Spending limits are set by the amount of money you load onto the card. When you make a purchase with the pre-paid card, the purchase amount is deducted from the card balance. You can add more money on a regular basis or whenever the money runs low.
There are numerous benefits offer by pre-paid card. Pre-paid card have no credit checks, which means you can get a card without worrying about your credit history. Second, its do not have debt risk. With a prepaid card, you do not worry about you spend too much as you are limited to the amount you put on your card. Third, it is safety because you not need to carry large amount of cash to purchase the products and services. If your card gets lost or stolen, your remaining balance will be transferred across to a new account, and you will receive a replacement card.
Example of prepaid cash card :
Touch 'n go smart card is used by Malaysian for electronic payment system to toll expressway and highway. It is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut. It is imitating the success of Hong Kong’s Octopus Card by setting 5 to 10% of the card holders for retail purchase as current target of the company.
Octopus card was launched in Hong Kong on year 1997, September. It is a rechargeable contactless stored value smart card to transfer electronic payments in online in offline system. It is widely used in payment system for transportation, supermarkets, fast food restaurant, car parks and other pint of sale application such as service station s and vending machines that have achieved good outcomes. Octopus Card is very popular in Hong Kong.
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