Visa Prepaid

A Simple Guide to the Visa Prepaid Card

Consumers and businesses want greater choice in deciding when, where and how to pay for goods and services. To meet this set of payment needs, Visa has developed Visa Prepaid, a “pay now, buy later” payment method. 
 
What is Visa Prepaid?
 

• Visa Prepaid is a Visa Card with pre-loaded funds that decrease each time it is used to make a payment.
• Visa Prepaid cards are used to access previously deposited funds loaded by cash, cheque, from another debit or credit card, or from transferred funds. The funds in the Visa Prepaid account may then be spent by the cardholder through purchase transactions or cash withdrawals.

• Unlike EFTPOS cards, Visa Prepaid cards must be processed using the ‘credit’ button at the point-of-sale terminal to ensure the Visa network can route the transaction correctly. Visa Prepaid cards have no ‘CHQ’ or ‘SAV’ account functionality.
• Visa Prepaid transactions will be verified by the cardholder using either a standard signature or a PIN

• Card details are printed unembossed (flat) on the front of the card rather than embossed (raised)
• May or may not include a cardholder name
• May or may not include a bank, company or retailer name
• Can be used for electronic transactions only (not click click/zip zap machines)
• May or may not feature a chip