94:
307:
417:(APL). However, the emergence of closed system prepaid cards has blurred the applicability of APL. North Carolina and Illinois have excluded these types of cards from APL provided the card has no expiration date or a service fee. Maine and Virginia require the issuer to pay the state when the cards are abandoned. In Connecticut an issuer is required to identify the residence of the gift card owner. Since most merchant gift cards are anonymous, the residence of the card's owner is deemed to be the state's treasurer's office.
435:
Note, these states explicitly require licensing for card issuers. Other states may have more subtle licensing laws. Under 18 USC section 1960, it is a crime for an issuer to conduct a money transmitting business without a license. Cardholders generally suffer from the same problems that closed system card holders suffer. It is unclear whether or not
Chapters 7 and 11 of the Bankruptcy code are applicable to these types of cards.
36:
421:
on merchandise, that amount is generally lost and is a windfall gain for the issuing merchant. The merchant also obtains a windfall gain if a card has an expiry date and the cardholder fails to use the full value by that date. Furthermore, the merchant has an interest-free use of the value until it is redeemed.
344:
in shops or vending machines. 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
158:
which are subject to credit limits set by the issuer and are connected to accounts at financial institutions. 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
434:
license or other similar license. In addition to the
District of Columbia, the states in the US that require a license include Connecticut, Florida, Illinois, Iowa, Louisiana, Maryland, Minnesota, Mississippi, North Carolina, Oregon, Texas, Vermont, Virginia, West Virginia, Washington, and Wyoming.
420:
Presently, no law requires a merchant to provide refunds for lost or stolen cards. Whether a refund is possible is specified in an issuer's cardholder agreement. In addition, most closed system cards cannot be redeemed for cash. When a cardholder redeems all but an insignificant portion of the card
345:
for low-value transactions. A benefit to the merchant is that bank transaction fees are not incurred as the transaction is processed offline and there need not be a reference to the bank for processing. A limitation is that these cards cannot be used for online, telephone, mail order and other "
429:
Semi-closed system prepaid cards are similar to closed system prepaid cards. However, cardholders are permitted to redeem the cards at multiple merchants within a geographic area. These types of cards are issued by a third party, rather than the retailer who accepts the card. Examples include
397:
Closed system prepaid cards are cards issued by a merchant and may only be redeemed for purchases from the merchant. They are typically of fixed amounts and are commonly known as merchant gift cards or store cards. These cards are typically purchased to be used as gifts, and are increasingly
443:
It is common for countries to place limits on how much currency may be taken out of or brought into a country. However, these limits generally do not apply to money leaving a country in non-cash forms such as on stored-value cards. There is concern that stored-value cards can be used for
93:
133:
with a monetary value stored on the card itself, not in an external account maintained by a financial institution. This means no network access is required by the payment collection terminals as funds can be withdrawn and deposited straight from the card. Like
178:
means the funds and/or data are physically stored on the token or card in the form of binary-coded data. This is unlike payment cards where data is maintained on the card issuer's computers. Like payment cards, value can be accessed using a
142:
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, and closed payment systems in locations such as ships.
383:
Stored-value cards can save organizations a considerable amount of money if customers add a large sum of funds at one time to the card and then pay a lower transaction fee for each use of the card on smaller purchases.
408:
As debts owed to consumers who purchased the card, these purchases remain on the books of a merchant as a liability rather than an asset. Consequently, gift certificates and merchant gift cards have fallen under state
379:
cards. The EZpay, EagleCash, and Navy Cash cards are used by the U.S. military as electronic alternatives to cash in areas characterized by difficult access and limited banking or telecommunications infrastructure.
113:. 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.
574:
401:
Generally, few if any laws govern these types of cards. Card issuers or sellers are not required to obtain a license. Closed system prepaid cards are not subject to the
430:
university cards and mall gift cards. The laws governing these types of cards are unsettled. Depending on the state, the issuer may or may not be required to have a
671:
Hughes, Sarah Jane; Middlebrook, Stephen T.; Peterson, Broox W. (Nov 2006), "Developments In The Law
Concerning Stored Value and Other Prepaid Payment Products",
643:
46:
682:
459:, it is legal for anyone to enter or leave the country with money that is stored on cards, and (unlike cash in high amounts) does not have to be reported to
472:
287:
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735:
163:. 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
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414:
481:. The proposed rules would require sellers of prepaid cards to register with the government and keep records on transactions and customers.
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80:
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are considering creating laws that would require travelers crossing, entering, or leaving the country to report these cards. The
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138:, payment cards can be used anonymously as the person holding the card can use the funds. They are an electronic development of
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184:
102:
203:
There is no common name for stored-value cards, which are country or company specific. Names for stored-value cards include
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The German
Geldkarte and the Austrian Quick card can also be used to validate a customer's age at cigarette
1423:
1376:
885:
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58:
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has published a notice of proposed rulemaking on stored-value cards in the June 28, 2010 edition of the
452:. There are reports of these cards being used by Mexican drug cartels to transfer money across borders.
294:, and Navy Cash. Non-government stored-value cards include Aramark GuestExpress, Compass Zipthru, and
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Typical applications of organization specific or industry specific prepaid card include
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187:(RFID) embedded in the card; or by entering a code number, printed on the card, into a
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Stored-value cards are most commonly used for low-value transactions, such as
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17:
448:, that is, moving offshore funds derived from criminal activities such as
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700:"A Conversation with Terry Goddard, Attorney General of Arizona"
135:
717:
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29:
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Key
Management and Payments Security Blog - Thales e-Security
45:
deal primarily with the United States and do not represent a
644:
Reuters, March 26, 2010, Drugs, terrorism and shadow banking
27:
Payment card with a monetary value stored on the card itself
54:
655:
http://edocket.access.gpo.gov/2010/pdf/2010-15194.pdf
540:
Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009).
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1258:
1232:
1201:
1173:
1145:
1075:
974:
814:
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398:replacing the traditional paper gift certificate.
681:Rinearson, Judith; Woods, Chris (Nov–Dec 2004),
405:, as they generally cannot identify a customer.
575:"Transiting to open-loop contactless payments"
729:
43:The examples and perspective in this article
8:
463:or any other authority. Some members of the
101:for a customer to enter his Navy Cash Card
1255:
736:
722:
714:
290:manages three stored-value card programs:
81:Learn how and when to remove this message
619:"Assessment: Prepaid Stored Value Cards"
581:. Thales e-Security, Inc. Archived from
532:
375:and U.S. based health schemes such as
683:"Beware Strangers Bearing Gift Cards"
150:, where money is on deposit with the
7:
469:Financial Crimes Enforcement Network
159:may be anonymous, as in the case of
105:aboard the amphibious assault ship
891:European Payments Initiative (EPI)
605:"FEDERAL RESERVE BANK of NEW YORK"
25:
881:Electronic Payment Services (EPS)
623:National Drug Intelligence Center
425:Semi-closed system prepaid cards
34:
573:Brunswick, Steve (April 2010).
473:U.S. Department of the Treasury
288:U.S. Department of the Treasury
146:Stored-value cards differ from
1429:Radio-frequency identification
1372:Personal identification number
185:radio-frequency identification
103:personal identification number
1:
347:card not present transactions
1209:Card not present transaction
1093:Credit card balance transfer
393:Closed system prepaid cards
235:("Prepaid card") in Italy,
57:, discuss the issue on the
1445:
694:, vol. 14, no. 2
97:A U.S. Navy clerk holds a
1219:Controlled payment number
1352:Hardware security module
1332:Automated teller machine
1118:Current/checking account
314:sells farecards for the
415:abandoned property laws
275:in the Philippines and
165:telephone calling cards
1377:Secure cryptoprocessor
371:, cafeteria cards and
322:
114:
1342:Credit card imprinter
1316:Credit card hijacking
491:Card (disambiguation)
309:
96:
1362:Magnetic stripe card
521:Decoupled debit card
455:For example, in the
332:, telephone prepaid
215:in the Netherlands,
63:create a new article
55:improve this article
1337:Contactless payment
1083:Payment card number
496:Prepaid credit card
247:in mainland China,
1301:Card security code
1259:Interbank networks
896:Forbrugsforeningen
691:Business Law Today
625:. October 31, 2006
323:
167:or when used as a
115:
1411:
1410:
1357:Interbank network
1311:Credit card fraud
1289:
1288:
1193:Universal default
1188:Introductory rate
1108:Revolving account
621:. Johnstown, PA:
585:on 15 August 2016
559:978-0-538-44561-0
542:Intro to Business
432:money transmitter
119:stored-value card
91:
90:
83:
65:, as appropriate.
16:(Redirected from
1436:
1367:Payment terminal
1306:Chargeback fraud
1256:
1103:Installment loan
1088:Card association
1037:Rail Travel Card
767:American Express
738:
731:
724:
715:
709:
695:
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634:
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550:Cengage Learning
548:: South-Western
537:
516:Electronic money
478:Federal Register
450:drug trafficking
446:money laundering
439:Money laundering
354:vending machines
316:Washington Metro
292:EZpay, EagleCash
259:) in Singapore,
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1123:Savings account
1113:Deposit account
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1042:Revolution Card
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817:specialty cards
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705:Washington Post
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674:Business Lawyer
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403:USA PATRIOT Act
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312:vending machine
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239:-cards such as
233:Carta prepagata
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181:magnetic stripe
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327:transit system
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271:in Argentina,
267:in Hong Kong,
255:(CashCard and
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193:numeric keypad
89:
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49:of the subject
47:worldwide view
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388:Prepaid cards
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343:
342:micropayments
339:
335:
334:calling cards
331:
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283:in Malaysia.
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245:China T-Union
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111: (LHA-5)
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71:December 2010
64:
60:
56:
50:
48:
41:
32:
31:
19:
1398:Issuing bank
1183:Grace period
1155:Cash advance
1098:Credit limit
906:Hyundai Card
815:Regional and
708:, 2009-04-05
703:
689:
672:
650:
639:
629:December 16,
627:. Retrieved
613:
599:
587:. Retrieved
583:the original
578:
568:
541:
535:
476:
454:
442:
428:
419:
407:
400:
396:
382:
373:travel cards
365:rebate cards
358:
351:
324:
285:
281:MyRapid Card
265:Octopus card
232:
231:in Belgium,
223:in Austria,
219:in Germany,
202:
175:
173:
156:credit cards
145:
131:payment card
126:
122:
118:
116:
108:
77:
68:
44:
18:Transit card
1250:Card scheme
1233:Interchange
997:Carte Bleue
869:Diners Club
760:Major cards
753:debit cards
546:Mason, Ohio
277:Touch 'n Go
263:in Turkey,
261:Papara Card
227:in France,
211:in Canada,
176:closed-loop
148:debit cards
140:token coins
1418:Categories
1382:Smart card
1325:Technology
1214:Chargeback
1160:Charge-off
1022:Everything
772:Mastercard
527:References
369:gift cards
338:cafeterias
298:FreetoGo.
296:Freedompay
243:in Japan,
183:, chip or
161:gift cards
1245:Surcharge
849:Cabcharge
829:AzeriCard
506:Gift card
340:, or for
330:farecards
269:SUBE card
217:Geldkarte
191:or other
189:telephone
174:The term
169:fare card
127:cash card
107:USS
59:talk page
1294:Security
1175:Interest
1165:Debt-lag
1130:ATM card
1076:Accounts
1017:Eurocard
1002:Chipknip
987:Bankcard
956:UnionPay
911:Isracard
901:Girocard
864:Discover
844:BCA Card
834:Bancomat
799:Electron
485:See also
257:FlashPay
213:Chipknip
53:You may
1391:Banking
1271:Interac
1224:Dispute
1202:Payment
1012:enRoute
859:Dankort
839:BC Card
782:Maestro
664:Sources
471:of the
461:customs
411:escheat
249:EZ-Link
207:in US,
109:Peleliu
1266:Cirrus
1062:Proton
1052:Switch
1032:Mondex
1007:Choice
982:Access
941:PayPak
876:EFTPOS
749:charge
745:Credit
589:10 May
556:
319:subway
273:T-Cash
237:FeliCa
229:Proton
209:Mondex
154:, and
152:issuer
99:keypad
1276:Pulse
1067:V Pay
1027:Laser
966:Verve
946:RuPay
931:Meeza
794:Debit
777:Debit
686:(PDF)
501:Scrip
241:Suica
225:Moneo
221:Quick
199:Names
129:is a
125:) or
61:, or
1281:Plus
1147:Debt
1135:Fees
1047:Solo
961:UATP
951:Troy
936:NETS
926:MEPS
824:ArCa
804:Cash
789:Visa
751:and
631:2009
591:2016
554:ISBN
302:Uses
286:The
279:and
253:NETS
251:and
205:APPH
136:cash
1347:EMV
1240:Fee
1057:PIN
921:Mir
916:JCB
886:Elo
413:or
377:HSA
349:".
123:SVC
1420::
854:CB
747:,
702:,
688:,
577:.
544:.
367:,
363:,
356:.
336:,
310:A
195:.
171:.
117:A
737:e
730:t
723:v
633:.
607:.
593:.
562:.
321:.
121:(
84:)
78:(
73:)
69:(
51:.
20:)
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