Online stored value systems

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 Online stored value systems 

  • Online stored value systems allow customers to make instantaneous payments to various merchants contingent on the value they have stored in the system.
  • One of the most prominent examples of an online stored-value system would be PayPal. PayPal works by linking the user’s online account with a credit, debit, or checking account that he/she currently possesses.
  • When a transaction is processed, PayPal automatically debits the user’s account and credits the merchant’s account, without having to transfer any sensitive customer credit information. 
  • Other Examples:- Alert Pay, Web Money, 2Checkout, Google Checkout, Payza, Sage Pay, Dwolla, Open Pay, Go cardless, Net Banx 

                                      OR,

 Online Stored Value Payment System

• Stored value systems are a form of electronic payment technology. 

• They coexist with credit and debit technology and principally target low-value transactions.

• Online stored value systems have very low transaction costs.

• Stored value systems are based on creating a form of electronic value, for example on smart cards or as computer files.

• The value can be bought (withdrawn) anytime.

• Today Stored Value Cards (SVC) are one of the most dynamic and fastest-growing products in the financial industry

• One leading difference between SVC and debit cards is that debit cards are usually issued in the name of the account holders. In contrast, Stored Value Cards are usually anonymous.

• The notion "stored value" means the funds and data which is stored on the card

. • Eg: fare cards, telephone prepaid cards, etc.

                                       OR,

     Online stored value systems 

    • Permit consumers to make instant, online payments to merchants and other individuals based on the value stored in an online account.
    • Some systems require the user to sign up and transfer money from their credit card accounts into an online stored-value account
    •  Based on value stored in a consumer’s bank, checking, or credit card account

    • Instant online payment 
    • The value stored in an online account 
    • a digital wallet downloaded or money transferred from a credit card account into an online stored-value account 
    • Example: Account
         - Prepaid debit account 

          - It is treated as if it is a MasterCard 

         -  Recipient must sign up with Ecount to access payment 

    •  PayPal most successful system in this system.


    Smart Cards as Stored Value Systems 
    • Another kind of stored value system based on credit-card sized plastic cards that have embedded chips that store personal information 
    • Two types:  Contact  Contactless 
    • Examples: Mondex, American Express Blue



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