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They also have an advantage over most other payment cards in that when making, say, a purchase, telecommunication facilities are not needed, which may be important in situations where the availability or reliability of these facilities are uncertain or costly, especially for low-value transactions. Stored-value cards are most commonly used for low-value transactions, such as transit system farecards, telephone prepaid calling cards, cafeterias, or for micropayments in shops or vending machines.

Ī vending machine sells farecards for the Washington Metro subway. Like payment cards, value can be accessed using a magnetic stripe, chip or radio-frequency identification (RFID) embedded in the card or by entering a code number, printed on the card, into a telephone or other numeric keypad. This is unlike payment cards where data is maintained on the card issuer's computers. The term closed-loop means the funds and or data are physically stored on the token or card in the form of binary-coded data. Stored-value cards are prepaid money cards and may be disposed when the value is used, or the card value may be topped up, as in the case of telephone calling cards or when used as a fare card. Another difference between stored-value cards and debit and credit cards is that debit and credit cards are usually issued in the name of individual account holders, while stored-value cards may be anonymous, as in the case of gift cards. Stored-value cards differ from debit cards, where money is on deposit with the issuer, and credit cards which are subject to credit limits set by the issuer and are connected to accounts at financial institutions. They are an electronic development of token coins and are typically used in low-value payment systems or where network access is difficult or expensive to implement, such as parking machines, public transport systems, closed payment systems in locations such as ships or within companies. Like cash, payment cards can be used anonymously as the person holding the card can use the funds.

This means no network access is required by the payment collection terminals as funds can be withdrawn and deposited straight from the card.

The system eliminates cash and coins from the entire ship and instead requires sailors to add money from their personal bank accounts to one of two systems held on the cash card.Ī stored-value card ( SVC) is a payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. Navy clerk holds a keypad for a customer to enter his Navy Cash Card personal identification number aboard the amphibious assault ship USS Peleliu (LHA-5).

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