Is there a market for paycards in Canada?

Cards popular in the U.S., where people are less likely to have bank accounts
By Sandra Sutton
|Canadian Payroll Reporter|Last Updated: 07/11/2012

Paying people for the work they do can take on many forms. Canadians are familiar with direct deposit, cheques and cold hard cash, but what about paycards?

Paycards are a paperless way to distribute payroll to employees who do not have traditional bank accounts. Here’s how they work: The pay amount is loaded onto a prepaid card. The card can then be used like a debit or credit card to make ATM withdrawals, complete point of sale purchases or make online, mobile or telephone purchases. Paycards work with near field communication (NFC) as the underlying technology. This same NFC technology enables secure, contactless payment via smartphones

Cards popular in U.S.