InvestorQ : What is the usage of a prepaid card?
shivani Walawalkar made post

What is the usage of a prepaid card?

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seema Upadhyaya answered.
1 year ago
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Usage of prepaid cards depends on who is the issuer of such cards. Prepaid cards can be open or semi-closed in nature.

Open system prepaid cards are issued by banks and can be used to withdraw cash from an ATM, purchase of goods and services at POS terminals/e-commerce (online purchase) and for domestic funds transfer from one person to another.

In contrast, semi-closed system prepaid cards can be issued by authorised bank and non-bank entities and can be used for purchase of goods and services at POS terminals / e-commerce (online purchase) and for domestic funds transfer from one person to another, subject to prescribed limits and conditions.

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