The application of pre-paid cash card for consumers
Prepaid cash cards are plastic card which provides an alternative payment method to cash when making purchases. Functionally, it is using existing money rather than borrowing. However, personal identification number has to be keyed in for the transaction to be authorized if using prepaid cash cards. Before use, the user needs to load the card with a sum of money. They are designed to be used as a safer alternative as compare to cash. The use of prepaid cash cards has become widespread in many countries and has overtaken in some instances cash transactions by volume.
The prepaid cash card is of use in several ways, namely:
1. Pay bill – Rent, utilities, insurance, car payment, and cell phone bills can be paid instantly.
2. Shop anywhere as long as the card using is accepted at different retailers, buys fuel at the pump, pay by phone, and shop on the Internet.
3. Get cash at ATMs, any time of the day, and any day of the week.
4. Transfer money – For some prepaid cash card they provide the convenient such as send or receive money via bank wire transfers, between two cards.
5. Pay for toll – Touch n Go card can be used at all highways in Malaysia, major public transports in Klang Valley, selected parking sites and theme park
6. Replacement for travellers’ cash – Customers buy prepaid debit cards denominated in the currency of destination, and then use them to withdraw cash at ATMs or pay for goods or services. It is a great way to carry prepaid cash card, because it is much safer and more secure than carrying around large amounts of cash.
References:
http://www.moneysupermarket.com/cards/prepaid-cards-guide1.asp
http://www.mastercard.com/us/personal/en/aboutourcards/gift_prepaid/
http://ecommercesite.wordpress.com/2008/06/27/the-application-of-pre-paid-cash-card-for-consumers-2/
6. Replacement for travellers’ cash – Customers buy prepaid debit cards denominated in the currency of destination, and then use them to withdraw cash at ATMs or pay for goods or services. It is a great way to carry prepaid cash card, because it is much safer and more secure than carrying around large amounts of cash.
References:
http://www.moneysupermarket.com/cards/prepaid-cards-guide1.asp
http://www.mastercard.com/us/personal/en/aboutourcards/gift_prepaid/
http://ecommercesite.wordpress.com/2008/06/27/the-application-of-pre-paid-cash-card-for-consumers-2/
by Lim Hui Min
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