The application of pre-paid cash card for consumers

Do you know, what are prepaid cards? I am sure that you all know about prepaid phone card and have heard it before. Pre-paid cash card for consumer is just a little bit similar to it. Prepaid card means that we need to pay money first and before using the card to buy the product or service. It includes:
1) Touch’n Go Card-Touch ‘n Go card is an electronic purse that can be used at all highways in Malaysia. The card looks similarly to a credit card. Users can continue to use the card as long as it is pre-loaded with electronic cash. Users can reload the card at toll plazas, train stations, Automated Teller Machines, Cash Deposit Machines, Petrol kiosks and at authorised third party outlets. Beside that,they also can pay it at these participating outlet such as 7-eleven,Burger King,Caltex,Dunkin Donuts and A&W……


2) Octopus-Octopus is an electronic payment system that uses a contactless smartcard. Octopus is a trademark of Octopus Cards Limited.In the beginning, they aimed to develop a simple way to pay fares on public transport in Hong Kong.Then they extended their reach into simple micropayments for purchases in retail outlets and a simple way for cardholders to gain access to buildings and schools and to identify themselves.


Nowadays,pre-paid credit card, which is a pre-paid reloadable card that can be used everywhere. Visa or MasterCard is accepted at stores, gas stations, restaurants, theaters, in the mall and even online. It can also be used to get cash from ATMs. The card is so great and useful for everyday purchases, special occasions, and emergency back up. Below that is its benefit for us:


Spending independence - You can use prepaid credit cards just like regular credit cards. Just find what you need, hand your card to the clerk, sign your name on the receipt, get a copy of the receipt and your card back, and you're done.


Convenience - Prepaid credit cards can be used everywhere. Visa or MasterCard is accepted-at stores, gas stations, restaurants, theaters, in the mall and online.


Budgeting - You figure out in advance how you'll spend it: spending can be controlled by how much money is loaded. In addition, prepaid credit cards provide a simpler way to keep track of money vs. carrying cash.


Safer than cash - Unlike losing that twenty-dollar bill, with prepaid credit cards you're protected from unauthorized transactions if the card is lost or stolen. Cards can be replaced if lost or stolen.


Teaching tool - Prepaid credit cards help you or your teens to learn financial responsibility and good money management skills. Prepaid credit cards are a hands-on tool that teach teens about finances in a controlled environment. You can monitor the balance and where the card is used either by going to your password-protected website and reviewing the transaction history and online statement in detail or by telephone.


Security: If you are still uncomfortable giving the numbers of the card on the internet, the prepaid card is the answer. Since the card can be charged only up to the value of the pre-loaded fund, the thieves can not make an excessive charge using your card.


Gift giving - Parent-approved gift givers can also fund the card for generalpurpose spending or with virtual gift certificates for merchant-specific spending.
You also can visit http://www.fcac-acfc.gc.ca/eng/publications/Prepaid/PDFs/Prepaid-e.pdf to get more detail information.