Prepaid card - Ensuring secure transaction

Credit card, debit card and prepaid card have replaced paper and metal money to a great extent. now, this kind of money, also called plastic money is taking over traditional money in shopping, travel transactions and at famous commercial places such as malls, movie theatres and lots of other places. This type of money is very safe, secured and portable. Large amount of traditional money which occupies much space is reduced to a plastic card of approximately 4 x 2.5 inch. While withdrawing money all you need is to swipe the card at Automatic Teller Machines or ATMs and cash is pushed out.

Since these ATMs are located near each other at all populous places in every city of the world, you are virtually carrying cash with yourself but without the risk and botheration of carrying them. Risk is high while carrying cash as it could be stolen or dropped by mistake or lost. So, the arrival of plastic money has provided a great alternative and option for carrying transactions. The ATMs are functional 24 hours a day and 7 days a week. So, you need not carry cash all the time and can simply go to the nearest ATM and collect cash just by swapping the card and following the online instructions. This is instant money with immediate receipt. The plastic money comes in three categories that are:

The credit card allows for large transactions at commercial places. Under this category, you can stop or withdraw money more than your account balance. The exceeding sum is provided by the credit service company which needs to be paid back to the bank at month end. The credit provider bears all the expenses till you pay it back with due interest. E-mail notifications and mobile messages are sent by the bank after each transaction. On one hand, it gives ample opportunity to pay cashless way; on the other hand, it has the risk of debt trap associated with it.

Second is the debit card, which is relatively safe than others as you can not withdraw more than your account balance. You can transact only up to the amount in the account. It has the same method of swapping for withdrawal. Money can be withdrawn from any ATM near you. The transaction can be done any time and any day of the year.

Lastly, there is the prepaid card which uses totally different concept of the other two card types. These cards have specific value or amount of money associated with them. The sum transacted is deducted from your account on each transaction. The fixed loaded amount is rechargeable but it keeps you aware of the expenditure and you remain alert and spend accordingly.

I am the webmaster of http://www.credocard.com/ Credocard is the industry leader for co-branded prepaid card programs, white label programs, software and payment integration platforms and turnkey payment solutions. We provide services like debit card , credit card etc.