A prepaid card is a card load with money to make purchases anywhere that is accepted. It’s a safe alternative to carrying cash and paying check-cashing fees. Prepaid card also apopular gift-giving idea because recipients can use them for whatever they want, and they’re widely accepted.
A prepaid card looks like a debit or credit card and similarly allows to make purchases without cash or checks. Unlike credit cards, cannot take on debtwith a prepaid card, nor are prepaid cards linked to bank account like debit cards. A prepaid card has a zero balance until money is added to it. When make a purchase with a prepaid card,the amount is deducted from the balance on the card. Once the balance reaches zero, the card is empty. Prepaid cards can have money reloaded on to them so they can continue to be used. Besides, prepaid card do not have expired date that the consumer can continue to use it.
In Malaysia, Touch 'n Go is the famous prepaid card that can be used at all highways in Malaysia, major public transports, selected parking sites and theme park or even the Light Rapid Transit(LRT) station. Touch ‘n Go uses contactless smartcard technology. The card looks similar to a credit card. Consumer can continue using the card as long as there is balance in the card. Once it is out of balance consumer can reload cash into the card that is known as electronic cash at toll plazas, train stations, Automated Teller Machines, Cash Deposit Machines, Petrol kiosks and at authorised third party outlets.
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