Rui.Ean.Agu. Not Simply E-Commerce: The Application of Pre-paid Cash Card for Consumers

A prepaid cash card represents money on deposit with the issuer, and is similar to a debit card. One major difference between stored value cards and debit cards is that debit cards are usually issued in the name of individual account holders, while stored value cards are usually anonymous.

The term stored-value card does not necessarily mean the funds data is physically stored on the card. In many cases the data is maintained on computers affiliated with the card issuer. The value associated with the card can be accessed using a magnetic stripe embedded in the card, on which the card number is encoded; using radio-frequency identification (RFID); or by entering a code number, printed on the card, into a telephone or other numeric keypad

Besides, Prepaid cash card such as prepaid credit card can help you control your spending. It also a reload able debit card allows you to only spend up to the amount you have pre-

deposited into the account. Hence, if you tend to overspend or would like to control you’re spending then a pre-paid cash card could more suitable for you rather than the traditional credit card with "attractive" credit limits. Moreover, a prepaid credit card can help the user to save the interest charge on the previous spending which is unsettled.By using the prepaid concept, you can now have greater control of your spending because the budget and limits are in your hand.With prepaid credit card, who else are gonna to queue for almost half hours at Sungei Wang Plaza to withdraw their cash to shopping ?

Touch N Go is another prepaid cash card which is broadly use in Malaysia. Touch N Go is an electronic purse that can be used at all highways in Malaysia, major public transports such as KTM( Keretapi Tanah Melayu), LRT and Monorail. Nowadays, Rapid KL are also accepting Touch N Go as one of their payment method.

Touch ‘n Go uses contactless smartcard technology. The card's size are 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.