The Application of Pre-Paid Cash Card for Consumers

Prepaid cash card is a type of stored-valued card which has computer chips that allow users to fuel them with cash that they can later used to purchase products and services. It is similar to debit cards, only the case value is stored on the card rather than in a bank account. Cash card does not require bank account. There is no minimum income or age for using a cash card.

Basically, there are two main types of prepaid card. The first type is closed-loop cards which include merchant gift cards, prepaid telephone cards and transit system fare cards. The other type of prepaid card is open-loop cards which can be used at many retail merchants and for banking purposes, for instance, receiving direct deposits or withdrawing cash from automated teller machines.

Prepaid cash card always need a personal identification number to be keyed in for the transaction to be authorized. Nobody else can use a particular prepaid cash card unless the person makes out the personal identification number. This is the reason why prepaid cash cards are considered as the safest and most secure financial transaction cards.

The most common prepaid cash card that being used in our daily life is prepaid cash card in making long distance telephone calls – iTalk prepaid calling card. The card is a service provided by TM that enables a caller to make National and International calls with the connection made through Voice Over Internet Protocol (VoIP). The caller first purchases an iTalk prepaid calling card. When the caller is making a call, the credit insides the calling card will be deducted based on the time of calling as well as the calling rates.

For online gamers, prepaid cash cards are not new or strange for them. For instance, Maple Story, an online game, provides prepaid cash card services to online gamers. The gamers can first purchase prepaid cash card, A cash, from outlets such as Popular book stores, game shops, and etc. After that, gamers can login to the game account n enter the serial number that located on the card. Gamers then need to enter the security code n security PIN that printed on the card as well to proceed with the process. After the receipt is printed out, the prepaid cash card transaction is complete.
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Prepaid cash card ultimately benefit the sellers. This is because they do not have to worry that money will failed to be collected from the buyers since the cash is collected before item is sold. On the other hand, buyers can control the use of money since they have paid initially. Besides, by purchasing a prepaid cash card, buyers do not need to carry much cash on hand, indirectly, the cases of theft and loses of money can be reduced.