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Over the last few years, there has been explosive growth in the use of prepaid cards. Prepaid Cards have revolutionized the payments space. Prepaid cards are disposable pre-loaded cards issued by banks to suit your needs. It is like Load – Spend – Repeat – instantly. This suits those people who don’t want hassles of credit card however still want to enjoy acceptability of debit card.

Difference between Prepaid Card, Debit Card, Credit Card


Debit Cards

Debit cards are electronic provided by bank that are affordable, and is directly linked to your bank account (savings/current). When a person pays with a debit card, it is the same way as buying something with cash however in a much convenient manner. The money is deducted from your own bank account.

Credit Cards

Credit cards are the card that is issued by a bank or a card issuer. The card is provides temporary money the card holder, however the card holder has to pay back the money with an interest rate on the amount the person has spent.

Prepaid card

It is very different from a bank account debit card. A prepaid card is loaded with cash when you first buy them and top them up when they run out just like a pay-as-you-go mobile. They are not a credit card so you can’t run up debts on them and they are good for those who don’t have a bank account.

Prepaid cards are sold at many retailers including supermarkets, gas stations, office supply stores, and drug stores. When you purchase a prepaid card from a retailer, you can specify the amount of money that you want loaded on the card. Most of the time, you will also have to purchase a prepaid card.

Why should you use a Prepaid Card?

  • A prepaid card is a convenient method of payment, and it requires very little time or cost to get one.
  • You don’t have to visit a bank or submit an application to get a prepaid card, which is usually available online or at stores all over your community.
  • Prepaid card also guarantees that you will never have to pay interest charges on your purchases.
  • Prepaid card can also be used by minors and young adults, while you need to be 18 years old to open a credit card account in your name.
  • They are safer than carrying cash as, apart from transactions being protected by the PIN, the prepaid card company will have a record of your card and be able to replace it if you lose it or it’s stolen.  Once you’ve contacted the company it can block your original card so that no-one else can use it.
  • You do not owe a bill since you are using money you already have.
  • You do not need a good credit history to use a prepaid card.
  • Prepaid cards are an alternative to cash which causes customers safety, security and greater ease of transaction.

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How Pre-paid Cards work?

When you first buy the card you decide how much money you want to put on it.

All prepaid cards are linked to a bank or building society.  They have the MasterCard, Visa or Rupay logo on them so that you can spend with them anywhere that accepts these card scheme networks just like with a debit or credit card.

You will have a PIN to enter when you withdraw cash or pay for items with the card, though some retailers will ask you to sign instead if their payment terminals can’t read prepaid card details.

Then as you use your prepaid card, the amount of your purchases is deducted from the balance. As you make more purchases, your available balance gets further reduced. For example, you deposit Rs. 3000 onto your prepaid card. After paying Rs.1500, you’d only have Rs. 1500 left to spend.

Once you’ve used your entire balance, you have to reload more money onto the prepaid card before you can use it again.

How to recharge/load your Prepaid Card?

As it starts to run out you can top it up in a number of following ways:

Spicemoney Prepaid Cards


Spicemoney, has partnered with Yes Bank to launch a new pre-paid (similar to debit) card which is activated instantly using Aadhaar of customer. Top-up the activated card from Spicemoney Agent wallet at “no” additional charges.

This card gives your customer freedom from carrying cash and can be used for shopping, fueling, ordering from e-commerce websites like Amazon, Paytm, Flipkart and much more.

Key features of Prepaid cards

Prepaid Cards benefits for the customer

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How to order Spice Money Prepaid card?

Order Price (inc. GST and shipping charges)

  • Rs 500 for 5 cards;
  • Rs 1,000 for 10 cards;
  • Rs 1,500 for 15 cards and
  • Rs 2,000 for 20 cards

Monthly and Annual limit


Prepaid cards are becoming increasingly specialized and as security measures they are becoming more sophisticated. As technology advances, payment systems and business opportunities will continue to evolve.

Post Author: Shubhani Rawat

Hi, I am Shubhani. I am a Technical Writer at Spicemoney.

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