The application of pre-paid cash card for consumers

What is prepaid cash card?

Prepaid cash card looks like a credit card, but it does not have credit. A prepaid cash card is a card that you load funds into your Card and use that money to make purchases, but one can only spend up to available balance on your card. While credit card is borrowing money from the bank or other financial institution to make purchases, and user is required to pay back the balance at the end of the month. Not fully balance is requiring to be paid at the end of the month and additional interest charge is also included.

Undeniable fact is that prepaid cards do no get you into debt, as only transactions up to the balance loaded onto the prepaid account will be authorized. Therefore, you just spend how much you have paid in! You are in complete control of your funds and you need not carry out large sums of cash with a prepaid card on hand.

Moreover, prepaid cards are widely accepted across the internet. For instance, they are issued under a MasterCard, Visa Electron and etc. People can have great deals online rather than bringing out cash paying in the high street. PayPal or Ebay do provide such prepaid service on the online shopping service which user can pay immediately for the products. After 7-10 days, one can receive their goods in their front door!

Prepaid cards have a long and profitable history in the payment industry, from the simple gift cards that replaced gift vouchers to the sophisticated reloadable products that act like electronic wallets. Prepaid cards are widely available today – at gas stations, chain stores, drug stores, vending machines, post offices and convenience stores.

In Malaysia, the prepaid cash card are like the Touch n Go card, Hotlink prepaid mobile service and etc. The Touch n Go card, it sound as it named, users just have to load fund into the Touch n Go card, and go through any payment service by just touch the card on the machine and go away within one second. It is widely use in Malaysia like the LRT payment system, PLUS highway toll payment, Rapid KL buses payment service and others at anywhere anytime.

Souces:

http://www.prepaid365.com/what-are-prepaid-cards.html

http://www.what-prepaid-card.co.uk/features/prepaid-card-benefits.html

http://www.aconite.net/pdfs/whitepapers/3.pdf

http://www.what-prepaid-card.co.uk/features/what-is-prepaid.html