Last minute holiday shoppers have at least one reason to rejoice this year because their task just became a lot easier. According to a recent survey, prepaid cards topped Canadian wish lists this holiday season because the cards can be widely used to buy exactly what the recipient wants. The survey also revealed that Canadians prefer to give prepaid cards as a way to stick to a holiday spending budget.
The Prepaid Card Research, an online survey of 1,501 Canadian consumers, was conducted by Leger and commissioned by the Canadian Prepaid Providers Organization (CPPO), the voice of the rapidly growing prepaid payments industry in Canada.
When asked what gift they would most like to receive in the upcoming holidays, prepaid cards that can be used anywhere American Express, Mastercard and Visa are accepted ranked first among consumers at 51 per cent and store gift cards redeemable at specific retailers came in second at 36 per cent, followed by clothing and accessories at 31 per cent.
Canadians also want to extend the gift of choice and flexibility to others this holiday season. Six-in-ten Canadian consumers (57 per cent) anticipate purchasing either a prepaid card or a store gift card. With more than four-in-ten (43 per cent) Canadians struggling to sometimes – if not always – stick to a budget in the last year, 80 per cent agree that giving prepaid cards is a great way to stick to a specific budget for holiday spending.
More than half (55 per cent) of consumers think a prepaid card is more secure than cash and, because it allows the recipient to get exactly what they want, 76 per cent of Canadian like to give a prepaid card and 75 per cent would like to receive it for that reason.
“This study shows that prepaid cards have a wide appeal across different customer groups, ages and income levels due to their convenience, flexibility and ability to serve as a budgeting tool,” said Jennifer Tramontana, Executive Director of the CPPO. “Consumer expectations are rapidly evolving with enhanced demands for immediacy, customization and digital solutions and prepaid products continue to deliver on those preferences to remain top of the holiday list.”
Image: Prepaid Cards Top Canadian Wish Lists this Holiday Season (CNW Group/Canadian Prepaid Providers Organization).