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What is prepaid payment instruments ?

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0 2022-08-09T21:35:07+00:00
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Hey,

Just like you, I used to wreck my brain, thinking about prepaid payment instruments examples. I used to think debit cards were a good example of the same. Boy, was I wrong. Despite both of the cards being seen and used in the consumer cycle. There are differences and similarities between prepaid and postpaid payment instruments.

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What is prepaid payment instruments?

These are payment instruments that facilitate the purchase of any type of goods, financial services, remittance facilities or services against the predefined value stored on the instrument. The value loaded on the instrument is either pre-paid by the cardholder, either by cash, by debit to a bank account, or by credit card.

There are different categories of payment instruments :

  • semi-closed system

  • closed system

  • mobile prepaid

  • open system

RBI PPI :

There are certain RBI prepaid payment instruments card that require authorisation for The Reserve Bank of India before the issuance. Few of the authorised Pre payment instruments or PPIs are Aircel Smart Money Ltd., Amazon Pay, Card Pro Solutions, Delhi Metro Rail Corporation Limited, and Hip Bar Private Limited. The public could get access to these PPIs after RBI had approved.

Few prepaid payment instruments in India are online wallets, paper vouchers, prepaid smart cards, magnetic stripe cards, internet accounts, mobile accounts etc. 

In case you know any other prepaid payment instruments examples, then reply to this comment. 

Read more : What Is The Difference Between Debit Card And Prepaid Card? What Is A Prepaid Card?     How to use a credit card? What are the benefits of credit card?

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