The application of pre-paid cash card for consumers
Nowadays, people can limit their spending with their prepaid cash card that load funds onto the card and use the money. Obopay, one of the prepaid cash cards that are similar as debit cards because both are using existing money rather than borrowing. However, personal identification number has to be keyed in for the transaction to be authorized if using prepaid cash cards. It is considered as most secure and safe financial transaction card because can it likes a portable access point to checking account. Nevertheless, it could not use for online shopping and in “quick pay” terminals that have a card reader but no keypad to enter a personal identification number.
Pre-paid Vista Cash Card is issued by Four Oaks Bank & Trust Company that given the opportunity for consumers with poor credit record and young children by not spending
more than the balance on the card. Visa permits travelers access to money at automated teller machines in 65 countries and book the train tickets by offering prepaid cash card such as Metro Card in New York City.
Touch ‘n Go (TnG) 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.
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