Real-time replenishment (RTR) is a technology that allows preloaded/prepaid cards to be reloaded with funds in real time. This means that the cardholder can use their card immediately after reloading it, without having to wait for the funds to be processed.
RTR works by using a network of ATMs and other retail locations that are connected to a central server. When a cardholder reloads their card at one of these locations, the funds are immediately transferred to the cardholder’s account on the central server. The cardholder can then use their card immediately, even at a different location.
RTR is used in a variety of transactions, including:
- Cash-to-card transfers: Cardholders can reload their cards with cash at ATMs or other retail locations.
- Bank transfers: Cardholders can transfer money from their bank account to their prepaid card account.
- Direct deposit: Cardholders can have their paycheck or other government benefits directly deposited onto their prepaid card account.
Here are two examples of transactions that use RTR:
- A cardholder reloads their prepaid card with cash at an ATM. They then use the card to purchase a coffee at a nearby convenience store.
- A cardholder has their paycheck directly deposited onto their prepaid card account. They then use the card to pay for their groceries at a supermarket.
RTR is a convenient and secure way to reload prepaid/preloaded cards. It allows cardholders to use their cards immediately after reloading them, without having to wait for the funds to be processed.
Benefits of RTR:
- Convenience: Cardholders can reload their cards immediately and use them right away.
- Security: RTR uses a secure network to transfer funds, so cardholders can be confident that their money is safe.
- Flexibility: RTR can be used to reload prepaid cards with cash, bank transfers, or direct deposit.
Drawbacks of RTR:
- Fees: Some retailers may charge a fee for reloading prepaid cards using RTR.
- Network outages: If the RTR network is down, cardholders may not be able to reload their cards.
Overall, RTR is a convenient and secure way to reload prepaid/preloaded cards. It allows cardholders to use their cards immediately after reloading them, without having to wait for the funds to be processed.
This page was last updated on October 6, 2023.