How prepaid cards are using mobile phone services

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How prepaid cards are using mobile phone services

29th June 2010

There are many benefits to using prepaid cards, and these have been widely acknowledged for a large period of time. They bring about better inclusion in terms of finance, amongst other things. Prepaid cards also offer better security measures, meaning your details and your transactions are completely safe.

It must be said, however, that prepaid card companies have begun diversifying their product portfolios recently, in order to bring about attention from a larger audience of people. Included in this diversification is the use of prepaid cards in the mobile phone market, creating a more refined link between the prepaid card service and topping up your mobile phone. These offer services that make adding money on your phone so much easier, without needing to go to large extents to top up your phone.

Prepaid cards also offer the benefit of not allowing you to spend more than you have - and more and more products amongst the portfolio diversification are providing more services in regards to assistance in this area.

For instance, the O2 Cash Manager Credit Card stopped any of their customers from spending more than they have already put onto their card. This service was launched in July 2009, and has been a great hit with people concerned about their spending.

Customers also recognise, however, that it further helps them if they are able to track how much they are spending. Much like people would use a bank statement. Customers like to know how much they have left on their card, and so new services offered by mobile phone companies mean that one can see their balance by sending a text from their mobile phone, once they have completed some transactions. O2 also released what’s known as a ‘budgeting calculator’, which provides an idea to customers as to how much money they should actually load on to their card. This calculator shows them what they will receive for their money, and allow customers to see precisely how much money they absolutely need to put onto their card.

O2, UK mobile phone provider and large business, strives to provide easy mobile banking services for all of its customers. O2 has since been looking to create an overlap between mobile phone technology, and finance, according to Ronan Dunne Chief Executive. Ronan Dunne spoke at the launch of the O2 Cash Manager Credit Card in 2009, expressing belief and determination in the strength of the firm to start a journey towards bringing the mobile phone and the wallet together.

It seems sensible to assume that a T-Mobile, Orange or Vodafone equivalent of the O2 card will appear some time soon.

Perhaps the most obvious benefit to having prepaid credit cards is that there is a large overlap between your finances and your mobile phone, in the sense that you can now top up you pay-as-you-go mobile phone easier than ever. And in fact, this can be done with just a few presses of the keypad.

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