The Canadian debit card market has not embraced the card networks for general purpose cards, but prepaid cards are another matter and they can be used to open new markets. Even in countries where there is a single-payor system, consumers still have to pay out of pocket. Partnering with an expert in providing the account management technology needed to manage healthcare payment accounts could be a winning strategy in this segment.
“At Visa, we look at healthcare payments as a vertical segment,” continues Bradley. “Healthcare spending accounts in Canada use comparable technology platforms to the health savings accounts and flexible savings accounts in the United States market, where this segment has grown by more than 35% a year over the past decade. We see payment card technology as the way of the future for Canadian HCSAs.”