Prepaid Card in an Emerging Economy

Features of a Prepaid Master/ Visa Card in an emerging economy, Nigeria.

Master Card or Visa Card is an all-in-one prepaid card which makes it a unique card with multiple value and features and can be acquired at ease.

It is an Electronic Wallet: As an Electronic wallet it is not linked or tied to your main Account so for some people the “risk” of exposing your main account via an ATM Card that is linked to the millions of cash in your main account has been taken care of with Prepaid Master/ Visa Card which is seen as an Electronic purse for Cardholder’s money. The amount of money that is in the card is the amount of money paid into the account that is linked to the card and not the whole lots of money in your main account. For those that have an ATM Card already, you can manage your spending by using this card. This can be achieved by transferring whatever amount of money you want to spend in a week/month into the card account and then be moving about your normal business with the card. For those that do not have an ATM Card it is an opportunity to key into the cashless policy of most Central Banks especially Central Bank of Nigeria by signing up for  Prepaid Card.

It is an ATM Card: As an ATM Card it accepted in all Bank ATM Machine here in Nigeria and outside the country in ATM Machines that has a Master/ Visa Card Logo displayed on it. So if one is travelling abroad you do not carry the country’s currency as BTA or PTA from Nigeria or whatever country you are travelling from, all you need to do is to fund your card using the card account number linked to it which is domicile with a Bank via any of the Bank’s Branch in Nigeria for instance and travel with your card to any country of your choice then on arrival you can use the country’s ATM to access the country’s currency. So the risk of losing the foreign currency which you intend travelling with in transit or before final departure has been taken care of. However the prevailing exchange rate between your country where the card account is domicile and the country where you are withdrawing from will apply in your withdrawal.

 It is a Payment Card: As a payment card it can be use to pay for the payment of goods purchased during shopping and services render. For instance at Shoprite, Game, Roban Stores and other Shopping Mall here in Enugu Nigeria, you can use prepaid Master/ Visa Card to pay for your goods after shopping via POS Machines and the machine will automatically generate a receipt as an evidence of payment. Master card is accepted in all Point of Sale Machines globally as a mode or means of payment for goods or services rendered

It is an online Payment Card: As an online payment card it can be used for the payment of goods (Cars, Laptops, Phones, E-Books, and Tablets etc.) purchased online and for online services rendered by service orientated companies globally since Master/ Visa Card is always a payment option for most internet transactions. Local School Fees, Acceptance fees, Foreign School Fees, and other local / International payments can be made using  Prepaid Master/ Visa Card provided Master/ Visa Card is a payment option for such transaction.

Some payment facilitators integrates master or visa card among other cars are a means of payment for customers of their clients that are interested in paying for the clients services or goods.

 It is used to receive Money Abroad: With the aid of a swift code obtainable from the Bank that the card account is domicile prepaid Master/ Visa Card can be used to receive money abroad directly into the card account domicile with the Bank and the money can be withdrawn from any of the Bank’s ATM Machines in Naira for instance since it is Naira domicile.

It is a Loyalty Card: Some Prepaid Cards are issued in Nigeria as Loyalty card which can be used to get discounts from Business Merchants here in Nigeria. Example of such card is MyReward Card which is a product of Excelon MyReward Loyalty Services Limited but it is being issued in Nigeria by a Nigeria Bank.

v It automatically makes you an Account Holder: Since Prepaid Master/ Visa Card is being issued by some Banks, signing up for  prepaid Master/ Visa Card automatically makes you a Bank customer since the card comes with a card account number that is domicile with the Bank  and the account is a Zero Balance Account i.e one can withdraw all the money in the account and also being an Electronic wallet it does not go dormant (always active for credit/debit transactions). Therefore with a prepaid card one must have saved his/her self the money, stress and “protocol” of opening an Account with a Bank.

It is used for Payment of DSTV, HiTv and other prepaid Subscription and Airline e-ticketing:  Prepaid Master/ Visa Card can be used for online payment of subscription for DSTV, HiTV etc. Also booking of Airline tickets online can be done with prepaid Master/ Visa Card.

It is use as a Holiday Pocket Money: For people that are concern about theft, fraud, scammers, wiping, pickpocket and other crimes, a prepaid card would at least mean that if the worse happens , all the card holders stands to lose is the amount of money pre-loaded onto the account. So instead of allowing oneself to be ruined of a wonderful holiday at one of the best holiday resort as a result of the above, certain amount of money meant for the holiday can be preloaded onto the card. 

 It is used for School Trips: Prepaid card can be used as an electronics payment device by which parents can send their children off on school trips by pre-loading with enough spending money for the duration of the trip. This may be preferably to handling of bank notes which could be spent much too quickly
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