SelectCore Ltd., a provider of prepaid payment solutions, has teamed up with Home Trust, a wholly-owned subsidiary of Home Capital Group Inc., to offer corporate and public sector prepaid card and payment solutions through both Visa Canada and MasterCard Canada.
In an announcement, the companies said that their partnership will enable them to harness this growth and capture market share in a Canadian payments environment that is poised for a rapid conversion from cash and checks to plastic cards.
MasterCard and Visa prepaid cards offer use-cost advantages for government agencies, corporations and consumers in Canada. It's one reason that the Canadian Task Force for the payments system review has recommended an 80 percent reduction in the use of checks.
Together, SelectCore and Home Trust are well-positioned to address the prepaid market demand by leveraging our combined technologies, infrastructures, capabilities and expertise, the companies said.
The Canadian prepaid market is expected to grow to an estimated $19 billion in the next five years, with a potential market surpassing $125 billion. The partners said they will focus on emerging segments likely to drive the majority of growth — government benefits, healthcare, payroll, travel and incentives.
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