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Prepaid Meaning: Definition, Examples, and Translations

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prepaid

[priหหˆpeษชd ]

Definition

Context #1 | Adjective

payment method

The term 'prepaid' refers to a system where payment is made in advance, typically for services or goods. This method is commonly used for mobile phone plans, credit cards, and utility services, allowing users to pay before they consume the services. Prepaid options often help individuals manage their finances more effectively by restricting overspending. Additionally, prepaid products can be more convenient for those who prefer not to deal with monthly bills or long-term contracts.

Synonyms

advance payment, upfront payment.

Examples of usage

  • I bought a prepaid phone plan.
  • She prefers prepaid cards for online shopping.
  • They offered a prepaid service for the event.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Finance

  • Prepaid accounts help consumers manage spending by limiting access to funds to what has been deposited or paid for.
  • Prepaid cards are often used by those without traditional banking, providing access to funds without needing a bank account.

Technology

  • In mobile phone services, prepaid plans allow users to pay for minutes or data upfront, avoiding monthly contracts.
  • Many online services now offer prepaid options for better control over spending and budgeting.

Pop Culture

  • The rise of prepaid mobile phones transformed communication, making it easier for people to connect without long-term commitments.
  • Various reality TV shows feature contestants who must use prepaid cards, emphasizing budget management and strategic spending.

Education

  • Many educational institutions now offer prepaid tuition plans, allowing families to pay for future college expenses at today's rates.
  • Prepaid courses can help students budget for their education by paying for classes upfront rather than per session.

Origin of 'prepaid'

Main points about word origin

  • The word 'prepaid' combines 'pre,' meaning before, and 'paid,' which comes from the Latin 'pฤgฤre' meaning to settle.
  • It started being widely used in the late 20th century as modern payment systems evolved.

The word 'prepaid' combines the prefix 'pre-' meaning 'before' and 'paid' which is the past participle of 'pay'. It emerged in the English language in the late 20th century as the concept of prepaid services gained popularity, particularly with the rise of mobile technology and digital transactions. This innovative payment model allowed consumers to pay for services like mobile phone usage or gift cards upfront rather than accumulating charges. Over the years, 'prepaid' has become a common term in various industries, particularly in telecommunications, banking, and retail. The adaptability and consumer-friendly nature of prepaid options have solidified their place in today's financial landscape.

Word Frequency Rank

Ranked #11,876, this word falls into high-advanced vocabulary. It appears less frequently but is valuable for expressing precise meanings in specific contexts.