A new type of payment card that is emerging is the stored value card (also called electronic purse). This card will be a plastic alternative to cash for small payments such as buying a paper, a parking ticket or purchases over the Internet.
A stored value card is used by a merchant to issue spending credit to their customers. The merchant's customers are given a magnetic stripe card in exchange for money received, merchandise returned or other considerations. The card represents a dollar value that the merchant's customer can either use or give to another individual. There is no security associated with the card itself. The actual record of the balance on the card is maintained on a stored value card database. Learn more...
A card that has a pre-determined limit of cash, which is drawn down with every purchase. The card stores information on a magnetic stripe. It is not a credit card. Cardholders can access only the funds that are deposited on the card. These cards can be reloadable or disposable.
A card that stores money value in numbers, like transportation and phone cards
a prepaid card
a re-loadable debit card with a MasterCard logo
A financial card that is loaded with a certain amount of money with each purchase amount deducted from the card.
a card that stores information about value and can be used in exchange for goods and services. (p. 118)
A pre-paid card that stores a monetary value from which the purchase amount is deducted after each transaction.
Card that represents a specific value. Often known as gift or pre-paid cards.
A card that contains a computer chip or magnetic strip to store or debit money electronically.
A device that enables the cardholder to transfer the underlying funds (i.e., the funds received by the issuer of the card in exchange for the issuance or reloading of the card) to a merchant at the merchantâ€(tm)s point-of-sale terminal. (Definition courtesy of The Federal Reserve)
A card that provides a way to make financial transactions by using a magnetic stripe technology to store information about funds that have been prepaid on it.
An information storage card that contains stored value which the user can "spend" in a pay phone, retail, vending or related transaction.
See Prepaid card.
Often used interchangeably with chip card, magnetic stripe card, or smart card. "Stored value" refers to the information stored in the magnetic stripe or microprocessor chip. Also, a card that stores prepaid financial or "stored value" via magnetic stripe or computer chip.