Virtual Prepaid Card in India

1
Prepaid Card in India
morpay.org
2
Introduction

Virtual Prepaid cards are alternatives to your
regular payment card that you can carry around
but it will not be linked to your bank account.
It is very much beneficial to those persons who
find it really tough to maintain their savings
and have uncontrolled expenses. As the name
suggests, the card is a prepaid one i.e. you can
spend the money from the balance that you will
load on this card. Thus, it will often sting to
the peoples amount regarding the balance that
they have kept in their prepaid cards and
automatically, they will be bound to make
expenses within limits. If you are assuming that
these cards to have separate features like debit
cards and credit cards, then, your thinking is
definitely not right. These cards dont have
distinctions like a credit card or debit card.
You just need to load it with cash and when you
will run out off balance, you simply need to
reload your card and again YOU ARE GOOD TO GO. It
is like a pay-as-you-go mobile. People who dont
have any bank accounts and for teenagers too, a
prepaid card can be of great use. Prepaid cards
can be used online. In case if you make payments
in a dodgy website or if there is any probability
of fraudulent behaviour or cybercrimes with your
card, your damage will be limited as only the
money you have loaded in your prepaid card will
be in verge of risk. If you assume any kind of
threats with your card, you need to contact your
prepaid card provider so that they can block your
card.
3
Types of prepaid cards
Prepaid cards may appear to be similar to your
regular debit and credit cards but these are very
much different. Most of these prepaid cards have
a network logo like a VISA card or a MASTER card
and you can use these cards at places where these
brands are accepted. Prepaid cards can be both
reloadable and non-reloadable. Reloadable cards
can be loaded with money, again and again, to
keep continuing its use. You cannot use
non-reloadable prepaid cards the second time
after spending the initial value loaded to your
card. Prepaid cards are generally sold online,
over the telephone and in retail locations too.
Even some banks and credit unions have also
started selling their own prepaid cards. One of
the best websites from where you can avail
prepaid cards is Morpay. Morpay is the most
trusted reseller of AstroPay card and their
website is globally recognized. You can avail
your card by paying fees in your local currencies.
4
How a prepaid card works?
Think of having cash in your wallet. Will you be
able to keep cash as much as you can and walk
away like that? Definitely no. Everybody
maintains a limit to have cash in wallets. This
is same for prepaid cards too. As you are going
to use this in day to day basis, you will
obviously not want to load it with lump sum
amount. Now, if you are thinking about the way of
loading money in your prepaid card, one issue has
definitely sting your mind- If Prepaid Card is
really not linked to a bank account, then how
calm reloading of cash is possible? Right? So,
let us tell you that there are different ways to
load money in your card. Remember, when we have
to go to shops in person for getting our mobile
recharge done? We used to pay in cash, and the
mobile retailer would load the balance in your
mobile. Same is applicable for the prepaid card
reloading too. You can either go to a Post
Office, a Paypoint or a shop where reloading of
prepaid cards is done. These are all offline ways
and you dont need linkage to your bank account
for reloading your prepaid card. But, if you are
opting to do this via online, then, bank account
is definitely a concern, for, the reloaded amount
will be transacted to your card from your bank
account only.
5
How a prepaid card works?
All prepaid cards are either linked to a building
society or a bank account. The reason why these
cards have network logo of Master Card or VISA
card is due to the fact that you can use these
cards anywhere that accept these cards scheme
network just like a debit or a credit card. All
these methods are not applicable for all prepaid
cards. It depends on the provider and on the card
too. So, you need to check out the most apt way
for making your card reloaded in no time. Like
your regular credit or debit card, you have to
enter a PIN number for withdrawing cash or for
paying bills with your prepaid card. Some
retailers can ask you to sign if in case their
payment terminals cannot read details of your
prepaid card. One of the most important feature
of a prepaid card is that apart from the
protection by PIN number, all the records of a
prepaid card remain handy to the prepaid card
provider. So, if in case, someone lose his
prepaid card or if it gets stolen, then he can
easily replace that with a new one. After
contacting your prepaid card provider in case of
any theft, they can block your original card so
that no one else can use that.
6
Prepaid card vs. debit card
A regular debit card is completely different from
a prepaid card. Your bank account debit card is
linked to your checking account or your bank
account. A prepaid card is not linked to your
checking account, rather, you spend money from
the amount that you loaded into your prepaid
card. Normal credit cards are completely
different from a prepaid card. This can lead to a
confusion for both your prepaid card and your
debit card have their network logos like either a
VISA, American Express or Master Card. In case of
a credit card, you are actually borrowing money
from your bank. In case of a prepaid card, you
spend money from the amount that you already re
loaded in your card in advance.
7
Prepaid card vs. debit card
Fees associated with a prepaid card So, you can
see that with the help of a prepaid card, you can
use your loaded money at various retails and
merchants, just like you do with your regular
debit or credit card. You can very much use this
card for making an online purchase. Some prepaid
cards can be used in ATMs for withdrawing money.
But, you can only do this after you have
registered your card. Registration is vital for
reloading your card. The fees and features of a
prepaid card can vary from one card to another
so, you need to compare cards before buying.
8
Prepaid card vs. debit card

• Fees associated with a prepaid card
• So, you can see that with the help of a prepaid
  card, you can use your loaded money at various
  retails and merchants, just like you do with your
  regular debit or credit card. You can very much
  use this card for making an online purchase. Some
  prepaid cards can be used in ATMs for withdrawing
  money. But, you can only do this after you have
  registered your card. Registration is vital for
  reloading your card. The fees and features of a
  prepaid card can vary from one card to another
  so, you need to compare cards before buying.
• For most of the prepaid cards, you need to pay
  some fees for using or holding the card. The
  amount and the kind of fees will vary depending
  on how you will use the card and the card itself.
  Common fees for prepaid cards include the
  followings-
• Monthly fee you need to pay this fee every
  single month even if you dot use this card. This
  amount gets automatically deducted from your
  loaded amount. You can call this as a prepaid
  card maintenance fee.

9
Prepaid card vs. debit card

• Fees associated with a prepaid card
• In-Network/Out-Network ATM fee it depends on the
  terms and conditions of your cardholder
  agreement. Every bank and ATM gas different
  network and your prepaid card company may belong
  to one or more of these networks.
• Transaction fee this is the fee that is charged
  every single time you make a certain type of
  transaction.
• Balance enquiry fee- again, this vary from card
  to card. In case if you want to see your balance
  of prepaid card from an ATM, then you can be
  charged of a balance enquiry fee.
• Decline fee suppose, you attempted to buy a
  thing that costs more than the amount left in
  your prepaid card, then, you will be charged a
  decline fee.
• Paper statement fee- some prepaid cards can
  charge you if in case you request for paper
  statements for the transactions you made with
  your prepaid card.
• Cash reload fee it is a fee when you add money
  to your card at a retail location.

10
Prepaid card vs. debit card
Fees associated with a prepaid card So, these are
the most common fees associated with a prepaid
card. The main benefit of having a prepaid card
is an increased level of security as it is not
directly linked to your bank account. Moreover,
you can also restrict your expenses with your
prepaid card. And, who dont wants to save more
right? So, grab your prepaid card from Morpay
today.
11
Authorized re-seller of AstroPay
morpay.org