Despite being one of the highest banked populations in the world, Canadians are increasingly turning to alternative payment tools according to a recent study commissioned by the Canadian Prepaid Providers Organization (CPPO). Adoption of these payments tools – including PayPal, mobile and prepaid – has increased by 14 percent since 2016, led by a growing use of prepaid products. Non-traditional banking solutions are being adopted, particularly by younger Canadians, for convenience and cost-savings along with new apps that help them stick to a budget. Canadians also expressed a preference for real-time payment of wages and to be able to receive incentives via a prepaid card.
