SAY GOODBYE TO HASSLE! (Application of prepaid cash card for consumers)

WHAT IS PREPAID CASH CARD?

A prepaid cash card is a card that affords people without access to credit or debt cards the convenience of cashless payment. It's a sensible, more affordable alternative to having to carry cash and paying check-cashing fees. You load it with a balance of your choosing at the retail location where you purchased the card or via direct deposit of your checks. You can use it anywhere credit cards are accepted. For better illustration, we provide examples of prepaid cash card, which is, Touch ‘N Go, Octopus card in Hong Kong as well as Ez Link in Singapore.











WHAT ARE THE GOODIES INSTORED FOR USERS?

It’s a real world out there, only things that are highly beneficial will be well-supported by public. Thus, let’s look at the advantages a prepaid cash card brings: convenience, cost savings, and security are the biggest advantages of the prepaid cash card. As a substitute of having to rely on cash, consumers can have the convenience of a “credit card” to pay for purchases online, pay your bills, and even access ATMs nationwide. You also will save a lot of money by not having to pay check-cashing fees every time you get paid. A prepaid cash card enables you to take control of your financing by limiting your spending to money you actually have. Finally, you will enjoy the security of knowing you don't have to carry large amounts of cash around to pay for things anymore. You also will enjoy security protection with your card, so you will not be liable for charges if it is lost or stolen.

APPLICATIONS

The most popular prepaid cash card in our country is Touch ‘N Go. It is mainly used in highway tolls and public transportations, selected parking sites and theme park as a substitution to paying cash. As at today, Touch ‘N Go hasn’t venture into e-tailing yet. E-tailing is selling and buying products online. Example of usage of Touch ‘N Go is:
1. Highway: PLUS, ELITE, SILK and etc.
2. Public transport: RapidKL buses, Ampang Line, Kelana Jaya Line, KTM Komuter and KL Monorail.
3. Parking: Armada Hotel PJ, Pantai Hospital, Sunway Pyramid and etc.
4. Theme park: Bukit Merah Lake Town Resort


One the other hand, the Hong Kong Octopus card is also an example of prepaid cash card. The Octopus card has a built-in microchip containing an electronic purse and other applications which can accurately record the holders' transaction details. Consumers can simply hold their Octopus over a reader, and the correct amount will be deducted automatically. There's no longer a need for coins. Octopus is widely used in Hong Kong for purchases on public transport, and in convenience stores, fast food shops, supermarkets, cake shops, vending machines, schools and parking. Octopus is also used for office and residential premises access control. By possessing this card, people don’t have to worry if they do not have cash-on-hand, they can still travel, buy foodstuff and etc.






In other countries, they also have their own prepaid cash card to ease the users in their daily life. One of our neighbouring countries, Singapore, is using Ez-Link as their prepaid cash card. As for India, they have ItzCash card to act as cash.


FUTURE PROSPECTS

As consumers with high expectations, we will definitely look forward to the advancement of the Touch ‘N Go card in order to simplify our daily transactions. It is definitely a good concept because users won’t fall into debts with it as it does not function like a credit card. Besides, consumers will not overspend. Therefore, in future, Touch ‘N Go is trying to press on into providing services/payment methods for fast food purchase, dining, groceries and many more. In our opinion, Touch ‘N Go will become a successful prepaid cash card and more functions will be available in the near futur