size and Forecast
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Meal Prepaid Card Market Size and Forecast by Consumer Segments
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By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
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Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
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By Retail
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
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Canada Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
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Canada Fuel Prepaid Cards Market Size and Forecast
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Canada Virtual Prepaid Card Industry Market Attractiveness
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General Purpose Prepaid Card – Transaction Value
Gift Card – Transaction Value
Entertainment and Gaming Prepaid Card – Transaction Value
Teen and Campus Prepaid Card – Transaction Value
Business and Administrative Expense Prepaid Card – Transaction Value
Payroll Prepaid Card – Transaction Value
Meal Prepaid Card – Transaction Value
Travel Forex Prepaid Card – Transaction Value
Transit and Tolls Prepaid Card – Transaction Value
Social Security and Other Government Benefit Programs Prepaid Card – Transaction Value
Fuel Prepaid Cards – Transaction Value
Utilities, and Other Prepaid Cards – Transaction Value
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Key Attributes:
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Report Attribute Details
No. of Pages 159
Forecast Period 2025 – 2029
Estimated Market Value (USD) in 2025 $26.26 Billion
Forecasted Market Value (USD) by 2029 $32.61 Billion
Compound Annual Growth Rate 5.6%
Regions Covered Canada
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For more information about this report visit https://www.researchandmarkets.com/r/o4bega About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Contacts
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