The partnership will enable both firms to exploit the prepaid card and payment technology market, as the country witnesses rapid track change from traditional paper cheques and cash forms of payment to digital payment arena.
Commenting on the agreement, Home Trust chief executive officer Gerald Soloway said that the partnership will enable them to diversify their business and tap new opportunities.
It is expected that prepaid Visa and MasterCard cards will impart important roles in driving cashless payments in the country, which will enable government agencies, corporations and consumers to save cost and time.
In its report, the Canadian Task Force for the Payments System Review has set forth recommendations to reduce the use of cheques by 80%.
During the next five years, the Canadian prepaid market is likely to evolve to an estimated $19.2bn, with an addressable market surpassing $125bn, according to a study.
Home Trust Company provides deposits, residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending and credit card services.
Set up in 1999, SelectCore is a prepaid payment technology company, which offers an array of prepaid products and services from stored-value cards to mobile top-up.
