Thursday, February 12, 2009

The application of pre-paid cash card for consumer

What is pre-paid cash card ?
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 prepaid cash card function ?

First thing, 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.

Pre-paid cash card advantages

  1. 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.
  2. 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.
  3. 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.
  4. 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!
Example of pre-paid cash card ---> Touch ‘n Go card Touch ‘n Go card is a prepaid smartcard that uses Mifare contactless technology.Information contain in this card can be read and written via magnetic induction using specified radio frequency and smartcard software.Each time a user uses the Touch ‘n Go card, the electronic card reader will deduct the exact fare from the value stored inside the card. Touch ‘n Go card can be used at all highways in Malaysia, major public transports in Klang Valley, selected parking sites and Theme Park. Touch ‘n Go uses contactless smartcard technology. The card looks similar to a credit card. User can continue using the card as long as it is pre-loaded with electronic cash. Touch ‘n Go enhances the speed of paying for low value but high frequency transactions. We also can use it at some retail outlet such as Fast Foods restaurants (e.g A&W, Burger King and Dunkin Donurt), Convenience stores (e.g 7-eleven, Cartex Star Mart), Hypermarkets (e.g Carefour), and Cinema (e.g Cathay Cineleisure).