Creative E-com

Pre-paid cash cards have been a popular concept throughout America for almost a decade. Now it has penetrated almost all the countries. A pre-paid card has the appearance of any other credit or debit card. It can be used to purchase goods and services in much the same way, but instead of spending credit or money from bank account; consumer can only spend what has been pre-paid onto the card. When purchasing goods, the pre-paid card can be placed into the card terminal, will then be required to key in pin number or sign the payment slip. When shopping online, one can simply enter the corresponding card details. Typical applications of pre-paid cash cards include transit system fare cards, gift cards, and telephone prepaid calling cards. In addition, employers are beginning to issue payroll cards to pay employees.

This card plays a vital role in controlling the consumers spending. The pre-paid card gives much greater control of spending and budgeting. Statements with a full breakdown of what was bought and from where are provided periodically, just like a credit card statement. It can also be used as an alternative way for parents to give money to their children. A pre-paid card can be handy if a person don't have a bank account, or don't want to carry cash for security reasons.

Besides that, there are no credit checks being carried out. Therefore, so consumer can get a card even with a poor credit history. If one has no credit footprint in the UK, consumer is a new immigrant or a young adult, can still obtain a pre-paid card. This card can also be travelling companion. Pre-paid cards can be used in ATMs worldwide. They work well in place of traveller’s cheques, so one can avoid expensive exchange rates or commission charges.

Technological advances in prepaid enable cardholders to manage their prepaid card account using mobile phone. The use of M-Transactions (mobile transaction) functionality adds significant value to client card programs, and in turn provides cardholders with the maximum flexibility and accessibility to manage their funds. The development of proprietary technology enables Prepaid Card cardholders to initially load the card, top-up their account, obtain a balance, transmit funds to secondary cardholder (Money remittance) and temporarily block a card.

M-Transactions is typically available in one of following formats

1. A web portal for card holders, banks, and programs featuring card to card transfers, mobile to mobile transfers, balance inquiry, transaction history, statement summary.

2. SMS service offering that provides the ability to do card to card transfers, mobile to mobile transfers, balance inquiry, card locking and unlocking.

3. Java Mobile Technology - JME (Java Mobile Edition) software that provides the ability to do card to card transfers, mobile to mobile transfers, balance inquiry, card locking and unlocking with a higher level of security through private key encryption of the message data.

The payment card industry is undergoing a revolution through the emergence of prepaid cards. Prepaid Card solutions are ideally positioned as a replacement to cash and paper-based processes. For cardholders, Prepaid Cards are an innovative, cost effective, convenient and secure payment method.