The application of prepaid cash card for consumers

Undoubtedly, prepaid cash card has become one of the most important payment methods in this era. For example, the MasterCard prepaid cash card is a popular payment option in the United States and Canada. Prepaid cash card uses not only for payment usage but also make you hard to get credit in order to control your finances.

A prepaid cash card is a plastic card which provides an alternative payment method to cash when making purchases. Before using, consumers will need to preload their prepaid cash card with different ways such as by direct transfer from a bank account, or by paying in cash at a nominated outlet. Therefore, the prepaid cash card is accepted in most of the ways that a normal card be. Nowadays, there are a lot of bank offering the prepaid card, such as, Eon Bank, Public Bank, Am Bank and others. However, prepaid cash card is also divided into Visa prepaid and MasterCard prepaid.

The Visa’s prepaid cash card offers a secure, cost-effective, and convenient alternative to paying by checks or cash. These products enable many consumers to access their pre-funded pool of funds to make everyday purchases, pay bills, and even receive direct deposits with a Visa prepaid cash card. However, the MasterCard Prepaid card gives consumers the added flexibility of loading an amount of money with up to a preset limit into an account associated with the card. The cardholder then uses their MasterCard Prepaid card to make purchases or cash withdrawals at an ATM. Those purchases and cash withdrawals are deducted from the account balance. As the balance is spent, the cardholder can reload additional funds on to their card.

There are several benefits in using it which bring convenience to the consumers. The cardholders can use Visa prepaid cash cards to securely pay for groceries, fuel, and even utility or household bills. Prepaid cash cards can also be used for making payments on the phone or line, and, in some cases, withdrawing cash at ATMs. Moreover, it’s also a safety for the cardholder. Cardholders can make purchases or get cash whey they need it, rather than carrying large sums of cash. Finally, it’s also has provided a protection to the cardholder, while the cardholder can replaced if lost or stolen and carries the same liability against unauthorized purchases as other Visa cards.

Following are some popular prepaid cash cards:

NexG PrePaid MasterCard

NexG prepaid MasterCard is the product of prepaid cash card of Am Bank in Malaysia. It can be obtained in all 7-Eleven shops in Klang Valley. Consumer who wants to get it just needs to sign his name on reverse of the card and submit registration form in the Starter Pack, along with a photocopy of NRIC. The starter pack is RM25. The monthly fee is RM3 per month, which will be deducted automatically.

Touch ‘n Go card

Touch ‘n Go card is an electronic purse that 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. Users can reload the card at toll plazas, train stations, Automated Teller Machines, Cash Deposit Machines, Petrol kiosks and at authorised third party outlets. Reload denomination is ranging from RM20 to RM500.

PB UTAR Debit MasterCard

PB Utar Debit MasterCard is one of the products of prepaid cash cards of Public Bank in Malaysia which is just applicable for UTAR students. The card is a free for life card with no terms and conditions. Users can enjoy 1 TAR point for every ringgit charged to the card which can be used for redemption of reward.

By:

Wong Zheng Hwa 0701815