The prepaid card is far from a new idea. How many of us
have used a
prepaid gift card or a prepaid mobile phone SI
M card? The concept is basically the same. A prepaid card looks like a credit o
r debit card, and gives users the ability to p
urchase products and services with a card but with a crucial difference - you can only spend the balance that has been preloaded onto the card. This means there is no risk of running into debt as it has no credit or overdraft facility.
How do they work?
Money can be loaded on to a prepaid card by
• Buying groceries and petrol• As a replacement for travellers cheques or travel cash for a low cost alternative to paying for goods and services abroad
• Topping up your mobile phone• Internet shopping including eBay• Paying bills
• Transferring money to friends and family either in the UK or overseas (known as r
Money can be loaded on to a prepaid card by
cash at a bank, Post Office, at Payzone or PayPoint terminals, bank transfer, through your employer or even by another credit card.
When using for purchasing at a high street store, they wo
When using for purchasing at a high street store, they wo
rk in exactly the same way as a credit or debit card - you simply hand the card to the cashier. You will be asked to enter your PIN number (supplied with the card) on an electro
nic keypad or to sign a payment slip so your s
ignature can be matched with that on the back of the card (if ther
e is no Chip on the card). The total amount will be taken from your card immediately and the transaction is complete.
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. As long as you have enough cash loaded on your card (the website checks this by the usual means of an author
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. As long as you have enough cash loaded on your card (the website checks this by the usual means of an author
ization), the purchase is completed and your item will be shipped to you.
What does it uses?
The prepaid card may be a relatively new idea, but it has no shortage of uses, including:
• Buying groceries and petrol• As a replacement for travellers cheques or travel cash for a low cost alternative to paying for goods and services abroad
• Topping up your mobile phone• Internet shopping including eBay• Paying bills
• Transferring money to friends and family either in the UK or overseas (known as r
emittance)
• Withdrawing cash from an ATM
They have particular appeal to those including
• People who wish to use foreign currency on a h
oliday• Newly arrived immigrant, who although earning, cannot yet obtain credit due to having no credit footprint in the UK
• A person who has a poor credit rating or a history of bad debt who cannot get a credit card
• Parent of a young person travelling abroad.
• Parent of a young person travelling abroad.
Who provide the pre-paid cash card service?
As we know the 2 giant of credit card issuing co
mpany Visa and Master a ready provide this kind service. They also pro
vide other card such as General Purpose Cards, Gift Cards, Travel Cards, payroll car
ds and etc, to fulfill difference customer need.
(*click image for the link)
In Malaysia, pre-paid cash card a ready have quite long history. But it start popular in this few years.
There are few bank or company providing this kind service, they are as follow:
Reference:
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