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Prepaid Cards have proved to be a game-changer in the contemporary world. It is a phenomenal outcome of the ever-evolving financial landscape that’s getting more customer-oriented. Prepaid Cards work on the principle of stored value and are also popularly known as the stored-value card. Unlike traditional cards that are linked to a bank account, it doesn’t require any third party to process the transaction. This eliminates the need for network access to process payments made by customers. A Prepaid Card can be used to pay for a wide range of goods and services depending on its acceptability by the vendor/store.
Most people often wonder how prepaid cards are different from debit or credit cards. Well, there are a lot of significant differences which make the Prepaid Card stand out from other plastic money. A debit or credit card is issued by a financial institution and requires their intervention to process payments. However, Prepaid Cards don’t need any third-party input. It just requires the customer’s consent to process the transaction. It is already loaded with a cash balance which is similar to owning cash. Since there are no third parties, it can operate without any network, which gives it a significant edge over traditional banking card(s).
Here are some of the most common types of Prepaid Cards issued by a business to customers.
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