The partnership, which is between Canada's leading trust company Home Trust and the pioneering prepaid payment solutions company SelectCore, will allow both companies to utilise prepaid cards and new payment technologies.
Over the last few years, Canada has seen a rapid growth and change in the payments space, with transactions moving from cheques and cash into the digital era of NFC and mobile payments.
The deal allows them to provide pre-paid Visa Canada and MasterCard Canada cards to customers, thus negating the need for users to worry about dealing with the woes of paying off credit cards. Which sticks rather nicely to SelectCore's mantra of providing to the under-served markets.
The inclusion of Visa and MasterCard cards are also seen as key to helping drive Candada into becoming a cashless society – something they wish to be as it saves both time and money for government agencies, corporations and consumers.
"We are excited by the opportunity to enter this rapidly growing payments space" said Home Trust's CEO Gerald M. Soloway. "By expanding our portfolio to include prepaid card solutions, we are further diversifying our business. We look forward to building and developing our relationship with SelectCore".
SelectCore president Keith McKenzie added: "As the incumbent provider of government disbursement solutions and a pioneer in the prepaid industry, our agreement with Home Trust reconfirms our leadership position in the Canadian marketplace. We are delighted to be working with one of Canada's leading alternative financial services companies".
Naturally this move is rather lucrative as it's estimated that the Canadian pre-paid market will hit $19.2bn in the next five years – with an addressable market surpassing $125bn.
Is the drive to make Canada a cashless society a smart one?
Will there always be a place for coin and paper cash in the modern world?
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