Prepaid: A new technology
Many people will already be familiar with Prepaid technology from our mobile phone prepaid cards. Technically speaking, all Prepaid products from PayLife are based on Maestro or MasterCard. Prepaid cards are not linked to a current account; they are simply preloaded with any credit amount you choose. Once the card has been charged, it can be used to withdraw cash and/or make payments around the world within the limits of the credit balance. Overdrafts are not permissible.
Many Prepaid products are rechargeable. In other words, it is not necessary to acquire a new
card when the credit has been used up; you simply top up your personal credit level again.
You only need the card number to recharge a Prepaid card; the card itself does not need to be
presented. This makes the card an ideal source of pocket money for your child’s study trip abroad,
for example.
The credit loaded on a Prepaid card is NOT stored on the card itself, it is stored on an
international payment platform. If the original card is lost or stolen, the outstanding credit
balance can still be accessed using a replacement card (where a replacement card service is offered
for the product).
You can check your balance and recent transactions at any time by telephone or over the
Internet.
Prepaid cards are becoming increasingly popular in a wide variety of usage areas: as gift cards, as an alternative to travellers cheques, for wage and salary payments, as pocket money cards and much more.
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