The way in which people use and spend money has always changed with time and the pandemic has certainly changed money habits. General purpose reloadable cards are one of the fastest growing payment methods in the UK and used by both individuals and businesses and it is easy to see why when you know how they work and the benefits that they can bring.
What are GPR Cards?
So, what exactly are general purpose reloadable cards? Essentially, GPR cards are similar to debit cards in the way in which you spend money but they are not linked to a traditional bank account. These cards can be prepaid with money which is transferred across and this is the maximum amount that you can spend (no overdraft), but unlike a gift card, you can then easily reload these cards with new funds and they can even be used to take cash out from a machine.
Easy to Arrange
In terms of benefits, you will find that these cards are incredibly easy to enrol and load/reload with very little effort or paperwork. This makes them a good option for any type of consumer or a business as you can quickly arrange them and they do not have to be linked to a bank account.
Control Spending
Perhaps the most obvious benefit is that it provides greater control in relation to spending. With no overdraft available, you do not run the risk of spending more than planned and this is useful both for personal and business use. Once the cash runs out there is no way to spend more without going through the process of reloading (which is quick and easy enough). This also means that security is greater as you are not putting your bank account at risk.
Keep Track of Finances
Following on from this, it is also much easier to keep track of finances when you know exactly how much money is on each GPR card and whether or not you have reloaded in the last month. When you can improve your financial management, you can make better decisions and improve your financial health either as an individual or business.
Perfect for Business
As established, GPR cards work well for individuals but particularly for companies. Reloadable card solutions for businesses can be distributed amongst employees to make spending simple and easy to control, plus these cards are also perfect for giving commissions, making travel reservations and other business spending.
As you can see, GPR cards are a great tool for both individuals and businesses and likely to continue rising in popularity moving forward.
This is an article provided by our partners’ network. It does not reflect the views or opinions of our editorial team and management.
Founder Dinis Guarda
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