Review of Using Touch n Go to buy Fast Food In Malaysia

I never knew that Touch n Go have such an amazing plan where consumer actually can use the card as a payment for certain fast food retail shop. According to TheStar newspaper, state that consumer can use start using such service starting from 19^th April 2008. The outlets that adopt such system are A&W, Burger King, Dunkin Donut, 7-Eleven, Carrefour Hypermarket, Caltex convenience store and also Cineleisure. I used to hope Touch n Go can provide service and now it had came true.

The most attractive point of this new service is that no extra charges are is required. For instant if your A&W cost you RM 6.80, and then it will be only RM6.80 deducted from your card. So in the coming days we can see people using Touch n Go for all the purchases. Parents can also use this as a daily expenses card for their children instead of giving the children cash.

However there are some limitation that I feel unsafe using such service. As we know Touch n Go is used by just touching the card to the paying machine and it’ll be direct deducted. So what if we lost our card? Even though the manage mention that they will block the card immediately, but then the card is so convenient where you can actually used up all the money by 1 goal and of course without identification where else credit cards and debit cards have identity verification.

How ever whether this new service is a good or bad thing is all depend on the consumer, some thing that losing a card might be just a small lost and the main concern is the convenient where some think oppositely.

Let me know what you think by replying after reading.

Further Information:

<-Promos for buying Touch ’n Go

<-You can use Touch n Go card to buy burgers by next Saturday

<-Touch n Go Website

<-Reviewed Post

+William Hong Weei Loon+ “Predict the unpredicted"

The application of prepaid cash card for consumers

The pre-paid cash card represent money and is similar to a stored-value card. A pre-paid cash card is just a plastic card which provides an alternative payment method for purchasing goods. Its function is just like ATM card, it's withdraw direct from either bank account or remaining balance on the card. The card also can use on the internet. Nowadays, pre-paid cash card has become wide-spread in many countries and it is taking over the cheque and some instances cash transactions by volume. The value associated with the card can be accessed using a magnetic stripe embedded in the card, on which the card number is encoded; using radio-frequency identification; or by entering a code number, printed on the card, into a telephone or other numeric keypad.

Pre-paid cash card have typical application, there is closed system card, semi closed system cards, open system purchasing cards and open system cards.

“Closed system cards”
The cards for replaced the traditional "gift certificate" and are commonly known as "gift cards". Purchasers buy a card for a fixed amount and can only use the card at the merchant that issues the card.

"Semi-closed system cards"
Cardholders are permitted to redeem the cards at multiple merchants within a geographic area. These types of cards are issued by a third party, rather than the retailer who accepts the card.

"Open System Purchasing Cards"
Cards is not really a credit card, although they are often marketed as "prepaid credit cards", as no credit is offered by the card issuer: the card-holder spends money which has been "stored" on the card via his own prior deposit.

"Open system prepaid cards"
There are the most regulated of all the stored value cards. An example is the Payroll card. Payroll cards are used by employers to pay employees. The employee is issued a card that permits access to an account established by the employer.

- ALVIN POON CHEE HAU -

Credit Card debts: Causes and Prevention

Credits cards are a relatively recent development. It allows consumers to purchase products or services without cash and to pay for them at a later date. To qualify for this type of credit, the consumer must open an account with a bank or company, which sponsors a card. They then receive a line of credit with a specified dollar amount. They can use the card to make purchases from participating merchants until they reach this credit limit and the user will have to settle the bill when it arrives. Credit cards are designed with complex security features to prevent the possibility of fraud. These features involve the card's account number, its signature panel, and its magnetic stripe.

Credit cards, when used properly, are convenient and a great budgeting tool. If abused, though, credit cards can be the start of a years-long nightmare and unbelievable stress. There are several reasons that cause the users to spend too much by using credit cards and we will explain along the ways to control credit card debts with the causes.

First, the user has poor money management that he/she spend without a plan which will lead the user to have no idea where the money is going. Planning is no more difficult than writing down your expenses and income and reconciling the two. You will be surprised at how powerful you'll feel when you are making thoughtful decisions about where and when to spend your money.

Secondly, majority of underemployment user may think that it is just temporary (taking a break), but they never thought of the expenses they spent through using credit cards and having to pay it at the end of the month when the bills come. Therefore, users who are underemployment should get those expenses in line with current income or quickly get a second job or a better job to start increasing your income in order to pay your debts and it is also the time to start adding in come of the previous spending.

Thridly, users save too little or probably not at all. The easiest way to avoid unwanted debt is to prepare for unexpected expenditures by saving three to six months of living expenses. With a savings cushion in place, a job layoff, illness or divorce will not cause immediate financial strain and increase debt. No one has ever regretted having a savings cushion.

Fourthly, users do not have money communication skills. It is important to communicate with your spouse or significant other to discuss about financial goals and spending styles. If you are married to a spender and you are a saver, you will want to map out a strategy for you both to get what you want. Know what credit accounts you each have and promise each other to be honest about what each other spends. Many people find out that their spouses have racked up thousands of dollars in credit card debt and they had no idea that the accounts even existed. This will lead to a divorce in a family.

Lastly, credit cards are too easy to apply nowadays. For example, UOB VOX Card. They have plenty of rewards and benefits such as no annual fees on supplementary cards, get cash rebates, exclusive invites for movies and much more which attracts people to apply it. Issuers of credit cards make it easy for you, if you have had no debt problems in the past. If they seem to take it lightly, it is understandable that their customers do too. But remember, they take the risk factors into account when setting interest rates. That’s why they are so high. Therefore, we must consider and communicate with our family members to have a financial plan before applying credit cards.

Resisting the pressures of the credit card society will be a lot easier once you have set your mind to it, and started to feel the benefits. Enjoy the process, and you will be a cash convert for the rest of your wealthy life.

- Carmen Lee Jia Wen -

Electronic Currency

What is Electronic Currency?

It is known as e-money, electronic cash, electronic currency, digital money, digital cash or digital currency which refers to money or scrip which is exchanged only electronically. Typically, this involves use of computer networks, the internet and digital stored value systems.

With the modern technology, people now tend to do electronic currency system. The main focuses of digital cash development are being able to use it through a wider range of hardware such as secured credit cards and linked bank accounts that would generally be used over an internet means, for exchange with a secure micropayment system such as in large corporations (PayPal). Besides that, this system enables users to perform transaction in a more confidential and privacy way. One of the most attractive features of electronic currency is that, unlike real cash, it is anonymous. That is, when the electronic currency amount is sent from a customer to a merchant, there is no way to obtain information about the customer. Thus, by using electronic currency, the bank is unable to obtain personal information about the consumer. Therefore, this adequately protects the privacy rights of the customer. Besides that, it is secure to use the system because it uses encryption. For example, the use of digital signature is almost impossible to break the code of a digital signature. Therefore, even though there is speculation about the security of the Internet, electronic currency consumers are probably more secure in their transactions than the more traditional ways of doing business.

PayLoadz is one of the websites which is an e-commerce that uses e-currency for trading which is located in the heart of New York City. Founded in 1996 as a web development company and has grown to become one of the forefront developers utilizing Macromedia development products. It is a service to sell intangible products such as software, eBooks, music, movies, digital art, manuals, articles, certificates, forms, files, and anything else that can be downloaded. It is an automated delivery service that delivers your products to your customers instantly after payment. Our system operates using PayPal's online payment system and Google Checkout.

PayLoadz do provide many benefits for the customers such as free lifetime basic account and free for first month of all premium accounts users, secure file storage on their servers, Automated delivery of your digital goods immediately after payment, Sell anywhere online: your own site, our Store, eBay and more, Affiliate Builder, a fully-functioning affiliate tracking and payment system, and Supports Downloads and CD fulfillment.

- Carmen Lee Jia Wen -

Mobile payment systems in Malaysia: Its potentials and consumers' adoption strategies

Mobile Payment is the collection of money from a consumer via a mobile device such as their mobile phone, smart phone, personal digital assistant (PDA). The mobile payment can be used to purchase any number of digital goods and physical goods. For example digital goods are ring tones, games, wallpaper for mobile phone and the booking cinema ticket and air ticket. Usually purchase digital good are through by SMS based transaction payments or mobile web payment (WAP).

Mobile Money International Sdn Bhd is one of the example that uses mobile payment system. It was established in February 2005. The charter of Mobile Money is to provide Merchants and consumers with a convenient and secure Mobile Payment and Mobile Commerce platform. Mobile Payment platform allows everyone to pay anyone, at anytime from anywhere with just one SMS. It also allows one to receive money from anyone, from anywhere, at anytime. MM Mobile Payment system is very secure and it is a closed loop payment system.

The mobile payment system has potential to make consumer use the mobile web payment (WAP) to make payment on time. The process is quickly replacing premium SMS based transactional payments for digital content and also enables the sale of physical goods. It also has security to protect payment details and consumer identify. It operate with PIN as secure as ATM card, if you had lose your phone, you will just have to call the network operator to deactivate the line. Using the familiar mobile payment system can make high customer satisfaction from quick and predictable payment and safe of use from a familiar set of online payment pages. By adopting the MMWallet system, consumer can get alot of savings such as save up to 20% when you buy prepaid reload and save up to 0.65% when you spend at any MM Merchants.

Currently they are lots of merchants available for customers to purchase such as home essential, food, snack, fragrance, health drinks, personal care and much more.

The consumers need not spend more cost to adopt the system. They only buy one mobile phone and they can get to use the system to purchase goods and services and consumers get to compare the price of goods in market price. Thus they will become a smart consumer in the world. Besides that, the mobile commerce transaction are now very secure to perform financial transactions in electronic environment and data of personal data are confidentiality.

To know more details about MMWallet and the steps to start using MMWallet, please visit to http://www.carigold.com/portal/forums/showthread.php?threadid=15152.

-ALVIN POON CHEE HAU-