The Canadian Prepaid Payments Organization (CPPO), the voice of the prepaid payments industry in Canada, today announced that it has added 10 new companies to its membership list. ATB, Carta Worldwide/Mogo, daVinci Payments, EML, Fintech Growth Syndicate, FIS, I2c and Marqeta SightSpan have joined as general members and EQ Bank has been welcomed as a board member.
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“The addition of these 10 new members highlights the CPPO’s substantial growth across the spectrum of prepaid that is fueling digital banking innovation,” said Jennifer Tramontana, co-founder and executive director of the CPPO. “Our membership base is growing internationally and across fintech, which highlights how prepaid is core to the growth of digital banking. Prepaid’s ability to provides funds that are immediately available to a wider range of recipients has proven to be more important than ever during the COVID-19 pandemic.”
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Prepaid capabilities expand financial inclusion efforts by delivering the efficiency, security and flexibility of electronic payments without involving credit. Prepaid has played a significant role in the transformation of digital banking that allow fintechs and challenger banks to bring innovative solutions to the market. Fintech and paytech companies has revolutionized bill payments through prepaid solutions, while online retailers have adopted prepaid accounts for consumers to make payments via mobile apps to eliminate the need to share a bank account or credit card.
“In a world moving rapidly toward digitization due to COVID-19, CPPO plays a critical role in raising awareness and influencing key decision makers about the value prepaid solutions provide consumers, businesses, and governments,” said Kartik Kamat, Sr. Director of Digital Banking Payments & Innovation for EQ Bank. ‘Prepaid is seeing double-digit growth in both funding and use and is becoming ubiquitous across the Canadian payments ecosystem as the industry moves toward more innovative banking services. EQ Bank is excited to be joining the CPPO Board to help continue advocating for the benefits of greater prepaid adoption in Canada.”
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