Fandom

The IT Law Wiki

Stored-value card

32,198pages on
this wiki
Add New Page
Talk0 Share

Ad blocker interference detected!


Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.

Definitions Edit

A stored-value card is

[a] card-based payment system that assigns a value to the card. The card’s value can be stored on the card itself (i.e., on the magnetic stripe or in a computer chip) or in a network database. As the card is used for transactions, the transaction amounts are subtracted from the card’s balance. As the balance approaches zero, some cards can be "reloaded" through various methods and others are designed to be discarded. These cards are often used in closed systems for specific types of purchases.[1]

A stored-value card is "[a] card that stores prepaid value by magnetic stripe or computer chip."[2]

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, App. B: Glossary (full-text).
  2. Internet Banking: Comptroller’s Handbook, at 84.

See also Edit

Also on Fandom

Random Wiki