A stored-value card refers to monetary value on a card not in an externally recorded account and differs from prepaid cards where money is on deposit with the issuer similar to a debit card. One major difference between stored value cards and prepaid debit cards is that prepaid debit cards are usually issued in the name of individual account holders, while stored value cards are usually anonymous.
The term stored-value card means the funds and or data are metaphorically 'physically' stored on the card, in the form of binary-coded data. With prepaid cards the data is maintained on computers affiliated with the card issuer. The value associated with the card can be accessed using a magnetic stripe embedded in the card, on which the card number is encoded; using radio-frequency identification (RFID); or by entering a code number, printed on the card, into a telephone or other numeric keypad.
Read more about Stored-value Card: Typical Applications, Money Laundering
Famous quotes containing the word card:
“Mothers are not the nameless, faceless stereotypes who appear once a year on a greeting card with their virtues set to prose, but women who have been dealt a hand for life and play each card one at a time the best way they know how. No mother is all good or all bad, all laughing or all serious, all loving or all angry. Ambivalence rushes through their veins.”
—Erma Bombeck (20th century)