PREPAID CARD - WHAT IS IT?
A plastic financial instrument that involves the use of funds previously deposited on it is called a prepaid card which works just like a Debit card. It is worth noting that such plastic is not only banking: its release can be carried out by various stores, gas stations, cosmetic companies and even MFIs.
in the era of the Digital world, RuPay is the first-of-its-kind Global Card payment network from India, with wide acceptance at Shops, ATMs, and online. Whereas Visa and American Express systems were the first to issue this type of bank card.
RuPay addresses the needs of Indian consumers, merchants, and banks alike. Eezib uses the RuPay system to provide secure and fast transactions. These cards come with benefits like the flexibility of the product platform, high levels of acceptance, and the trust of All Indians - all of which contribute to an enhanced product experience.
They are popular among parents. So, they can transfer a certain amount of money to the children and control their expenses, which was much more practical than issuing cash. Today, the market for prepaid cards is developing rapidly, it’s one of the greatest successes of India.
HOW DO PREPAID BANK CARDS DIFFER FROM OTHER PAYMENT INSTRUMENTS?
Such a card is almost never tied to a bank account. The bank will not sign any contract with the client when making Prepaid cards. So, you also do not need a bank account. To get a prepaid card.
In order to issue it, there is no need to present a passport or other documents that may be required when applying for, for example, a credit card. Therefore, it cannot be named.
A prepaid card can have a credit limit, as well as the maximum amount for its replenishment or no more than a set amount per month. Some banks also limit the amount to fifteen thousand rupees per day on cash deposit machines, and it is impossible to replenish the funds again.
The financial systems of prepaid cards often work on RuPay and VISA.
TYPES OF PREPAID CARDS
The prepaid card also varies by type. Exist:
• Single-use cards. This means that after the cards run out of pre-paid money, it will no longer be possible to use the card.
• Payment based, with the possibility of replenishment. Such cards have an account, it will not be impersonal. Initially, such cards assume a zero balance, and their owner can replenish the card at any time using an ATM. Such a card can be paid for both on the Internet using Internet banking and in stationery stores.
• Virtual prepaid card It is issued by sending an application online on the website of a banking or financial institution. With its help, it is possible to make only purchases on the Web.
• Gift card the name speaks for itself – it is a great alternative to a gift "in an envelope".
A prepaid card has several advantages over other plastic products:
• The cardholder does not pay funds for annual maintenance, as well as opening an account, which, in fact, does not exist. But some banks may ask for a symbolic amount for the card itself, but it will still be much less than when you apply for an Eezib prepaid card.
• Fast card issuance – it can be obtained immediately when contacting a bank branch, unlike a debit or credit card, which can wait up to 14 days.
• Prepaid card can be used as a gift to your relatives and friends on various holidays or received from a lender when applying for a loan at home or in an inpatient department.
• When paying for goods, bonuses may be accrued, which can later be used when making other purchases.
Benefits of prepaid Cards
The key takeaway of reloadable debit cards are:
• A reloadable, or prepaid, the debit card is not the same as a debit card that's linked to your bank account.
• Reloadable debit cards allow you to add money to them as needed.
• Some reloadable debit cards charge a fee for adding more money to your balance. They may have other fees, too. Where Eezib cards are free to use.
• Eezib reloadable debit cards allow you to set a payment limit.
Some other benefits that Eezib Prepaid cards Offers are:
• Reloadable prepaid cards can be used for transactions online.
• You can stay within your budget.
• Loading a prepaid debit card is the best gift if you don’t want to gift cash.
• You can use them for almost anything.
HOW TO USE PREPAID CARDS
Prepaid cards can be used at any time. Such a card can be paid for both on the Internet using Internet banking and in stationery stores Using a POS machine.
HOW CAN YOU GRAB YOUR EEZIB PREPAID CARD?
You can apply for Eezib Gift Card through Eezib Portal and contact us through E-Mail at Support@eezib.com or call us at: + 91 - 9782009070
