Briefly explain the stored value card and its types? – InterviewSolution

1.

Briefly explain the stored value card and its types?

Answer»

(i) Closed loop (single purpose):

In closed loop cards, money is metaphorically stored on the card in the form of binary- coded data.

e.g. chennai metro rail travel card.

(ii) Open loop (multipurpose):

It is also called as prepaid-debit cards,

e.g. Visa gift cards.

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