Latest news with #digitalWallet
National Post
11-06-2025
- Business
- National Post
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
Article content Article content DUBLIN — The 'Canada Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook – Q2 2025 Update' report has been added to offering. Article content 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. Article content 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. Article content 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. Article content 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. Article content Competitive Landscape of the Canada Prepaid Card Market Article content 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. Article content 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. Article content Current Market Dynamics Article content 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. Article content 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. Article content Canada Prepaid Payment Instrument Market Size and Forecast Article content Canada Digital Wallet Market Size and Forecast Article content 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) Article content Canada Digital Wallet Retail Spend Dynamics Article content 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 Article content Canada Prepaid Card Industry Market Attractiveness Article content 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 Article content Canada Open Loop Prepaid Card Future Growth Dynamics Article content Transaction Value Trend Analysis Transaction Volume Trend Analysis Average Value per Transaction Number of Cards Article content Canada Closed Loop Prepaid Card Future Growth Dynamics Article content Transaction Value Trend Analysis Transaction Volume Trend Analysis Average Value per Transaction Number of Cards Article content Canada Prepaid Card Consumer Usage Trends Article content By Age Group By Income Group By Gender Article content Canada Prepaid Card Retail Spend Dynamics Article content 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 Article content Canada General Purpose Prepaid Card Market Size and Forecast Article content Canada Gift Card Market Size and Forecast Article content Gift Card Market Size and Forecast by Functional Attribute Article content By Open Loop Gift Card By Closed Loop Gift Card Article content Gift Card Market Size and Forecast by Consumer Segments Article content By Retail Consumer Segment By Corporate Consumer Segment Article content Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute Article content By Open Loop Teen and Campus Prepaid Card By Closed Loop Teen and Campus Prepaid Card Article content Canada Business and Administrative Expense Prepaid Card Market Size and Forecast Article content Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments Article content By Small Scale Business Segment By Mid-Tier Business Segment By Enterprise Business Segment By Government Segment Article content Canada Payroll Prepaid Card Market Size and Forecast Article content Payroll Prepaid Card Market Size and Forecast by Consumer Segments Article content By Small Scale Business Segment By Mid-Tier Business Segment By Enterprise Business Segment By Government Segment Article content Canada Meal Prepaid Card Market Size and Forecast Article content Meal Prepaid Card Market Size and Forecast by Consumer Segments Article content By Small Scale Business Segment By Mid-Tier Business Segment By Enterprise Business Segment By Government Segment Article content Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments Article content By Retail By Small Scale Business Segment By Mid-Tier Business Segment By Enterprise Business Segment By Government Segment Article content Canada Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast Article content Canada Fuel Prepaid Cards Market Size and Forecast Article content Canada Virtual Prepaid Card Industry Market Attractiveness Article content 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 Article content Key Attributes: Article content 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 Article content For more information about this report visit About 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. Article content Article content Article content Article content Article content Contacts Article content Article content
Finextra
10-06-2025
- Business
- Finextra
Payments orchestrator Br-dge expands coverage with AstroPay
BR-DGE has announced the latest global alternative payment method (APM) supported on its platform, through a strategic partnership with AstroPay, the global digital wallet service. 0 AstroPay is now integrated with BR-DGE's platform, making it available as an alternative payment method (APM) for BR-DGE's merchant customers across sectors like ecommerce, travel, gaming, and digital goods. The partnership represents a meaningful step in AstroPay's growth, expanding its reach through BR-DGE's modular infrastructure, broad distribution network, and strong presence in high-demand verticals. As an independently-owned, vendor-agnostic payment orchestrator, BR-DGE is fast becoming the go-to partner for high-volume enterprise merchants through its modular solutions. A category leader in payment orchestration, BR-DGE enables merchants to scale, enter new markets, introduce innovative features, optimise costs, and effortlessly adapt to the future payment's world. AstroPay multicurrency wallet users enjoy a range of financial benefits. Individuals and businesses can receive and withdraw international payments from global clients and platforms with ease, eliminating common transaction hurdles. With multi-currency storage and conversion capabilities, travelers and digital nomads can efficiently manage their money while benefiting from competitive exchange rates. AstroPay also allows users to make cross-border transactions effortlessly while benefiting from best-in-class foreign exchange rates, ensuring they get the most value for their money while spending abroad. Users also experience faster and lower-cost transactions, avoiding the high fees and slow processing times that often accompany traditional banking methods. Diego Steinberg, COO of AstroPay, commented on the partnership: 'In global, digital world, people expect to be able to send money across borders as easily as they do within their own country. We are delighted that BR-DGE has selected our digital wallet and payment platform to expand its payments offering. BR-DGE is a trusted and industry-leading payment orchestration platform, and through our partnership they can continue to help numerous enterprise merchants to enhance their tech stacks and customer payment processes.' Bringing together over 400 payment technology solutions in one place, BR-DGE works as an independent, trusted and vendor-agnostic partner for the whole ecosystem, creating value and driving better outcomes for payment providers, their merchants and consumers. Founded in Edinburgh in 2018, BR-DGE now processes millions of transactions monthly on behalf of high-volume customers. With a number of large brands already on the platform, BR-DGE is positioned to become the orchestration partner of choice and distribution outlet for payments connectivity, routing, and data services. Tom Voaden, VP Commercial at BR-DGE, added: 'BR-DGE is solving the disconnect between ecosystem players by working as an anchor point and single source of payment orchestration. AstroPay is a fast-growing and increasingly important payment method for millions of people around the world and is now available to our merchant and payment providers. We're fully committed to the continued expansion of our payments acceptance network and range of available payment methods, to ensure our customers can stay ahead of consumer demand. Adding AstroPay is the next step in that journey.'
ABC News
02-06-2025
- Business
- ABC News
Crypto ATMs increasingly used for scams and money laundering: AUSTRAC
Australians are losing millions of dollars each year to scams linked to cryptocurrency ATMs and older people have been the group most caught up in illicit activity through the machines. Financial crimes agency AUSTRAC has now intervened — introducing sweeping industry-wide controls after uncovering links to scams, money laundering and other illegal activity. The regulator has also refused to renew one crypto ATM (CATM) operator's registration. Cryptocurrency ATMs are located across the country — in petrol stations, convenience stores, supermarkets and takeaway shops. They allow users to convert cash into digital currencies like Bitcoin, which is transferred to a digital wallet. Some machines also let users cash out their cryptocurrency. With banks under growing pressure to crack down on scams and money laundering, authorities warn crypto ATMs are being exploited by criminals. Following a three-month analysis of data from nine crypto ATM operators, AUSTRAC has confirmed the machines are being used for scam and fraud-related transactions. The ABC understands the regulator was able to trace some transactions to scam hotspots in Asia and Europe, as well as groups linked to organised crime. Crypto ATM operators will now face a $5,000 limit on cash deposits and withdrawals, in a effort to limit the financial fallout of scams. AUSTRAC will also enforce enhanced customer due diligence requirements, mandatory scam warnings and more robust transaction monitoring obligations on the operators. The new controls come as fresh data from the Australian Federal Police (AFP) reveals Australians are losing millions of dollars each year to scams involving crypto ATMs. "These conditions are designed to help protect individuals from scams by deterring criminals from directing them to a crypto ATM, as well as to protect businesses from criminal exploitation," AUSTRAC chief executive Brendan Thomas told ABC News. "In light of the risks and harms, we consider it absolutely necessary to ensure the sector meets minimum standards and reduces the criminal misuse of crypto ATMs. "We will continue to monitor the effectiveness of these conditions and adjust them if needed." As part of the compliance crackdown, AUSTRAC has refused to renew the registration of Harro's Empires, a small South Australian crypto ATM operator. The company has been ordered to shut down its four machines, after the agency found ongoing risks that its machines could be exploited by criminals. "This action draws a clear line in the sand and serves as a warning to other digital currency exchange providers that aren't meeting their responsibilities under the Anti-Money Laundering and Counter-Terrorism Financing Act," Mr Thomas said. Australians lost $3 million to scams involving crypto ATMs in the 12 months to January, according to reports made to the Australian Cyber Security Centre. Of the 150 reported incidents, the most common scams were investment scams (63), extortion emails (35), and romance scams (24). Most victims were women over 51. However, total losses are likely to be far higher, as many victims do not report these crimes. "Australia is certainly a key target, given we have high levels of savings and wealth," AFP assistant commissioner for cyber command Richard Chin told ABC News. Mr Chin said that once cash is converted into cryptocurrency and sent to a digital wallet, it's nearly impossible to retrieve. The scammer instructed the man to make several bank withdrawals and deposit the money into crypto ATMs. His funds could not be recovered. "That money goes into an elaborate web of global money laundering and ultimately ends up back with the criminal organisations orchestrating these scams and running them at an industrial scale around the world." Australia has the third-highest number of crypto ATMs in the world, behind the United States and Canada — making it the fastest-growing market globally. In 2019, there were just 23 machines nationwide. Today, there are more than 1,800. "The speed of the growth has concerned us," Mr Thomas told ABC News. "We're worried that growth may be based on illicit activity and people being scammed. "We're not only worried about people being victims of scams, we're also concerned about drug purchases and other money laundering activities occurring through cryptocurrency ATMs." AUSTRAC estimates around $275 million flows through these machines each year across roughly 150,000 transactions. The vast majority — around 99 per cent — are cash deposits used to purchase cryptocurrencies, primarily Bitcoin, Tether and Ethereum. Based on its analysis, AUSTRAC believes one in 10 transactions may be linked to illegitimate activity, including drug trafficking, scams, and organised crime. "Cryptocurrency as an industry represents a significant global money laundering risk. "We see eye-watering sums of money moving across borders for drug purchases, and the proceeds are being scammed," Mr Thomas said. The age profile of crypto ATM users has shocked regulators and closely aligns with the demographic most commonly targeted by international scams. People over 50 account for nearly 72 per cent of crypto ATM transactions by value. Those aged between 60 and 70 make up 29 per cent of all transaction value. These findings are echoed by at least one Melbourne petrol station worker, who spoke to the ABC on condition of anonymity. He said he typically sees two or three older people each week depositing cash into the on-site cryptocurrency ATM. Most, he said, are on the phone receiving step-by-step instructions from someone on how to use the machine. Most scam victims are first contacted online. Last year, Robert (whose name we've changed to protect his privacy) unwittingly became a money mule after applying for a work-from-home job he found online. "They sent me a contract to sign — passport, driver's licence, bank account details, the lot," he said. At first, he was asked to perform simple online tasks like writing product reviews. But later, he received instructions to withdraw money deposited by his 'employer' and put it into a crypto ATM. "She told me to take a photo of the ATM when I got there," Robert recalled. "Then she sent back photos with instructions on what buttons to press. I'd never used one of those machines before — it took me about half an hour to figure it out." He was told to open a second account at another bank and over several weeks, he deposited thousands of dollars into a digital wallet through his local crypto ATM. Eventually, his banks flagged the activity. "They said I might have been involved in something fraudulent. I was worried. I'm not that kind of person." Robert reported the incident to the ACCC's Scamwatch, which advised him to cancel all forms of ID and cease contact with the scammers. Crypto ATMs have made international headlines for the wrong reasons. They've been effectively banned in countries like the United Kingdom and Singapore, and are heavily restricted in others. In the US, lawmakers are considering new legislation to regulate the industry. Several lawsuits have already been filed, including one by the state of Iowa, which is suing operators Bitcoin Depot and CoinFlip for $US20 million ($31 million) over scam losses. In Australia, AUSTRAC last year established a dedicated taskforce to investigate the sector and introduced new compliance requirements aimed at stopping misuse. But Mr Thomas acknowledges that regulation hasn't kept pace with the industry's rapid growth. He has called for broader regulation of the cryptocurrency sector to support legitimate operators and protect consumers. "Our taskforce is working to understand the money laundering risks of cryptocurrency in Australia and is collaborating closely with industry to determine the controls we need," he said. Global players such as CoinFlip, Localcoin, ByteFederal and Bitcoin Depot are competing for market share against local players in Australia's booming crypto ATM market. Operators charge users commissions of up to 20 per cent per transaction, in addition to other fees. The industry's peak body, the Digital Economy Council of Australia (DECA), acknowledges some ATMs are being exploited for scams and money laundering. However, DECA chair Paul Derham argued most customers are legitimate traders simply trying to access digital assets in the face of banking restrictions. "One of the challenges Australians face is that if they want to buy crypto, sometimes their banks won't let them. "So they withdraw cash and go to a crypto ATM instead," said Mr Derham, who is also a lawyer representing several global ATM operators. Mr Derham said while there are different views, broadly speaking the industry does not support transaction limits of $5,000. He said there would be additional compliance costs for businesses. Mr Derham said customers may also use multiple CATMs to get around the new conditions. "The industry would prefer to control these thresholds themselves using their own risk based approach — which they are legally required to do anyway. "For example, if a person is considered low risk and has a long history with a CATM provider, they should have a higher threshold." Asked whether the business would remain viable if they could no longer be used for scams and money laundering, Mr Derham said: "No-one's been able to crack the code to stop scams. Even Australia's biggest banks haven't been able to completely eliminate the risk. "The reality is that some scams are being run by highly coordinated international networks — including state-backed actors — who are actively targeting vulnerable people."
Finextra
15-05-2025
- Business
- Finextra
Wero wallet arrives at the online checkout via Nuvei
Nuvei has joined the European Payments Initiative (EPI) as one of the first providers to offer merchants the Wero digital mobile wallet as an option in their online checkouts. 0 Launched late last year to harness the potential of account-to-account (A2A) payments to help European banks take on the might of Visa and Mastercard, Wero has already enrolled 40 million users across the first wave of markets it has entered. It enables A2A transfers using Sepa Instant Credit Transfer protocols so users can send money within 10 seconds via phone numbers, email addresses, or QR codes. Nuvei's membership means that, from September, businesses can offer Wero as a payment method in the online checkout. A similar deal was recently struck with Nexi to connect German merchants to Wero. BNPL and loyalty programmes are also in the pipeline as EPI bids to create a comprehensive digital wallet experience for Europeans. Martina Weimert, CEO, EPI, says: "By making Wero available to Nuvei's extensive merchant network, we're accelerating the adoption of a truly European payment solution that enhances financial sovereignty while delivering a seamless, easy and innovative experience for consumers and businesses alike."
