What is a prepaid card?
The prepaid card is far from a new idea. How many of us have used a prepaid gift card or a prepaid mobile phone SIM card? The concept is basically the same. A prepaid card looks like a credit or debit card, and gives users the ability to purchase products and services with a card but with a crucial difference - you can only spend the balance that has been preloaded onto the card. This means there is no risk of running into debt as it has no credit or overdraft facility.
How do they work?
Money can be loaded on to a prepaid card by cash at a bank, Post Office, at Payzone or PayPoint terminals, bank transfer, through your employer or even by another credit card. When using for purchasing at a high street store, they work in exactly the same way as a credit or debit card - you simply hand the card to the cashier. You will be asked to enter your PIN number (supplied with the card) on an electronic keypad or to sign a payment slip so your signature can be matched with that on the back of the card (if there is no Chip on the card). The total amount will be taken from your card immediately and the transaction is complete.
Touch n Go is one of the example of prepaid cash card as the sole electronic payment system (EPS). It is an electronic purse that are design to 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. This card are 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. 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.
Another example of prepaid cash card in Singapore is Ez-link card. This card introduced for use on the MRT, LRT and public buses, the ez-link card is now increasingly being used in all sectors of retail from leisure to dining to shopping. It is truly Singapore 's first contactless Multi-purpose Stored Value (MPSV) card. Being contactless, not only is the card convenient to use, transaction time is kept to a minimum nearly approximately 0.2 per second. This feature of the ez-link card makes it the logical choice for use in applications that require fast, secure and accurate transactions.
References :
http://www.touchngo.com.my/
http://www.touchngo.com.my/
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