Did you know that there are currently around 9.4 million prepaid scheme cards on issue in Australia? According to the Reserve Bank of Australia, cardholders have $1.8 billions of stored value held on them, or $190 per card on average.
Many Australians use prepaid cards for overseas travel because prepaid cards are known to be a safer alternative to carrying cash. Another reason is that the risk of losing or having your card and personal information stolen is a real concern for many travellers.
While social distancing and travel ban have put a pause on Australian’s favourite pastime, prepaid cards are more relevant than ever as consumers redirect their spending online. In the same way we want to minimise the risks of having our credit card skimmed whilst travelling, we should apply the same vigilance to online shopping.
Separate from your bank account
The big difference between prepaid cards and credit/debit cards is that prepaid cards are not linked to a bank account, so they don’t require credit and debt to use. This means that even if your card number is stolen, the thief can only gain access to the amount of money loaded on the card. Since these cards are not linked to a bank account, it protects you from potentially having to deal with thousands of dollars in fraudulent charges on a credit card.
You’re not held liable for fraudulent charges
Ok, but you’re saying that it is still possible for scammers to gain access to your money loaded to your prepaid card. The good news is that prepaid cards are protected by a zero liability policy, which means you won’t be held responsible for fraudulent charges or unauthorised purchases made with your card or account information.
Prepaid solutions also have a meticulous monitoring system in real-time, providing transparency, reducing the possibility of fraudulent activities, and allowing for quick action to be taken in case of suspicious transactions.
Last but not least, control that budget
On a lighter note, if online shopping is causing some serious burns in your bank account, you may be better off using prepaid cards as a tool to stay within your budget. With prepaid cards, you can transfer a set amount onto your prepaid card, which you can then use exclusively for online shopping or for your guilt-free ‘splurge purchases’.
INTERESTED IN A PREPAID CARD SOLUTION?
Our Visa Prepaid Cards are perfect for individual online shoppers and e-commerce retailers seeking Prepaid Card Solutions for their customers.