The application of pre-paid cash card for consumers

Nowadays, people can limit their spending with their prepaid cash card that load funds onto the card and use the money. A prepaid cash card allows consumers to purchase something even when they don’t have the cash to pay for it. It benefits consumers in their everyday life.

Though it works almost the same like a credit card, a prepaid cash card is different because it allows consumers to have a better control over their finance.

How does it work ??

First thing first, load the amount of money you want onto the prepaid cash card. That will be your spending limit.

For any purchases transaction, the sum will be subtracted from the card balance. You can always pump in more money when the balance runs low by transferring money from your regular checking or savings account.

The following is a list of benefits you can get being a consumer, for having a prepaid cash card.

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. Done.

Consumers can plan how much they want to spend in advance. Thus, spending is controlled by how much one has in the account. In a way, prepaid cash cards give consumers a better alternative in keeping record of your spending.

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.

Besides, 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.

Here is a advertisement that can show you how useful for debit / credit card in our dairly life.

The best thing is, consumers don’t have to worry about extra charges over their card without their knowing. Because the pre-loaded sum of money is the maximum amount that can be charged to the card.

Competition is very high nowadays and banks today are offering all sorts of attractive prizes and rewards to win over consumers’ hearts. For example, the launch of point-collection system as consumers spends using the card. So the more they spend, the more points they collect and the better chance they stand on winning prizes!

Below are some examples for debit card :

Touch'n Go

Touch'n Go 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 limitating 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

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.

Pre-paid Visa Cash Card

Pre-paid Visa 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.