The Application Of Pre-Paid Cash Card For Consumers

A prepaid cash card is not a credit card since it is not linked an overdraft facility. The concept is basically same as a prepaid gift card or a mobile phone SIM card. We can't borrow money with a prepaid card, we can only spend the money we have loaded onto it. Hence, there is no risk of running into debt as it has no credit or overdraft facility.

Prepaid cash card can help to manage your money safer, easier, and cheaper. Prepaid Visa and Prepaid MasterCard act like a checking account where individuals and businesses deposit money and withdraw funds from their protected account. Certainly, the money is safe in the prepaid card accounts instead of carrying it around in cash. Thus, it's very convenient to sign up for a prepaid cash card.

The usages of prepaid cash card for consumers can be used in a variety of ways :

• It can use to shop, pay bills online, hotel & car rental reservations, and purchase goods & services. To shop online, you'll find the item you want to buy and click on to the website's "checkout" page before filling in your details and those of your prepaid card.
• Prepaid cash card is secured. For instance, users do not need to carry a lot of cash around while u go shopping. It enables consumers to control their spending according to a budget as well.
  
• Apart from that, prepaid cash card can also be used to withdraw cash from ATM with the available amount of money in your account. But, it will cost you a higher service charge.
• Some of the pre-paid cash cards provide you the service by sending and receiving money via bank wire transfer, between two cards.
• Act as a portable access point to checking account.

There are some examples of prepaid cash cards:
1) Touch 'n Go (TnG) smart card

• used by Malaysian for electronic payment system at all highways in Malaysia, major public transpots, selected parking sites and also theme parks.
  
• Enhances the speed of paying.
  
• Convenient as users no longer need to queue up at the cash lane to make payment.
  
• It is expanding its business to retail purchase by starting cooperate with fast food industry that enables consumers to buy doughnut, burger or other fast-foods from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut.
  

2) Prepaid Vista Cash Card

• Issued by Four Oaks Bank & Trust Company
  
• Give opportunity for consumers with poor credit record and young children by not over spending than the balance in their card.
  
• Visa permits travelers access to money at automated teller machines (ATM) in 65 countries and book the train tickets by using Metro Card.
  

In my opinion, Pre-paid cash card has become more and more important nowadays, since it is convenient, easy to get and easy to carry. Everyone can simply start using prepaid cash card by loading money at everywhere as well as limit their spending. Nevertheless, it leads Malaysia to a ticketless packing century, and it is an environmental friendly service.

For more details, please click on this picture to know and verify different types of Pre-Paid Cash Cards existed in market.