About Stored Value Debit Card Programs
The demand for stored value debit card programs is increasing and there are a number of card issuing companies that are fulfilling these demands. To avail these programs the individual needs to open an account with the service provider and deposit a certain amount in that account. This is quite similar to the ordinary debit card functioning. Nevertheless, the principal distinction between common debit cards and stored value debit card programs is that stored value debit cards are normally anonymous in nature whereas ordinary debit cards are issued in the name of single account holders.The funds data is not actively stored in the stored value debit card. In a number of instances the data is kept in a computer network associated with the stored value debit card issuer. The value linked with a stored value debit card may be retrieved by utilizing a magnetic strip inserted in the card (the encoding of the number is done on this strip) applying RFID or radio-frequency identification or by putting the code number written on the card into a numeric keypad or telephone.
Stored value debit card programs are offered with the help of a number of networks, for example, Plus, VISA, NYCE, Star, Interlink, Pulse, Discover and MasterCard.
Types of Stored Value Debit Card Programs
The stored value debit card programs can be categorized into the following types:- Payroll Programs
- Money Transfer Programs
- Commission or Incentive Programs
- Health Care Card Programs
- Gift Card Programs
- Money Transfer Programs
- Campus Card Programs
- Government Card Programs
Applications of Stored Value Debit Cards
The applications of stored value debit cards can be categorized into the following types:- Semi Closed System Cards
- Closed System Cards
- Open System Prepaid Cards
- Open System Purchasing Cards
- Prepaid Card Advances
