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25/03/2010 -
Two of the biggest trends to watch in the Canadian payment processing sector are prepaid and co-branded cards, according to payment processing news magazine the Green Sheet.Prepaid cards are expected to show a strong performance in the coming years, especially because consumers are increasingly concerned about the security of their financial accounts and cardholder data - not to mention the fact that credit is harder to come by.
The Green Sheet notes that prepaid options have not been immensely popular in Canada recently, but that will soon change.
"The fact is, if [banks and payment processing firms] do not get into this market soon, there may not be any further opportunities, as the market will soon reach saturation point," the magazine reported, adding that BMO's prepaid travel card has been a notable presence in the sector.
The magazine also forecasted that co-branding will continue to experience rapid growth, with the options for co-branding growing wider every day. "Don't be surprised if [a co-branded card soon] includes your favorite social network site or tweet," the Green Sheet reported.
However, the picture is slightly different in the U.S., where credit card companies have been cutting down on co-branded offerings recently to stem losses from consumer defaults, the Wall Street Journal reported.
