The application of pre-paid cash card for consumers

Nowadays, advance in technology allow more and more consumer move toward the electronic payment rather than cash payment. Prepaid cash card is a universal example of electronic payment. Today, the usage of prepaid cards is growing rapidly and generally replacing cash payment instruments .The theory behind the prepaid card is similar as the prepaid mobile phone SIM card that is pay now and use at your convenience. They are similar to cash in that they are value-based payment system and are also widely accepted .They are activated by loaded desire money into the card.

Indeed, there are not require any account to use these cards, it is look like a credit or debit card, and provide consumers the ability to spend after loaded. Most of the card can be reloaded via bank, post office, bank transfer, credit card. Many prepaid cards charge a range of fees including activation, annual and monthly maintenance fees.When using the card for the payment, the users just have to show the card to the cashier and enter the pin number in the electronic keypad or sign a payment slip, the transaction will complete after the amount automatically transfer from the card. Besides that, cardholders can make transactions or withdraw cash whenever they need it, rather than carrying large sums of cash. Access to funds on a prepaid card is also protected by a PIN and signature of the users. The risk of debt can be reduced as well by using prepaid card since it limited the amount in the card so the users can only spend the balance that has been preloaded into the card. For people without a bank account, prepaid cards provide the convenience since there are no credit checks or without requiring an existing banking relationship to obtain a card.