Why Contactless Prepaid Cards Are A “Must Have”

Photo Credit: BigPay

The COVID-19 pandemic has forced us to rethink how we interact with others. One of the most effective ways to mitigate the spread of the deadly virus is to practice social-distancing. Accomplishing this is key to breaking the chain of infection.

This is especially true of over the counter payments. Regardless of whether it’s in a grocery store, pharmacy or a clothing outlet, exchange of physical money can be a cause for concern. According to an NIH study, COVID-19 can survive up to 24 hours on cardboard but up to 2-3 days on plastic and stainless-steel surfaces.

It’s a startling revelation considering that the coronavirus is far more infectious than the common flu or SARS. That is why contactless payments should be the way forward. More specifically, prepaid contactless systems such as BigPay’s digital remittance system should be adopted to reduce the risk of infection and to maintain a level of financial stability.

Contrary to popular belief, prepaid cards offer several benefits over credit cards. This is especially true of those that are backed by dedicated apps that track and record payments. Hence why we will be using BigPay, a subsidiary of AirAsia, as an example. (Available in Malaysia, Singapore, the Philippines, Thailand and Indonesia)

It makes bold claims of being able to reduce hidden fees and charges when transferring money, simplify payments and help users analyze how they use said money. It functions like a credit card, minus the mounds of ensuing debt. Though e-wallets are being touted as the way forward for payments, many outlets still lack the infrastructure to support such systems.

Photo Credit: BigPay

Here’s why digital remittance services like BigPay are a “Must Have”:

#1 – Financial freedom
Since its a prepaid card, users are only able to spend the money that they have, instead of accruing debt over the course of a single month. Banks usually offer unrealistic spending limits on their credit cards, which some believe to encourage defaulting on payments. Those who are financially responsible might not consider this as a problem, but it can turn into an issue for many young adults.

#2 It’s a like a credit card, but it isn’t
They use the same VISA or MASTERCARD services as credit cards, which mean they are just as widely accepted. I have yet to encounter a credit card reader that wouldn’t accept my prepaid card. And this includes online payments for e-merchant sites as well.

Photo Credit: BigPay

#3 There’s an app for that
What I appreciate most about BigPay is the ability to track my purchases and expenses through the use of a dedicated app. It offers a comprehensive breakdown of transactions made over the course of the year. It’s one of the better finance monitoring tools around, and it allows me the ability to block card payments if I lose my purse.

#4 It’s a physical e-wallet
The BigPay app allows us to make digital payments through QR Code scanning, international or local bank transfers and splitting bills. So, you get a physical card and and an e-wallet in a single system.

#5 It Helps Users to be better at finances
A common mistake among young adults is their inability to monitor daily expenses. Keeping a close eye on this will help them curb the need to spending more than what they earn. It’s good way to prevent unnecessary accruing of debt.