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suretap Wallet Discontinues Prepaid Card, Keeps Loyalty

Canada’s first mobile wallet suretap has announced its discontinuing its prepaid MasterCard program effective at the end of April. What’s staying is the wallet’s capability of loading credit and gift cards for payment and a loyalty program, which enables consumers to integrate more than 20 loyalty programs with the wallet.

suretap Wallet, which received a 2015 Paybefore Award for M-Wallet of the Year, last November announced a partnership with loyalty management specialist Points, making suretap the first m-wallet in Canada to offer full loyalty card integration, according to the company.

The move to discontinue the prepaid card suggests that wallet users are opting to pay with existing credit cards rather than sign up for the prepaid card. Credit cards from CIBC and Rogers Bank may be loaded to the wallet, according to the suretap Website.  Although Apple Pay doesn’t have a proprietary prepaid card, only 4 percent of U.S. consumers have loaded prepaid cards into their Apple Pay wallets. That compares with a little more than 70 percent loading credit or debit cards into their iPhones, according to recent First Annapolis Consulting research.

suretap is urging customers to spend remaining balances by April 30 or fill out a form on the company’s Website to receive a refund check. Checks will be refunded by June 15, less fees in the cardholder agreement.

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This entry was posted on Monday, March 7th, 2016 at 4:27 pm and is filed under Pay News.


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