Meaning of the word prepaid in English

What does prepaid mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

prepaid

US /ˌpriːˈpeɪd/
UK /ˌpriːˈpeɪd/
"prepaid" picture

Adjective

paid for in advance

Example:
I bought a prepaid phone card for my trip.
The shipping costs are prepaid by the sender.
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