Stocks Poised to Benefit from the Boomin Online Spending
Selectcore (TSXV:SCG)
Primarily through selling prepaid wireless cards, Vaughan, Ontario’s Selectcore has grown its revenue from $37 million in fiscal 2006 to over $103 million in 2010. The prepaid wireless market is a good place to be. Telecom industry research firm Atlantic ACM estimates that this sector will grow from $19.3 billion in 2010 to $25.3 billion by 2015.
But the numbers on prepaid wireless are dwarfed by the size of the prepaid credit card market. An independent research report commissioned by MasterCard estimates that market will surpass $440 billion by 2017, which is more than four times its estimated 2009 value of $120.2 billion Selectcore’s Iridium joins the company’s other financial offering; ReCash, a voucher that can be loaded with cash and transferred instantly to another customer’s card via text message, online or by dialing a toll-free number.
Selectcore’s new product offering mean the online market can tap the potential of the unbanked. The Federal Deposit Insurance Corporation estimates that 7.7 percent of US households don’t have a checking or savings account, and another 17.9% are underbanked; relying on payday loans and pawn shops, and unfavorable lenders.
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