Prepaid Visa Card
A prepaid Visa card has just been launched, and expect advertising on it to be AirAsia-style. Because it’s prepaid, anyone who is able to afford RM10 per annum can have one.
Will it take off? I expect early adopters to be students and maybe fresh graduates. However, I don’t see those with existing credit cards switching to it en masse. Who would want to give up their hard-won credit lines?
I think the biggest value proposition of this card is as an enabler for Internet transactions. Currently the only way to buy stuff online is to have something with the Visa or Mastercard logo on it. This traditionally meant having a credit card, and with it, its associated background credit checks, three months salary slips, EA forms, etc. Now with the availability of a prepaid Visa card perhaps many more people will find it easier to shop online.
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