Thursday, February 18th, 2016PX Congratulates our Member, Peoples Trust on an exceptional year!
Peoples Trust Leveraged Growing Canadian Payments Markets to Expand Issuing Services to 150 New Programs and more than CA$1.2 billion in 2015
Peoples Trust, the leading federally chartered prepaid card issuer in Canada, announced significant growth in 2015 with the addition of 150 new programs, and a nearly 19% increase in dollar volume from 2014.
Canada is one of the fastest growing prepaid markets and has emerged as a lead market for global fintech expansion in recent years. Peoples specializes in helping card program managers establish, launch and grow card programs across Canada through BIN sponsorship, regulatory expertise, and market guidance.
“In contrast with other markets, prepaid in Canada has broad adoption among both banked and unbanked consumers and businesses,” said Peter Read, president of Peoples Card Services a subsidiary of Peoples Trust. “Peoples expects continued market growth driven by innovative applications across mobile and digital payments, travel, incentives, payroll and many others.”
Peoples has issued more than 30 million prepaid cards across 750+ programs in Canada, totaling more than CA$1.2 billion in card loads last year. Peoples is seeing an uptick in new market entrants, in particular from the U.S. as the prepaid market for both consumers and businesses expands. These companies have a unique need for Canadian issuing expertise to navigate the varying regional and national regulations and protocols. In more than a decade of serving the prepaid market, Peoples has built a robust issuing infrastructure to reach and properly support national payments programs of this type.