Application of prepaid cash card

What are the Prepaid Cash Cards ???
Prepaid cash cards are the cards, which mostly made up from plastics that can be used to make payment for goods and services and even to withdraw money. However, before using it, the user needs to load the card with a sum of money. Therefore, a prepaid cash card allows the consumers to purchase something even when they don’t have the cash to pay for it. It has benefited the consumers in their everyday life.

Prepaid Cash Cards – the advantages …
Nowadays so many people tend or already have their own prepaid cash cards, why is it so? The advantages are vary as below :

1. Remain in control of one’s money, keep track all of activity online or by phone – People can limit their spending and plan how much they want to spend in advance with their prepaid cash card. Thus, spending is controlled by how much one has in the account. Besides that, prepaid cash cards give consumers a better alternative in keeping record of your spending.

2. Prepaid cash cards are always convenient all the time. It can be used at just anywhere anytime. Consumers can use it at their groceries shopping, petrol filling, utilities payment, movie tickets, airline tickets, download songs online, mobile phone bill, fast food or restaurant and even online shopping or any online payment! Or, they can even use it to withdraw cash from the ATM. Besides that, having a prepaid cash card is certainly quick and easy. Transaction can be made just within a minute. All you have to do is hand swap your card on the counter, sign on the receipt and collect your card and a copy of the receipt.
3. Eliminate check cashing fees and enjoy immediate access to your money through direct deposit of your pay check, government payment or other income sources, no bank account needed.

4. Avoid bounced check fees; always know exactly how much money you have to spend. The prepaid card can help protect you from over spending.
5. Having a prepaid cash card is surely safer than carrying cash. Prepaid cash card protect consumers from unauthorized transactions even when the card is stolen or lost. Plus, these cards can also be replaced once it is stolen or lost. Unlike cash, once it’s lost, it’s gone forever.
6. Free balance alerts –Some card providers will inform users on how much cash they have.

Examples of Prepaid Cash Card all around the world
Obopay
It is one of the prepaid cash cards that are similar as debit cards because both are 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. It is considered as most secure and safe financial transaction card because can it likes a portable access point to checking account. Nevertheless, it could not use for online shopping and in “quick pay” terminals that have a card reader but no keypad to enter a personal identification number.

Pre-paid Vista Cash Card is issued by Four Oaks Bank & Trust Company that given the opportunity for consumers with poor credit record and young children by not spending more than the balance on the card. Visa permits travelers access to money at automated teller machines in 65 countries and book the train tickets by offering prepaid cash card such as Metro Card in New York City.

Touch ‘n Go (TnG) smart card is used by Malaysian for electronic payment system to toll expressway and highway. It is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut. It is imitating the success of Hong Kong’s Octopus Card by setting 5 to 10% of the card holders for retail purchase as current target of the company.


Octopus Card was launched in Hong Kong on year 1997, September. It is a rechargeable contactless stored value smart card to transfer electronic payments in online in offline system. It is widely used in payment system for transportation, supermarkets, fast food restaurant, car parks and other pint of sale application such as service station s and vending machines that have achieved good outcomes.

In a nutshell, prepaid cash card is indeed a good invention that makes life easier, it contributed a lot in eliminating debt risk with no chance to spend too much as the balance is limited to the amount reloaded, and the convenience that it provide is indeed great.