The application of pre-paid cash card for consumers

A cash card is a prepaid debit card or reloadable debit card,  and allows the holders to make payments and have them deducted from the card’s available balance.

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Pre-paid Debit Cards  are the following: 

• Branded (or Signature or full-function) Pre-paid Debit Cards – it is used for transactions at every respective Point of Sale terminal carrying the Visa or the MasterCard logo (with or without PIN pad) and used for on-line purchases or to pay bills.

• ATM Cards – it requires the secured entry of a PIN at both the Point of Sale or ATM for payment transactions.

Several applications of pre-paid cash card for consumers are the following: General Spending Debit Card - Purchase at POS, ATM cash withdrawals, for funds security. MC branded Prepaid Debit card or Full-function Visa can be used for online purchases, bill payments, and ‘signature-based’ purchases. Payroll and commission payout Card, Gift Card, Travel Card, Affinity Group Card, Student Card, Remittance – Funds Transfer within and across borders.Click here: Prepaid Debit Cards Presentation

For example, they are issued to “Bankable People” and “Un-bankable People” with no bank account needed， no credit check， no banking history needed，no employment verification needed; and just about everybody can be approved, with no one being declined. This is due to valid government issued verifiable addresses and IDs so that the debit cards can be issued to everybody.

Advantage for using Pre – paid Debit Cards:

Click here: Prepaid Debit Cards Presentation

• Not similar with a credit card, which charges higher annual interest fees when making payment. A debit card is free of interest charges and used to obtain money from a PIN-based transaction or an ATM. Pre-paid Debit Cards such as Touch n Go, it can save your valuable time to pay the tolls or parking fees instead of using cash. Click here:  Debit card

• Funds Transfer allow consumers more to transfer funds to distant family, relative or friend, inexpensively and conveniently. In addition, it is much more secure than cash, so a lot of consumers prefer Prepaid Cash Cards

• Personal identification numbers (PINs)  protect consumers against fraud and prevent thefts. These are two of the security features

• Non – bank consumers are able to go online to purchase goods and services and pay bills through Pre – paid Debit Cards. For example, UTARians can pay their study fees by using the PB Debit card in UTAR campus with the payment of a  RM1 service charge fee because UTAR already has a working service contract agreement with Public Bank.

Reference(s):

Prepaid Debit Cards Presentation. (Jan 2007) Retrieved Feb12, 2011 from http://www.onedebit.com/PrepaidDebitCardsOD.pdf

Debit card. (April2010). Retrieved Feb12, 2011 from http://en.wikipedia.org/wiki/Debit_card