The Canadian open-loop prepaid market has grown 27 percent over the last three years, according to the Canadian Prepaid Providers Organization’s (CPPO) most recent annual study. The reason? Prepaid cards make dealing with your finances a breeze. There are
a wealth of benefits to being a prepaid cardholder. Don’t believe me? Just see for yourself!
PREPAID CARDS ARE FAST, FLEXIBLE, EASY TO USE, AND ACCEPTED EVERYWHERE:
1. Prepaid cards are easy to use, easy to maintain, and easy to reload. Cards can be used to purchase whatever you want, whenever you want.
2. Prepaid cards can be used both online and around the world anywhere Visa or Mastercard are accepted.
3. A prepaid cardholder has immediate access to funds and doesn’t have to deal with lengthy delays like with cheques.
4. Canadian prepaid cards can be used internationally.
5. Funds can be electronically transferred and distributed within seconds to the intended recipients without the hassle and delay of mailing cheques.
PREPAID CARDS ARE SAFE, SECURE, AND PRIVATE:
6. Prepaid cards have protection against lost cards, theft, and unauthorized transactions, so if your card is stolen you aren’t at risk of losing funds or damaging your credit.
7. All data is encrypted and totally confidential.
8. Prepaid cards offer enhanced payment privacy: store-bought prepaid cards are anonymous, and registered open-loops cards only contain the bare minimum of your information.
9. Lost or stolen prepaid cards are easy to replace, unlike cash or cheques
PREPAID CARDS OFFER FINANCIAL FREEDOM & CONTROL:
10. All activity and spending can be tracked online, making it easy to control and monitor finances.
11. Cards can be set with preset limits to help with budgeting,
12. A prepaid cardholder does not require a credit check or credit history.
13. Prepaid offers the advantages of both debit and credit cards, but without any of the risks of credit or the limitations of debt
14. Payments can be made to customers and employees who are underbanked, ie. people who do not associate with a specific financial institution
PREPAID CARDS SAVE MONEY:
15. Unlike credit cards and bank accounts, with prepaid you can’t be charged interest or overdraft fees. Your credit will not be affected.
16. According to the Canadian Prepaid Products Regulations in Canada, prepaid cards cannot have hidden fees.
17. There are no monthly payments required to make on prepaid. You only spend what you’ve loaded on the card.