The application of pre-paid cash card for consumers

Prepaid Cash Cards are often confused with credit cards and debit cards. However, they are some very key differences between the two primary types of financial transaction card. In general, credit card is that consumers borrow money and then pay it back later. If the balance of the credit card is not paid back in full by the next statement, the remaining balance is charged interest. In contrast, debit cards and prepaid cash cards are similar because they both use your existing money, rather than borrowing.

The advantages of using prepaid cash cards are that consumers like a portable access point to their checking account. Automated teller machines (ATM) are everywhere now, and consumers can use prepaid cash cards at ATM to withdrawal funds from their account in cash, deposit funds, and even make an account balance inquiry. Consumers don't have to go to the bank anymore to get money out of their checking account, and they don't need to have a personal computer handy to check their balance. Beside that, when consumers are at the shopping mall making payment in a cashier, they can use their prepaid cash cards to see how much money have left in the account. This helps keep them from overspending the account.

The types of pre-paid cash cardn is Touch ‘n Go card. It 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. The card looks similar to a credit card. User can continue using the card as long as it is pre-loaded with electronic cash. User 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.

Touch ‘n Go enhances the speed of paying for low value but high frequency transactions. Apart from the speed, it is also very convenient because user no longer need to prepare for small change or wait in queue at the cash lane to complete the transaction. Touch 'n Go Sdn Bhd, the operator of this Electronic Payment System, has several range of Touch ‘n Go cards to suit different market needs.

Beside that, nowadays almost everyone is using mobile phone over the world. Another types of pre-paid cash card is sim card. Consumers would reload or deposit the money into their sim card. A sim card is a portable memory chip used in some models of cellular telephones. The sim card makes it easy to switch to a new phone by simply sliding the sim out of the old phone and into the new one. The sim holds personal identity information, cell phone number, phone book, text messages and other data. In addition, a sim card can come in very handy.

Related links:
1.http://www.touchngo.com.my/
2.http://siva-my.jobstreet.com/_profile/previewProfile.asp?advertiser_id=3942