Everything about The Cashcard totally explained
The
CashCard is a stored-value card made by
NETS. It was launched in
Singapore in 1996; since then, more than 6 million cards have been issued. It is different from the newer
EZ-Link card because it's contact-based and requires insertion into a card reader to perform a transaction, whereas the EZ-Link card does not. Also, the stored value in CashCards must be topped up manually once it's depleted, whereas EZ-Link cards may be topped up automatically once the stored value is depleted.
Life cycle
Cashcards can be purchased with an initial stored value of
S$5 or $20. When the card is used for a transaction, the amount to be paid will be deducted from this value. Once the initial value has been completely used up, customers can top up the value in the card at any
ATM, designated NETS terminal, AXS station or even CashCard terminal. Typical top-up values include $10, $20 and $50 or till maximum of $500. The card is usable until its expiry date, which is usually 5 years from the date of manufacture, or when it's refunded at a NETS linked ATM or bank branch. After the card has expired, another 2 years will be given for withdrawals of remaining value in the card.
A CashCard costs $2 more than its stored value; the extra $2 is a deposit used to cover NETS' service and manufacturing costs. When the card is refunded, the remaining stored value together with the deposit will be credited into the customer's bank account. After that, it'll be returned to the customer, and can't be used.
Functionality
A record of recent transactions is stored inside the CashCard. This record can be displayed and printed at an ATM.
CashCards are predominantly used for paying
Electronic Road Pricing fees. Other uses of the card include payment of parking fees, photocopying costs, public telephone usage, and lottery tickets. Stores that accept NETS as a mode of payment also accept the CashCard.
Store support
To support CashCard transactions, a store must have a terminal device that reads and updates the card balance. Unlike NETS transactions, CashCard transactions are carried out without accessing banks' servers. The device deducts the amount from the CashCard's stored value and stores the transaction details in a
log file. After a period of time, a bank officer will collect the log file for verification. If it hasn't been tampered with, the total amount recorded in the log file is transferred to the store's bank account.
Technical details
The cashcard is, in fact, an
embedded system. It is a
smart card that has its own 8-bit
microprocessor, a
ROM to store smart-card related features, a
RAM where temporary data is stored, and most importantly, an
EEPROM where the manufacturer stores certain programs that determine how the cashcard behaves. Information about the card, current balance and recent transaction log are also stored on the EEPROM. When the card is refunded, all data on its EEPROM is cleared, making the card no longer usable.
Like many other smart cards, the cashcard conforms to the
ISO 7816 standard.
Further Information
Get more info on 'Cashcard'.
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