A new survey, commissioned by Canadian Prepaid Providers Organization (CPPO), has found that prepaid cards topped Canadian wish lists for gifts this holiday season. They love it because the cards can be widely used to buy exactly what the recipient wants. The survey also found that prepaid cards allow the recipients to stick to a holiday spending budget.
Lager has which conducted the online survey among 1,501 Canadian consumers.
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 percent and store gift cards redeemable at specific retailers came in second at 36 percent, followed by clothing and accessories at 31 percent.
Canadians also want to extend the gift of choice and flexibility to others this holiday season. Six-in-ten Canadian consumers (57 percent) anticipate purchasing either a prepaid card or a store gift card. With more than four-in-ten (43 percent) Canadians struggling to sometimes – if not always – stick to a budget in the last year, 80 percent agree that giving prepaid cards is a great way to stick to a specific budget for holiday spending.
More than half (55 percent) of consumers think a prepaid card is more secure than cash and, because it allows the recipient to get exactly what they want, 76 percent of Canadian like to give a prepaid card and 75 percent 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.”